Vietnam’s National Assembly sets 2020 economic growth target at 6.8%

Export turnover is expected to increase by 7% while the ratio of trade deficit to total export revenue is expected below 3%, which is not higher than 2019.

At the NA meeting session, several deputies suggested keeping the GDP target at 6.8% or more. Other opinions suggested that the target should be in the range of 6.7-6.8%.

GDP growth target for 2020 was built on the results of 2019 results and the forecast of 2020 economic situation.

In the overall target, the government will give top priority for macroeconomic stability, controlling inflation, improving productivity, quality, efficiency and competitiveness of the economy.

During previous NA meeting session, Prime Minister Nguyen Xuan Phuc expected 2019 GDP growth to exceed 6.8 percent, backed by robust exports and foreign investment.

According to recent report from General Statistics Office, Vietnam’s GDP expanded 6.98 percent in the January-September period, the highest nine-month growth rate over the past nine years.

The third-quarter GDP grew by 7.31 percent year-on-year, higher than 6.82 percent of the first quarter and 6.73 percent of the second quarter.

The major contributors were industry, construction and services. Specifically, industry and construction increased by 9.36 percent, contributing 52.6 percent to GDP, while services increased by 6.85 percent, contributing 42.6 percent.