Vietnamplus

Managing prices and inflation would be more complex and difficult this year, experts have said.

The National Assembly has set its GDP growth target for 2020 at 6.8% after carefully considering global movements and the domestic situation. However, according to experts, the target is challenging.

Vietnam recorded a year-on-year increase of 2.79 percent in the consumer price index (CPI) in 2019, the lowest level in the past three years, the General Statistics Office (GSO) said on December 27.

The 11th plenum of the 12th Party Central Committee concluded in Hanoi on October 12 after six days of sitting, fulfilling all of its set working agenda.

With a GDP expansion of 7.31 percent in the third quarter, the growth target of 6.6 – 6.8 percent for 2019 set by the National Assembly is achievable and likely to reach 7.05 percent.

A CPI rise at three-year low during the first half of 2019 has greatly helped stabilise the macro-economy, promote economic growth and leave much room for inflation control for the remaining of the year, according to Deputy Prime Minister Vuong Dinh Hue.

The average Consumer Price Index (CPI) in the first half of 2019 increased 2.64 percent year-on-year, the lowest level over the last three years, according to the General Statistics Office (GSO).

The Government has affirmed its resolve to pursue the goal of macro-economic stability and inflation control while focusing efforts on addressing existing shortcomings and limitations in a resolution adopted at its regular meeting for May.

The future of the Vietnamese economy in 2019may become more unstable due to impacts from shocks in the international market, according to the Vietnam Institute for Economic and Policy Research (VEPR).

Vietnam’s economic growth rate is expected to reach 6.8% this year, while the inflation rate remains the same as that of 2018.

Minister of Industry and Trade Tran Tuan Anh said Vietnam has become the world’s giant exporter and actively contributed to the implementation of high economic growth target in connection with macro s

Deputy Prime Minister Vuong Dinh Hue required ministries, sectors and localities to control the consumer price index (CPI) between 3.3-3.9 percent in 2019 while chairing a conference of the National Steering Committee on Price Management in Hanoi on January 17.

According to the Ministry of Industry and Trade, exports grew strongly in 2018.

Commercial banks have consecutively lowered the value of the US dollar against the Vietnamese dong during the final days of 2018, helping the USD/VND exchange rate close the year under control.

Politburo member and Prime Minister Nguyen Xuan Phuc praised former General Secretary of the Communist Party of Vietnam (CPV) Do Muoi for his dedication to national liberation, reunification and socialism building over more than 80 years of revolutionary career in an article commemorating the Party leader.

Credit growth in the first eight months of this year rose by 8.18 percent over the end of last year, the lowest level since 2015, a report from the Ministry of Planning and Investment showed.

Credit growth had stood at about 8.18 percent as of August 15, 2018 and is expected to be curbed at around 17 percent this year, said Minister-Chairman of the Government Office Mai Tien Dung.

Growth is an inclusive target of Vietnam, which will assist the country in addressing employment, increasing budget collection and reducing public debt, Prime Minister Nguyen Xuan Phuc stressed at a national teleconference between the Government and localities on July 2.

The Ministry of Transport equitised 137 State-owned enterprises (SOEs) during 2011-16, surpassing the target by 67.

2017 was considered as a successful year in controlling inflation, with the figure kept under the set target of 4 percent compared with 3.53 percent in 2016.