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Vietnamese economy grew more than 7 percent in 2018

Staff Writer | December 28, 2018
The Vietnamese economy grew 7.08 percent in 2018, its best result in the last 11 years, an indisputable result of the economic policy in force for more than three decades.
Vietnam street
Asia   Gross Domestic Product almost doubled compared to 2011
The General Director of the General Statistics Office, Nguyen Bich Lam, reported on Thursday in a press conference that the Gross Domestic Product (GDP) almost doubled compared to 2011.

The GDP per capita, meanwhile, increased by 198 dollars with respect to 2017, to stand at 2,587 dollars.

By sectors, the main contributors to these results were industry and construction with 34.28 and 41.17 percent, respectively, while agriculture, forestry, and fishing contributed 14.57 percent.

Lam recalled that at the beginning of the year the country had proposed that the economy grow 6.7 percent and attributed the over-compliance to good management of the Government and administrations, to good management of the business community and to the efforts of the labor contingent and citizenship in general.

A few days ago, the National Center for Socio-Economic Information and Forecasting of the Ministry of Planning and Investment placed the growth of the national economy in around seven percent in 2018 and predicted that in 2019 it will be equal or surpassed.

Exceptional at any latitude, these figures give continuity to a sequence of a decade and have their origin in the Doi Moi, the policy of economic and social reforms initiated in 1986, which turned this country -sacked, colonized and invaded- into a nation of average income.

Vietnam's GDP is one of the 10 fastest growing in the world and according to experts will continue to be in the coming years.

As arguments, they cite macroeconomic stability, increasing direct foreign investments, economic restructuring, and the activation, in early 2019, of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the free trade agreement with the European Union.