Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam is deemed highly likely tocurb its inflation below 4 percent in 2019, experts said at a seminar in Hanoion January 3, which focused on national market and price movements during 2018and forecasts for 2019.
The event aimed to look into aspects related to the 2018market, thereby proposing measures to control inflation, as well as step upeconomic restructuring and growth for 2019 and the years following.
Deputy Director of the Academy of Finance (AOF) Pham VanLien said that monetary, credit, fiscal, foreign exchange, market and pricemanagement measures proposed at the event should not only be adopted this yearbut also put the economy on sustainable growth path in the long-term.
Director of the AOF’s Institute of Economics-Finance (IEF) NguyenBa Minh said that despite several advantages in 2018, the Vietnamese economyfaced difficulties such as high import tariffs in the US and a low disbursementof public investment.
According to the General Statistics Office, Vietnam’s grossdomestic product grew by 7.08 percent in 2018, a record for the 2011-2018period. The agro-forestry-fisheries sector expanded by 3.76 percent,contributing 8.7 percent of the economic growth; while industry-constructionrose by 8.85 percent, contributing 48.6 percent; and services went up 7.03percent, or 42.7 percent towards the growth.
Notably, the agro-forestry-fisheries sector posted thehighest growth during the 2012-2018 period. Manufacturing and processingremained a key driving force of the economy with a growth of 12.98 percent.
The consumer price index rose by 3.45 percent in 2018, lowerthan the target of nearly 4 percent set by the National Assembly.
Nguyen Duc Do from the IEF said that thanks to fallingpetrol prices, inflation stood at 2.98 percent in December 2018, lower than the3.89 percent in 2017 and 3.98 percent in October 2018.
He added that inflation in early 2019 is likely to be below 3percent after the Ministry of Finance and the Ministry of Industry and Tradedecided to adjust down petrol prices by 500 VND per litre.
Do also pointed out other factors in curbing inflation thisyear, such as stable pork prices, low pressure on foreign exchange rates, andwaning tension between the US and China.–VNA
The event aimed to look into aspects related to the 2018market, thereby proposing measures to control inflation, as well as step upeconomic restructuring and growth for 2019 and the years following.
Deputy Director of the Academy of Finance (AOF) Pham VanLien said that monetary, credit, fiscal, foreign exchange, market and pricemanagement measures proposed at the event should not only be adopted this yearbut also put the economy on sustainable growth path in the long-term.
Director of the AOF’s Institute of Economics-Finance (IEF) NguyenBa Minh said that despite several advantages in 2018, the Vietnamese economyfaced difficulties such as high import tariffs in the US and a low disbursementof public investment.
According to the General Statistics Office, Vietnam’s grossdomestic product grew by 7.08 percent in 2018, a record for the 2011-2018period. The agro-forestry-fisheries sector expanded by 3.76 percent,contributing 8.7 percent of the economic growth; while industry-constructionrose by 8.85 percent, contributing 48.6 percent; and services went up 7.03percent, or 42.7 percent towards the growth.
Notably, the agro-forestry-fisheries sector posted thehighest growth during the 2012-2018 period. Manufacturing and processingremained a key driving force of the economy with a growth of 12.98 percent.
The consumer price index rose by 3.45 percent in 2018, lowerthan the target of nearly 4 percent set by the National Assembly.
Nguyen Duc Do from the IEF said that thanks to fallingpetrol prices, inflation stood at 2.98 percent in December 2018, lower than the3.89 percent in 2017 and 3.98 percent in October 2018.
He added that inflation in early 2019 is likely to be below 3percent after the Ministry of Finance and the Ministry of Industry and Tradedecided to adjust down petrol prices by 500 VND per litre.
Do also pointed out other factors in curbing inflation thisyear, such as stable pork prices, low pressure on foreign exchange rates, andwaning tension between the US and China.–VNA
VNA
