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Published on : Tuesday, July 25, 2017
The Ministry of Planning and Investment of Vietnam is planning for a surge of a growth rate of 6.4% to 6.8% in the year 2018. The Government of Vietnam is eager to develop the socio-economic plan for 2018.
The Ministry of Planning and Investment of Vietnam said that the economic growth in 2018 would continue to develop the manufacturing industries, construction industries, trade, banking and tourism sectors.
The global economic and trade growths were also expected to be higher in 2018 than 2017, which is creating the favorable conditions that would boost the economic growth, especially exports.
In addition to this, Vietnam is also going to see on the improving business environment, rapid international economic incorporation, increasing foreign direct investment and private investment. The development is coupled with the determination of the Government of Vietnam’s plan to remove the intricacies for firms, which will support production and trade.
The ministry also confirmed that they are also developing the primary sector also. The primary sectors are agriculture, forestry and fishery sectors, which are anticipated to have good prospects with increasing prices in the global market.
Accordingly Ministry of Planning and Investment of Vietnam has planned to increase the Gross Domestic Product (GDP) from 6.4% to 6.8% in the year 2018. The Ministry is also planning for the increase of export revenue from 9% TO 10%, while the trade deficit ratio to be below 3 percent of the total export revenue in total investment for social development to be 33.5 percent to 35 percent of the GDP.
The economy of this South East Asian country grew at 5.73% in the first half of this year. To fulfill the growth target, Vietnam needs to reach around 7.42% in the second half.