Vietnam ready to seize new opportunities

Under the government’s bold leadership, Vietnam saw positive trends in the first month of the year with the growth momentum maintained and the consumer price index up 0.1%.

The exchange rates and interest rates were stable. Industrial production and retail sales posted decent growth. The country also welcomed more than 1.5 million visitors, up 5% from a year earlier. Total disbursement from the state budget also increased 8.5%.

Across the country, more than 10,000 new enterprises were established while nearly 8,500 resumed their operation, adding more than VND635 trillion (US$27 billion) to the economy. The number of newly formed enterprises dropped in comparison with the same month of 2018, but registered capital soared by a record 53.8%. Those returning to business also shot up by 84.5%.

Also in January, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) officially came into effect for Vietnam, opening tremendous opportunities for many sectors. This could increase Vietnam’s GDP and exports by an estimated 1.32% and 4.04%, respectively, by 2035.

In addition, the CPTPP is expected to help Vietnam take part in stages of production with a higher added value and continue to fine-tune its legal system to support economic restructuring. The trade pact is a chance for Vietnam to make its business environment more open, transparent and predictable, drawing closer to international standards.

The above-mentioned positive changes are a favourable start for Vietnam in fulfilling its socio-economic targets for 2019.

Besides the upcoming new opportunities, Vietnam is facing major challenges and to which extent the country can succeed depends entirely on its internal capabilities. In order to prepare for taking up new opportunities, the government has considered strengthening the macroeconomic foundation and stimulating growth as the most important tasks in 2019.

The government has adopted Resolutions 01 and 02 with specific measures to realise these tasks. In these resolutions, the government puts an emphasis on bolstering economic growth, curbing inflation and ensuring major balances while continuing to restructure the economy aligned with renewing the growth model, enhancing productivity and competitiveness, correcting policy inconsistencies and fine-tuning the legal system to effectively implement signed free trade agreements.

The Prime Minister has asked each minister and sector leader to pay special attention to realising the targets and tasks set out for their fields of management and to conduct monthly reviews in order to come up with appropriate policies.

To date, most ministries, agencies and local authorities have promulgated their action plans to implement Resolution 01 in which they express their determination to triumphantly and comprehensively achieve the set socio-economic targets. With unity, creativeness and resolve, it is strongly believed that Vietnam will be able to record even more successes in the new year.