Vietnam has witnessed positive economic transformation in 2018, especially in the context of growing regional and global uncertainties, Dung said at the Vietnam Business Forum (VBF) 2018 on December 4. 

During the process, the government has been focusing on restructuring the economy and revising the growth model, at the same time reforming the administrative procedures and improving the business environment. 

The objectives must be closely related with the development of a government of service that operates in a transparent, dynamic, creative and efficient manner, putting enterprises and citizens at the center of its interest. 

In 2018, the inflation rate is projected to stay below 4%, and the GDP growth rate of over 6.7%. Additionally, around 130,000 new enterprises are established in 2018, while social investment capital reaches VND1,890 trillion (US$81.4 billion). 

The actual disbursement of foreign direct investment (FDI) stands at US$18 billion, and exports US$240 billion. 

Nevertheless, Dung said the economy is facing numerous challenges, including the inflationary pressure, poor growth quality, productivity and national competitiveness.  

In the coming time, Vietnam has to bolster the economic resilience against external shocks, which are a growing concern and avoid the middle-income trap, Dung added. 

Particularly, the development of the equity, stock, insurance and property markets should be a priority in 2019. 

Dung said the government’s effort is insufficient without the active involvement of the business community in drafting policies, socio-economic development and doing businesses. 

According to the MPI, Vietnam’s nominal GDP in 2018 is forecast to grow over 6.7% to reach VND5,555 trillion (US$240.5 billion), leading to GDP per capita of US$2,540, up 6.3% year-on-year or US$155.

The country targeted GDP growth rate of 6.6 – 6.8% in 2019, along with an increase of 7 – 8% in export turnover and trade deficit below 3%.