Challenges for socio-economic development in 2019

Party General Secretary and President Nguyen Phu Trong has acknowledged the country’s 2018 socio-economic development achievements but warned against self-satisfaction as the country is still facing a lot of difficulties and challenges. The leader made the statement while attending the government’s online meeting with localities for implementation of socio-economic development tasks in 2019.
Addressing the meeting held in Hanoi in late December, Trong noted that although the country has fulfilled all 12 socio-economic targets set for 2018, there remain difficulties and challenges ahead due to unpredictable developments in regional and global situations.

The party and state leader pointed to latent risks in the world economy, especially in finance and exports due to the impacts of trade wars, along with unsolved shortcomings and problems in the economy and social affairs.

He underlined the main tasks for 2019, including consolidating the macro-economy; controlling inflation; improving the capacity to respond to abnormal market developments, particularly the world market; and maintaining the growth pace and quality. This could be done through improving the business and investment environment, and raising the productivity, quality, efficiency and competitiveness of the economy in combination with stepping up growth model reform and economic restructuring. 

Ho Chi Minh City welcomes the New Year. Photo: VNA 

In October 2018, the Vietnam-Germany Hospital inaugurated the first tissue bank in Vietnam. Photo: VNA

 A school milk program has been launched in Hanoi, which is expected to benefit 1.2 million students
. Photo: Thanh Tung/VNA 

The world’s longest sea cable car (8 km) connects An Thoi, Hon Dua, and Hon Roi
and Hon Thom islands in Phu Quoc, Kien Giang. Photo: Gia Thuan/VNA

The top leader pointed to the need of speeding up administrative reform and effectively removing barriers against production and business activities. He asked to develop various types of markets in a synchronous manner, particularly the markets of essential goods and services, and production factors to ensure a supply-demand balance and major balances of the economy. He also urged the rearrangement of state-owned enterprises and encouraged the involvement of all economic sectors at home and abroad in development investment.

“It is also essential to complete the socialist-oriented market economic institutions and develop quality human resources to meet the requirements of the fourth industrial revolution,” He stated.

Considering culture as the spiritual foundation of the society, the party and state leader asked for more attention to socio-cultural development, particularly the preservation and promotion of the national cultural identity and implementation of social progress and equality in every policy.

He emphasized the necessity to strengthen defense and security, maintain national independence, sovereignty and territorial integrity, ensure political security and social order and safety, and boost external relations activities.

He also asked for a better building of the party and political system, as well as better personnel work to choose qualified officials to leadership positions.

The meeting heard reports on the country’s socio-economic development in 2018, examined the government’s performance during the year and discussed draft government resolutions on tasks for 2019.

In 2018, Vietnam fulfilled and surpassed all 12 socio-economic targets. The country’s GDP growth exceeded 7%, while the GDP scale reached 245 billion US dollars, and the average per capita GDP rose to 2,580 US dollars. Exports topped 245 billion US dollars, up 13.8% year-on-year, with a trade surplus of over 7 billion US dollars. The consumer price index stayed at 3.54%. The household poverty rate decreased to 6.8%.

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