Deputy Prime Minister Vuong Dinh Hue said that economic growth in 2019 exceeds 7%, 2.5 times higher than the inflation rate (around 2.7-2.8%).

Deputy Prime Minister Vuong Dinh Hue attends a meeting with the Steering
Committee on Price Management on December 25, 2019 - Photo: VGP

Hue made that statement at a meeting with the Steering Committee on Price Management on December 25. 

According to the forecasts of the Ministry of Finance, the Consumer Price Index (CPI) is estimated to rise 2.73%. Key reasons to the increase are the adjustments to the prices of food, food service, beverage, transport, tourism, fuel, medical services, building materials and especially the sharp rise in the price of pork. 

Related to important macro-economic indexes, Deputy PM Hue said this is the second successive year Viet Nam’s economic growth exceeds 7%. 

The inflation rate in 2019 is lowest over the recent three years (3.54% in 2018 and 3.53% in 2017) and lower than the forecast of the Steering Committee on Price Management (CPI up from 3.3%-3.9%).