Hanoi (VNA) – Vietnam should create breakthroughs in 2019 to complete the 2016-2020socio-economic development plan and create a foundation for the next fiveyears, Minister of Planning and Investment Nguyen Chi Dung has said.

In an interview with the Vietnam News Agency, the official stressed greaterefforts are needed to fulfill the GDP growth target of 6.8 percent set for 2019by the National Assembly.

To that end, he proposed improving the domestic business environment tofacilitate the operation of businesses and reduce production and business costs.   

The private economic sector is expected to drive growth, he said, emphasisingthe need to remove difficulties and barriers and create an equal playing fieldfor enterprises.

The Government has taken actions to enable businesses to access newtechnologies as scientific-technological innovation is an urgent need of thenational economy, the minister noted.   

Preparations for intensive international integration and the improvement of thecapacity of the national economy as well as businesses would help Vietnamoptimise opportunities, especially those generated by the Comprehensive andProgressive Agreement for Trans-Pacific Partnership, which came into force inVietnam on January 14, he said.  

Dung also said the Association of Southeast Asian Nations (ASEAN)  and Vietnam are expected to remain attractivedestinations for global investment in 2019.

Reviewing Vietnam’s economic performance in 2018, he said national GDP grew 7.08percent, the highest level over the past 11 years.

Noteworthy was the agro-forestry-fishery sector, which expanded 3.76 percent inthe year, a record rise, he said, highlighting a trade surplus of 7.2 billionUSD, foreign direct investment (FDI) disbursement exceeding 19 billion USD, andinflation below 4 percent.

The country’s impressive performance received praise from internationalorganisations and the World Bank, he said.

According to the minister, the highlight of the national economy lies with itsresilience, which is consolidated by the export and processing andmanufacturing industry.

He, however, pointed out difficulties facing the economy such as uncertaintiesof the global economic situation and impacts of US-China trade tension.

Internal weaknesses like small economic scale, low competitiveness andproductivity, climate change, natural disasters and diseases, among others havealso hindered growth, the official said.

Dung expressed his belief that efforts of the entire political system wouldhelp the country overcome these obstacles in 2019.-VNA