Vietnam’s top ten economic events in 2018

Hanoi (VNA) – Vietnam News Agency has selected 10outstanding economic events of Vietnam in 2018 as follow:

1. National Assembly ratifies the CPTPP

On November 12, the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) and related documents were ratified at thesixth session of the 14th National Assembly. The CPTPP is consideredthe third-largest free trade deal in the world and will become effective from2019. It is a chance for Vietnam to expand its export markets, attractinvestment, promote growth and reform its policies in smoother and moretransparent manner.

National Assembly ratifies the CPTPP on November 12 (Photo: VNA)

2. All socio-economic targets completed

Vietnam has completed and surpassed all the 12socio-economic goals set by the National Assembly. The country’s GDP growth isestimated at 7.08 percent in the year, the highest since 2011, with trade surplus hitting arecord of 6.89 billion USD and disbursement of foreign investment reaching 19.1billion USD - the highest figure so far. In the year, 132,000 new firms wereestablished, while the country welcomed nearly 15.6 million foreign tourist arrivals.This is the third consecutive year the inflation has been kept under 4 percent.Fiscal and monetary policies have been regulated flexibly, meeting capitaldemand.

Shrimp being processed for export at Song Hau industrial park in Chau Thanh district of Hau Giang province (Photo: VNA)

3. The issuance of a resolution to make Vietnam a strong sea-based country

Resolution 36-NQ/TW on sustainable maritime economic developmentstrategy of Vietnam to 2030 with a vision to 2045 was issued by the 12th Party Central Committee on October 22. The resolution aims to turn Vietnam intoa strong sea-based economy meeting all criteria of sustainable maritimeeconomic growth. Sea-based economic sectors are set to make up 10 percent tothe GDP, while 28 coastal cities and provinces are expected to make up 65-70percent of the country’s GDP. They will be developed to internationalstandards. The exploitation of maritime resources will be controlled in linewith the recovery capacity of the maritime ecosystem.

Fish sorting at Tac Cau port in Chau Thanh district of Kien Giang province (Photo: VNA)

4. The launching of “Vietnamese goods conquer Vietnamese people” movement

On November 20, Prime Minister Nguyen Xuan Phuc kickstarted a movementwhich aims to encourage businesses to apply advanced technology and modernmanagement methods to improve the quality and reduce costs of their products,thus conquering the nearly-100-million-strong domestic market. This is a stepforwards to the building of a high-quality Vietnamese trademark in the globalvalue chain.

Prime Minister Nguyen Xuan Phuc (middle) kickstarts the movement of Vietnamese goods conquer Vietnamese people (Photo: VNA)

5. Thirty-year FDI attraction

2018 marks 30 years of Vietnam attracting offoreign direct investment (FDI). By the end of 2018, Vietnam will have hosted27,353 valid FDI projects from 130 countries and territories with investment totalingnearly 340.1 billion USD. Currently, the FDI sector accounts for about aquarter of the country’s total social investment and more than 70 percent oftotal exports, while creating 8.5 million jobs.

Illustrative image (Source: VNA)

6. The establishment of the Committee for Management of State Capital

The Committee for Management of State Capital was introduced on September 30 to manage 19State-owned economic groups and corporations. It manages a total State equityof more than 1 quadrillion VND and asset value of 2.3 quadrillion VND,accounting for two-thirds of the State assets at enterprises. The committee istasked with submitting strategies to the Government and the Prime Minister forbusiness investment and development.

At the ceremony to introduce the committee (Photo: VNA)

7. The settlement of major economic violation cases

Many corruption and economic violation casesthat caused serious consequences were brought to court, including those in theVietnam National Oil and Gas Group and PetroVietnamConstruction Joint Stock Corporation; the Ocean Commercial Joint Stock Bank; the Dong A Joint Stock Commercial Bank; the Vietnam Construction Bank; and the ThaiSon Corporation under the Defence Ministry; along with a huge online gamblingcase. All violators, regardless of their positions, were strictly dealt with,showing the country’s determination to purify the legal system and create ahealthy, transparent business environment for development.

Defendant Ha Van Tham at the court (Photo: VNA)

8. Vietnam’s hosting of World Economic Forum on ASEAN

The event was held in Hanoi in September underthe theme of “ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution”,drawing more than 1,000 delegates who joined 60 discussions on the building ofa dynamic, strong and prosperous ASEAN Community for the people. The forum wasconsidered the most successful regional meeting of the WEF in East Asia in 27years.

Prime Minister Nguyen Xuan Phuc visits the Industry 4.0 expo (Photo: VNA)

9. First Vietnamese automobile brand debuts

Vinfast Manufacturing andTrading Company Limited, a subsidiary of Vietnamese conglomerate Vingroup,unveiled two of its new car models at the 120th Paris Motor Show on October 2.The firm won “A Star is Born” award from theorganisation AUTOBEST. The event marked the presence of Vietnam in the globalmap of auto-making industry.

Vinfast introduces its two car models at the Paris Motor Show 2018 (Photo: VNA)

10. Successful production of vaccine against foot-and-mouth disease

Vietnam for the first time successfully produced a vaccine againstfoot-and-mouth disease - AVAC-V6 FMD EmulsionType O.

Illustrative image (SourcE: VNA)

The price of the vaccine is about 20 percentlower than the imported one, helping save dozens of million USD each year forfarmers and the State budget.-VNA

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