In 2019, the Vietnamese economy performed well with all 12 preset goals fulfilled.  

Viet Nam’s GDP growth rate was 7.02%

 1. Leading GDP 

In 2019, Viet Nam’s GDP growth rate was 7.02% amidst regional and global strategic competition. This was the second year Viet Nam has fulfilled all 12 preset goals. 

Consumption price index was 2.79%. Inflation rate was put under 4%. Public debts were on the decline. This was the fourth consecutive year inflation rate has been reined in under 4%.  

PM Nguyen Xuan Phuc chairs a Governmental meeting 

 2. New breakthroughs in management work

The Government seriously implemented Resolutions of the Party Central Committee, the Poliburo, and National Assembly and pursued the motto “Disciplines, uprightness, action, creativity, breakthrough and effectiveness,” with six key management focuses, eight groups of solution, and 186 tasks in favor of socio-economic development, five groups of measures and 64 tasks on business environment improvements. 

The Government boosted decentralization, responsibility and empowerment, eliminated the ‘ask-give’ mechanism; highlighted responsibility of leaders; strengthen disciplines and solidarity.  

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 3. New record economic indicators

Total export turnover exceeded US$ 500 billion for the first time after reaching US$ 400 billion two years ago amidst regional and international economic slowdown. Trade surplus hit about US$ 10 billion. Viet Nam was listed in Top 30 best export performers in the world. 

Viet Nam is expected to absorb US$ 16.7 billion in remittances (accounting for 6.4%), a slight increase from the last figure of US$ 16 billion, entering the group of Top 10 largest overseas remittance recipients. Foreign reserve touched US$ 73 billion (as of late October 2019). 

On August 20, 2019, the Poliburo issued Resolution 50-NQ/TW
on orientations to perfect mechanisms, policies, raise quality and efficiency
of foreign investment by 2030.  

4. First resolutions on FDI attraction & Industry 4.0

On August 20, 2019, the Poliburo issued Resolution 50-NQ/TW on orientations to perfect mechanisms, policies, raise quality and efficiency of   foreign investment by 2030. This was the first time the Politburo issued a resolution on FDI which was highly valued by both domestic and foreign investors.   

On September 27, 2019, the Politburo issued Resolution 52-NQ/TW on a number of policies on the country’s proactive involvement in the Fourth Industrial Revolution. The resolution set a vision toward 2045. 

Eventful bussiess operation in 2019 

5. Sharp increases in social investment and production capacity

About 138,100 enterprises were founded and 39,400 enterprises resumed operation. Especially, over 40,000 enterprises expanded operation with a total investment of US$ 95.7 billion. 

The amount of FDI attraction reached a new record high of US$ 38.02 billion, representing a year-on-year growth of 7.2%. Total newly-registered capital valued US$ 16.75 billion.

6. Signing EVFTA and IPA 

The European Union Viet Nam Free Trade Agreement (EVFTA) was the largest FTA which Viet Nam signed and is expected to transform economic development policies in Viet Nam. 

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7. Finalizing new rural building ahead of schedule

After ten years of implementation, the National Target Program on New-Style Rural Area Building was realized two years ahead of schedule in which 4,665 communes (52.4%) were recognized as new rural areas. 

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8. Improved business and competitiveness environment

On October 9, 2019, the World Economic Forum (WEF) reported that Viet Nam jumped ten places in the 2019 global competitive index (GCI) from 77th in 2018 to 67th in 2019; making it the most improved country of 2019.  According to a report of the U.S. News & World Report, Viet Nam surpassed its Southeast Asian neighbors including Malaysia, Indonesia, and Singapore to rank eighth in the best economies to invest in 2019, massively boosting its 23rd position last year.   

    Forieng tourists to Hue Citadel

9. Impressive tourism indicators

In 2019, Viet Nam attracted about 18 million foreign guests (up 16%) and served 85 million domestic guests (up 6%). Total tourism revenue was estimated at over VND 720 trillion (representing a year-on-year growth of over 16%). 

Viet Nam was honored with “the World’s Leading Heritage Destination 2019,” “World's Best Golf Destination 2019,” “Asia's Best Golf Destination 2019” award, and “Asia’s Leading Culinary Destination.”  

The country ranks 63rd among 140 countries and territories in the recently released Travel & Tourism Competitiveness Index.

PM Nguyen Xuan Phuc commenced the construction of the Cam Lo – La Son
highway connecting Quang Tri with Thua Thien – Hue province.

10. Works start on Eastern sector of North-South Express 

On September 16, 2019, PM Nguyen Xuan Phuc commenced the construction of the Cam Lo – La Son highway connecting Quang Tri with Thua Thien – Hue province. The 98km section has a total investment of over VND7.66 trillion (US$329.28 million) sourced from the Government bond. The Cam Lo – La Son section is the first subproject of the 11 subprojects of the North-South Expressway in the East to be constructed this year./.