Vietnam’s GDP growth in first half slower but still strong

Vietnam's GDP growth in the first half of this year was 6.76%, lower than in the same period last year but still higher than the first half of every year from 2011 to 2017. This is a strong showing given the slower growth in 70 percent of the economies around the world, including the most developed ones.

The figures were announced at a cabinet meeting on Thursday, attended online by leaders of all 63 localities, to review the socio-economic situation at the halfway point of 2019 and discuss solutions for achieving targets in the second half of the year. The meeting focused on business environment improvement, business development, and e-government.

Prime Minister Nguyen Xuan Phuc told the conference: Through our determination, we have achieved encouraging results: macro-economic stability, strong GDP growth, and decent revenue collection, investment capital, and exports revenue. GDP growth of 6.76% is still strong growth. I greatly appreciate the efforts made by all localities and sectors.

The Prime Minister asked for effective solutions to stop African swine fever, reduce the severity of droughts, improve state investment disbursement, and capitalize on recently signed trade agreements.

Minister of Planning and Investment Nguyen Chi Dung pointed out tasks to be accomplished. In our critical third quarter, we're targeting at least 6.91% of GDP growth. We should promote our accomplishments in key sectors, such as fisheries, and focus more on new projects, such as the Nghi Son refinery and petrochemical project, the Hoa Phat Dung Quat steel complex, and the Vinfast automobile manufacturing complex. We need to increase exports and find ways to maintain stability in major export markets, such as the US, Japan, the EU, China, and ASEAN while working to resolve trade disputes between Vietnam and major markets, Mr. Dung said.

At the conference, local leaders proposed to the Government measures to remove obstacles and develop the economy. Chairman of the Hanoi municipal People's Committee Nguyen Duc Chung said: The Government should adopt preferential policies for small and medium-sized enterprises and technical standards for local development of the e-government model.

According to Prime Minister Phuc, the major foreign relations events in this year's first half were the signing of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), Vietnam's unanimous election to non-permanent membership on the UN Security Council, the successful hosting of the 2nd Trump-Kim Summit, and celebration of the UN Vesak Day.

Source: VOV5