Q1’s GDP sees 6.79 percent growth: Government report

Deputy Prime Minister Truong Hoa Binh presented the Government’s report on the implementation of socio-economic development in the first quarter of 2019 and measures for the remaining months of the year at the opening meeting of the 7th session of the 14th National Assembly on May 20. 

According to the report, the country’s GDP in the first three months of 2019 expanded by 6.79 percent.

The agricultural sector saw an increase of 2.68 percent, with prominent growth in the fishery sector at 5.1 percent – the highest level compared to the same period of the last nine years. 

Total social investment capital in the first quarter of 2019 increased by 8.8 percent, in which non-state investment increased sharply. 

In the last four months, newly-registered and added foreign direct investment (FDI) capital reached 7.5 billion USD, up 28.6 percent. The disbursed capital is estimated at 5.7 billion USD, up 7.5 percent. 

According to the report, more than 43,000 new enterprises were established and over 17,000 businesses resumed operations in the reviewed period. Total newly and additionally registered capital reached over 1.4 quadrillion VND. The Purchasing Managers' Index (PMI) has always been at a high level, belonging to a group of leading countries in the region and the world. 

Deputy PM Binh, however, pointed out several shortcomings, saying that the macro-economy has not been really stable due to unpredictable price of crude oil, trade conflicts, and geopolitical tensions in many countries. 

The disbursement of public investment capital in many ministries, sectors, and localities still remains slow, while equitisation and divestment in state-owned enterprises have not met requirements, he said. 

Management of public assets, land, and natural resources has been inadequate, he said, adding that growth of some sectors has slowed down.

He affirmed that the Government is determined to consolidate the national macro-economy, ensure major balances of the economy, and promote growth.

Attention will be paid to drastically restructuring the economy in association with renovating the growth model; improving the productivity, quality, efficiency, and competitiveness of the economy; promoting administrative reform, inspection, settlement of complaints and denunciations, and the fight against corruption and waste; and improving the effectiveness of foreign affairs and international integration.

The Government will continue with efforts to improve the material and spiritual life of the public, management of natural resources, environmental protection, disaster prevention, and climate change response. 

While reading a verification report, Chairman of the NA's Economic Committee Vu Hong Thanh said the committee agrees with measures for 2019 mentioned by the Government in the report. 

He asked for more attention on other missions and solutions, including the timely completion of law projects to submit to the NA; reducing administrative procedures in a stronger manner. 

The Government needs to devise measures to remove difficulties and obstacles to speed up the disbursement of public investment capital; accelerate the progress of key national projects; continue to review commitments in new-generation free trade agreements (FTAs) and international treaties; and soon adjust investment attraction policies to lure high-quality FDI inflows, Thanh said.

At the session (Source: VNA)
At the session (Source: VNA)
VNA

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.