Vietnam on the way to surpass some of its socio-economic targets for 2018
According to Vietnam’s Prime Minister, the country might exceed several socio-economic development goals
According to the government’s assessment, eight out of twelve targets set by the National Assembly will be surpassed, while the remaining four are achievable.
Vietnam’s main achievements from January to August 2018:
1 - GDP: The government forecasts that Vietnam’s economy will grow more than the target of 6.7%. During the first half of 2018, Vietnam’s GDP grew by 7.08%, while in Q1, the rise was 7.38%.
[World Bank increases Vietnam’s forecasted GDP growth for 2018]
2 - Inflation: a problem that Vietnam was facing often only half a decade ago, will stay under 4%. During the Jan - May period, Vietnam’s Consumer Price Index rose 3.86%.
3 - Public debt: expected to be lower compared to 2017.
[On the other hand, recent data shows that public debt is going to increase by 2.6% compared to 2017.]
4 - Trade results: Vietnam achieved a trade surplus of $2.8 billion during the first eight months. This result is $300 million lower compared to the country’s trade surplus for the January - July period. Vietnam’s Top 3 exporting markets (Jan - July) were: USA ($25.5 billion), EU ($24.2 billion), China ($19.5 billion).
[Vietnam enjoys a significant trade surplus with G7 countries]
5 - Industrial production index: The index rose 11.2%, with the manufacturing-processing sector growing 13.3%.
[Vietnam’s manufacturing still strong in July]
6 - Retail sales: sales reached $92.4 billion, an increase of 11.7% compared to previous year. Out of the total, sales of food increased 12.8%, garments 12.3%, home appliances 11.6%, cultural & educational items 10.8% and vehicles by 10.7%.
[Consumer optimism rising in Vietnam]