Vietnam targets GDP growth rate of 6.8% in 2019

• Vietnam's economic growth forecast at 6.88% in 2018: CIEM
• Government forecasts this year’s GDP growth of over 6.7%
• East Asia and Pacific growth remains resilient despite heightened global uncertainty

The resolution sets an overall goal of continuing to maintain macro-economic stability, control inflation, and enhance the productivity, quality, efficiency, independence, and competitiveness of the national economy.

Other goals include improving the investment and business environment to bolster economic growth and restructuring the economy in tandem with renewing the growth model. 

According to the resolution, Vietnam aims to hold inflation to 4 percent and increase export turnover 7-8%.

Vu Hong Thanh, Chairman of the National Assembly Economic Committee, said, “The GDP target for 2019 is based on this year’s GDP, which may surpass 6.7%. The government has worked from predictions made by itself and foreign organizations to set a target of 6.8% GDP growth, which will ensure a balance between growth and inflation control while creating conditions for macro-economic stability and the resolution of social problems”.

According to the resolution, Vietnam has to improve its performance in diplomacy and international integration. It will accelerate negotiations on the Code of Conduct in the East Sea, complete legal preparations to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), lobby for the signing and ratification of the EU-Vietnam Free Trade Agreement (EVFTA), actively support its multilateral mechanisms, mobilize support for Vietnam’s non-permanent seat on the UN Security Council for 2020-2021 term, and prepare for Vietnam’s ASEAN presidency in 2020.

The National Assembly also approved resolutions on reviewing Vietnam’s socio-economic performance since 2016 under the 5-year plan until 2020, the national target program, and ethnic minority policies.

Legislators discussed the draft Law on Architecture and heard a verification report on the revised draft Law on Tax Management.

Finance Minister Dinh Tien Dung said, “The government deems necessary to revise the Law on Tax Management. The amendments aim to fine-tune tax management institutions, facilitate administrative reform, improve the business climate, and support the development of all economic sectors. Approaching international norms will make it easier for Vietnam to build an advanced tax management system and to lure investment”.