Today: 23/02/2020 02:53:24 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

Action needed to return Vietnam to path of high growth

With the realisation of the goals of maintaining macroeconomic stability and curbing inflation for two consecutive years, the Vietnamese economy has proved to be recovering strongly amid the global slowdown and uncertainties.

The quality of growth has been improved with less reliance on mining and credit growth and is increasingly driven by science, technology and innovations.

In 2019 the total factor productivity (TFP) was estimated 46.11%, with labour productivity continuing to grow. The macro economy was solid and inflation was kept at low levels, creating the conditions to boost economic growth.

Vietnam, high growth, macroeconomic stability, Vietnamese economy, global slowdown, quality of growth, economic growth

More and more bright spots are appearing on the economic picture and across major economic sectors.

It is notable that more and more bright spots are appearing on the economic picture and across major economic sectors: industry and construction, services, and agriculture. The financial and monetary markets remained stable along with increases in foreign reserves. 

Economic restructuring was more substantive in addressing a number of weaknesses of the economy. The business environment continued improving and the start-up spirit kept spreading with the number of new enterprises and registered capital reaching an all-time high for the fifth consecutive year.

Experts said Vietnam is moving in a new trajectory, different from many regional economies, as inflation does not weigh on high growth and the economy is less susceptible to external risks despite greater trade openness.

The usual law that growth slows after five years of rapid expansion looks to be changing with the Vietnamese economy being expected to grow strongly and return to the orbit of high growth in 2020 and beyond. It is the result of the government’s consistent and synchronous economic management with the goal of increasing economic self-reliance during the 2016-2020 period.

Although optimistic about the prospects for 2020 and beyond, experts also issue warnings of the risks that Vietnam will have to face. They are the adverse impacts on Vietnam’s key export market as a result of trade tensions between major powers and global political instability. 

In the meantime, manufacturing - the main growth driver of Vietnam’s economy - has begun slowing down and recorded weak growth in the fourth quarter of 2019.

Determining 2020 as a highly significant year, the government has introduced a resolution with the aim of fine-tuning institutions, creating an equal, open and conducive business climate.

It is necessary to ensure macroeconomic stability, enhance labour productivity, step up economic restructuring, protect the environment, increase the quality of life, undertake administrative reform, fight corruption, strengthen national defence and promote the aspiration of transforming Vietnam into a strong and wealthy country.

For now, ministries, agencies and local authorities need to make serious efforts to implement the measures as outlined in the central government’s resolution in order to maintain political stability and foster sustainable socio-economic development.

Macroeconomy continues to be stabilised
The economy posts a high growth rate, the growth quality continues to be improved, macroeconomic stability is steady.
 
Vietnam, RoK work together toward green economy
The Vietnam Association for Conservation of Nature and Environment (VACNE), in coordination with the Korea Environmental Industry Association (KEIA) of the Republic of Korea, held a forum on Vietnam-RoK environmental cooperation in Hanoi on October 24.
 
Rural economy grows steadily
Rural economy grows steadily in different categories during the 2016-2020 period.
 
Vietnam shortens gender gap in politics, economy
Vietnam has recorded gender equality achievements in political and economic sectors since the Law on Gender Equality took effect.
 
Developing collective economy must start from people’s demand
Prime Minister Nguyen Xuan Phuc stressed that developing the collective economy must start from people’s demand, during a teleconference in Hanoi on October 14 reviewing the 15-year implementation of the resolution on renewing, developing and improving the efficiency of the collective economy and cooperatives.
 

Source: NDO

Vietnam, high growth, macroeconomic stability, Vietnamese economy, global slowdown, quality of growth, economic growth
 
New comment has just been added. Click here
Sort:NewBest News