The size of Vietnamese economy reached over US$262 billion in 2019, according to Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc. Photo: VGP

 Phuc released the figure while addressing expanded Cabinet meeting on Monday with the attendance of Party General Secretary Nguyen Phu Trong and other senior leaders.

The economy size rose by 9.3 times from 1986 to nearly US$ 250 billion in 2018, Phuc added.

Especially, Viet Nam’s digital economy increased by 4 times over the past five years and is expected to account for 20% GDP in the next five years.

This year is the second consecutive year the Vietnamese economy expanded above 7% amid global growth slowdown while core inflation picked up by 2.79%, well below the target set by the National  Assembly.

Public debt rate dipped to around 56 and trade surplus set new record of nearly US$ 10 billion mainly fueled by strong strong growth of exports, Phuc said.

Foreign reserve rose to US$ 80 billion, which was unimaginable a decade ago, according to the Government chief.

He expressed his belief that the above positive figures came as a result of tireless efforts, innovation and determination of every cadres, civil servants and public employees from central to local levels.

Regarding the orientations for 2020, Phuc the Government needs to create jobs for more than 1.1 million in 2020 and for a total off nearly 5.5 million by 2025 as the country population is expected to increase by 25 times by 2045.

This is a great challenge for the Government and local authorities, he said, affirming that the Government determines to leave no one behind.

Phuc said the Government needs to sustain high growth rate within the next two decades in order to turn Viet Nam into high-income country in 2045 – the year that marks the 100th anniversary of the country’s independence.

He called on the participants to put forwards measures to further improve the country’s key indicators, especially those like business dissolution (currently ranking 122nd out of 199 countries), starting a business (115th/190 countries), paying tax (109th/190 countries), protecting investors (97th/190 countries)

Phuc also called for further breakthroughs in institutional building, infrastructure development, and human resource development through proactive, drastic and innovative efforts by all sectors and branches in 2020./.