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ECONOMY

Vietnam GDP growth predicted to reach 7% in 2018: minister

Updated at Tuesday, 11 Sep 2018, 07:50
The Hanoitimes - Reforms of administrative procedures and enhancement of national competitiveness have been the government`s priorities over the years, according to Mai Tien Dung, minister and chairman of the Government Office.
Thanks to the government's determination in improving the business environments and creating favorable conditions for enterprises, Vietnam's GDP growth rate in 2018 is expected to reach 7%, stated Dung.
 
Illustrative photo.
Illustrative photo.
Reforms of administrative procedures and enhancement of national competitiveness have been the government's priorities over the years, stated Dung in a conference in Hanoi on September 10. 

"Vietnam identified those factors key to growth. With strong efforts on reform and detailed action plan, Vietnam had recovered from an economic recession and achieved significant economic results in 2017 and in the first eight months of 2018," Dung informed. 

In 2017, Vietnam's GDP growth rate grew 6.81% at US$230 billion, while its GDP per capita was US$2,400. 

In the January - August period, the country's industrial production expanded 11.2% year-on-year, coupled with strong growth in agriculture, trade and services. 

Moreover, Vietnam has 87,448 newly established enterprises with registered capital of VND878.6 trillion (US$37.84 billion) during the period, up 6.9% in registered capital and 2.4% in quantity over a year earlier. There were also 20,942 enterprises resuming operations, up 0.3% year-on-year, resulting in a total of 108,400 enterprises starting or resuming operations in the first eight months this year. 

According to the Ministry of Planning and Investment (MPI), 1,918 new FDI projects have been approved with total investment capital of US$13.48 billion between January and August, up 0.2% from the corresponding period last year, while 736 existing projects have injected an additional US$5.58 billion, equivalent to 87.2% from the same period last year. 

This brought foreign direct investment (FDI) commitments in the first eight months to US$24.35 billion, up 4.2% year-on-year.

With regard to the specialized inspection, ministries have so far proposed removing 1,700 out of the total 9,929 categories of products subject to specialized inspection, meeting 34.3% of the government's requirement and 28.3% of the estimate. 

Government agencies have also removed and simplified 968 out of over 6,200 business conditions, or 31.27% of the government's target and 25.5% of the estimate. The total number of business conditions subject to removal are expected to increase to 2,800 later this year as proposed by ministries and government agencies. 
Ngoc Thuy
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