Vietnam sets high social-economic targets for 2019

Upon reaching a GDP of around  7%, 2018 has ended with quite a number of impressive accomplishments for Vietnam. However,  the country aims for a more stable growth rate and higher targets in 2019, according to Mr. Nguyen Phu Trong, the President of the Socialist Republic of Vietnam, who requests for the coordination of specialized agencies and departments in order to stabilizing the macro-economy, control of the inflation rate and to provide an open business and investment environment.

In 2019, the country is expected to reach 6.6 to 6.8% GDP, and 7 to 8% total export turnover compared to the same period in 2018.

Many expected achievements are likely achievable due to ongoing efforts carried on from 2018. Accordingly, the country will complete the construction of 3 million square meters of houses and apartment buildings. Additionally, many highway projects and industrial plants are expected to be ready for operation, including a refinery, a steel plant and more than ten food processing factories, etc.  The country also hopes to sign the EU – Vietnam Free Trade Agreements within 2019, which will undoubtedly attract significant investment and import projects from EU countries to Vietnam.

On the social aspect, the two main proposals in 2019 are to lower poverty and unemployment rates in urban areas. More specifically, poverty rates is expected to fall by at least 1%, while unemployment rates should stay below 4%. The percentage of trained labor is expected to reach 60% to 62% in 2019 from 58.6% of 2018.

However, experts are concerned that Vietnam’s targets in 2019 will be affected by global political, social and economic instability, including US-China trade tension and Brexit. Moreover, inflation might also be affected by pressure from rising oil prices, foreign exchange and lending rates, potential risks to the global monetary and financial market, according to National Assembly Economic Committee Chairman Vũ Hồng Thanh. Therefore, considering the potential influences before making strategic decisions is essential for both lawmakers and investors who would like to enter this market.

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