“Growth quality has been increasingly improved. Macro-economic fundamentals have remained stable. Inflation has been controlled, with consumer prices continuing to grow less than 4%,” the Party chief said at his closing remarks of the eighth plenum of the Central Committee.

The country’s GDP advanced 6.98% in the first three quarters this year, and the consumer price index (CPI) rose by 3.57% in the period, according to official data.

He went on to say that financial and budgetary discipline has been strengthened. Fiscal deficit is set to reach 3.67% of GDP and public debt as per GDP has been sliding away from the ceiling stipulated by the parliament.

The country’s exports are projected to increase 11.2% this year to reach US$238 billion, helping to bring about a US$3-plus billion trade surplus, Trong added.

“The fight against corruption and waste has well advanced, yielding remarkable results and being welcomed by cadre, party members and the people,” he said.

The party chief has quickly consolidated power since the 12th Party Congress in January 2016, and has been spearheading an unprecedented campaign to crack down in corruption that has dampened economic growth and investor sentiment.

The campaign has led to arrests, disciplinary measures and imprisonment of a series of high-profile officials, including the once rising star Politburo Member Dinh La Thang for his wrongdoing while heading the energy giant PetroVietnam.

In his remarks, Trong, also warned of challenges and threats to the local economy and social order, including global and domestic uncertainties. He urged the government to maintain growth on the basis of improving the business environment substantially, elevating labor productivity, and economic competitiveness.