Vietnam’s economy maintained growth across all sectors, especially tourism, in the first eight months of this year despite global economic challenges and escalating trade tensions, Prime Minister Nguyen Xuan Phuc said at a cabinet meeting in Hanoi last week.

Phuc said industry and agriculture recorded growth despite unfavourable factors. Meanwhile, the macroeconomy remained stable and inflation was curbed at 2.5 per cent, the lowest level in the past three years, he said.

The exchange rate was stable, the government leader noted, adding that confidence in the Vietnamese dong was confirmed, while many countries’ currencies depreciated against the US dollar.

Exports increased significantly and the trade surplus reached a record of more than $3.4 billion, he noted.

The protection of national territorial sovereignty has seen complicated developments, however, competent forces have done their best under the leadership of the party and government, the prime minister stressed.

Phuc also mentioned shortcomings such as the slow disbursement of public investment capital, landslides in the Mekong Delta and difficulties in agriculture and transport infrastructure, requesting relevant departments and sectors to quickly address the issues.

During the meeting, the government discussed the socio-economic development plan next year, the report evaluating the implementation of the state budget this year and state budget estimates next year as well as the state budget financial plan in 2020-22.

According to the Ministry of Planning and Investment, the socio-economic performance last month and the first eight months of this year was positive.

In the January-August period, the disbursement of foreign direct investment (FDI) reached about $12 billion, a year-on-year rise of 6.3 per cent.

Nearly 90,500 new businesses were established with total registered capital of over 1.15 quadrillion dong ($49.45 billion), up 3.5 per cent and 32 per cent, respectively.

The number of enterprises that suspended operations decreased by seven per cent and those resuming operations increased by 21.8 per cent.

The index of industrial production (IIP) was estimated to expand by 9.5 per cent, lower than the same period last year, but still higher than the same period in 2016 and 2017.

Total retail sales of goods and services were estimated at over 3.2 quadrillion dong, up 11.5 per cent year-on-year.

The country welcomed 11.3 million international tourists, a yearly increase of 8.7 per cent.

Goods exports hit nearly $170 billion, up 7.3 per cent year-on-year, of which exports of the domestic economic sector increased by 13.9 per cent. VIET NAM NEWS/ANN