Samson: Market confidence to drive Vietnam economic growth in 2019
9th February, 2019
Loading cargoes at the Hoàng Diệu port in the northeastern city of Hải Phòng
Vũ Viết Ngoạn, head of the Prime Minister’s Economic Advisory Team, talks to Thời báo kinh tế Việt Nam (Việt Nam Economic Times) about how the country can maintain its strong growth in 2019 and the next few years with internal strengths.
The Government’s report said 2018 saw “comprehensive and positive achievements across all socio-economic aspects”. In your opinion, what was the highlight?
In 2018, the Vietnamese economy witnessed growth in all three sectors – agriculture, industry and service. Not only have we attained high GDP growth, we have also consolidated macroeconomic fundamentals and increased the quality of growth, with the increase in productivity and higher ratio of manufacturing industries in the GDP compared to 2017.
For me, there are two points that outshine others.
First is the impressive development of the private sector. In the 2011-15 period, the growth of the non-State economic sector’s investment reached merely 6.3 per cent a year. Since 2015, this sector has pushed up investment continually, with its growth in 2018 reaching upwards of 18 per cent – much higher than that of the State and foreign direct investment (FDI) sectors – bringing the proportion of the non-State sector to 43 per cent of the economy, eclipsing the once-dominant State sector that currently hovers around 33 per cent. If this strong growth is sustained, within five years it would make up more than half of the economy’s total capital. The trajectory, position and impetus of the private sector has manifested clearly in the economy.
Second, the resilience of the economy has been improved a great deal. Against 2018’s global stock market losses and multiple countries seeing their currencies dropping off, the Vietnamese đồng remains stable and foreign investment is still increasing, despite numerous external challenges.
Vũ Viết Ngoạn, head of the Prime Minister’s Economic Advisory Team Full post here LINK
Frank26: DANG !!! …………… (thumbs up) OPPS ……………….. I MEANT TO SAY ……………… DONG !!!
Popeye7: Do you believe that the Dong is going to increase in value the same time that the Iraqi dinar does, or in close proximity of it Frank?..
Frank26: IMO ………… LIKE GRENADES AND HORSESHOES…………….(wink)
Popeye7: I believe it is going to be close, if not right on target as well… Thank you Frank… They are definitely letting the world know of their progress within Vietnam… And then there is North Korea… Interesting that President Trump is touting this countries leader a few weeks before their summit… Saying their economy could take off if they are wise in what decisions are made… President Trump thinks the potential is definitely there…
Hoosiergirl: Soooo… is this basically saying they will come out TOGETHER – at the same time??? I understand there is no “close” and it has to be on target when throwing an hand grenade or tossing horseshoes – BUT I’m not quite sure how that applies to the Dong & Dinar. Just humor me and give me a straight answer!
Crose: Vietnam was the Marshall plan that fell short of completion…now they are tying up loose ends and leveling the world economic playing field…thank you President Trump…most old time dinar holders also hold dong…like the dinar, the dong will have a very nice ROI…and for now obvious reasons they would be wise to move both currencies at the same time or close to it to prevent the average Joe to get an upper hand because we will have the capital to invest in the dong and be able to make some really huge money. IMO