The Ministry of Planning and Investment reported that in October and the 10-month period, the macro economy stayed stable, while inflation was curbed at a low level.

The average consumer price index (CPI) in January-October expanded by 2.48 percent compared to the same period last year, showing the lowest growth for the 10-month period during the past three years.

Prime Minister Nguyen Xuan Phuc (standing) speaks at the meeting.

The number of newly-established businesses in 10 months continued to rise with the average registered capital of 12.5 billion VND (538,182 USD) each.

In October, the country welcomed over 1.6 million international tourists. The number of foreign visitors rose 13 percent year-on-year in 10 months, the ministry reported.

Besides the achievements, the PM pointed out the slow improvement of business environment. He noted that in 2019, the country moved down one place to the 70th position in the World Bank’s Ease of Doing Business rankings.

He asked ministries, departments and localities to pay more attention to addressing this matter in the last two months of the year, while making better preparations to attract major investors and high-tech firms in the context of investment flows shifting due to global trade tensions.

Mentioned the Essex lorry incident which is drawing great public concern, PM Phuc extended his deep condolences to the bereaved families, and directed ministries, departments and localities to spare no effort in the citizen protection work.

He highly appreciated the UK relevant agencies’ effectively coordination with Vietnamese agencies to address the serious incident.

The PM added that the Vietnamese delegation is cooperating with UK agencies to soon announce the victims' identities after conducting all necessary procedures and ensure the best protection of Vietnamese citizens.

The PM described the incident as a lesson for ministries and localities in management and reminded them of the existence of rings sending workers abroad illegally.

He also informed the meeting about the successful participation of the Vietnamese high-level delegation in the recent 35th ASEAN Summit and Related Summits in Thailand.

Phuc said the Association of Southeast Asian Nations (ASEAN) reached high consensus on the regional situation, especially the East Sea, as well as the implementation of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and the maintenance of peace, security, safety, and freedom of aviation and navigation in the East Sea.

As Chair of ASEAN in 2020, Vietnam needs to make the best contributions to promoting the central role of ASEAN and increasing the bloc’s position in the region and beyond, he said.

Developing collective economy must start from people’s demand

Prime Minister Nguyen Xuan Phuc stressed that developing the collective economy must start from people’s demand, during a teleconference in Hanoi on October 14 reviewing the 15-year implementation of the resolution on renewing, developing and improving the efficiency of the collective economy and cooperatives.

9-month snapshot of Vietnam economy

GDP growth reached 7.31 percent year-on-year in Q3, raising 9-month GDP growth to its highest level in 9 years.

Collective economy achieves good results

While positive results have been achieved getting people to work together as part of a cooperative, there’s still limitation in its development, said Vo Thanh Thong, Deputy Minister of Planning and Investment.

Vietnam leads Southeast Asia in Internet economy growth

The Vietnam’s internet economy continues to grow strongly and is forecast to reach US$12 billion in 2019 and up to US$43 billion in 2025.

Vietnam economy on the steady rise

  

Source: VNA