Q1’s GDP sees 6.79 percent growth: Government report

Hanoi (VNA) – 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. –VNA