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Vietnam targets 6.4 - 6.8% growth in 2018
Vietnam's economic growth is expected to be stronger next year, ranging from 6.4 to 6.8 percent.
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This picture taken on February 21, 2017 shows new high hotels looming over the French-style opera house in downtown Ho Chi Minh City (former Saigon). They formed the charming backdrop to Graham Greene's sin-filled city in (AFP/Hoang Dinh Nam)
T
he Ministry of Planning and Investment is targeting an economic growth rate of 6.4 percent to 6.8 percent for Vietnam in 2018, according to a document sent to ministries and local authorities with guidelines to develop the socio-economic plan for 2018.
The ministry said that the economic growth in 2018 would continue to improve, fuelled by increases in manufacturing, construction, trade, banking and tourism sectors.
The global economic and trade growths were also expected to be higher in 2018 than 2017, creating favorable conditions that would boost the economic growth, especially exports, the ministry said.
In addition to this, the improving business environment, rapid international economic integration, increasing foreign direct investment and private investment, coupled with the Government’s determination to remove difficulties for firms will support production and trade, it said.
The ministry said that the agriculture, forestry and fishery sectors were anticipated to have good prospects with increasing prices in the global market.
Accordingly, the ministry has planned the gross domestic product (GDP) to grow at 6.4 percent to 6.8 percent in 2018, total export revenue to increase by 9 percent to 10 percent, trade deficit ratio to be below 3 percent of the total export revenue and the total investments for social development to be at 33.5 percent to 35 percent of the GDP.
Vietnamese economy grew at 5.73 percent in the first half of this year. To fulfil the growth rate target set at 6.7 percent for the full year, the country must achieve 7.42 percent growth rate in the second half, which is considered to be an ambitious goal.
This article appeared on the Vientiane Times newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post
