- Reporter: First of all, on the occasion of the New Year of the Rat year 2020, Dan Tri would like to wish the Deputy Prime Minister and his family good health and everything! Dear Deputy Prime Minister, in 2019 Vietnam has achieved many socio-economic (socio-economic) achievements, would you please tell us about the outstanding achievements in the past year?

- Deputy Prime Minister Vuong Dinh Hue: In 2019, the second year in a row we complete all 12 socio-economic development targets, of which 5 exceed the plan. Gross domestic product (GDP) is over 7% for the year, one of the top GDP growth countries in the region and the world.

There are 6 outstanding highlights in 2019:

Firstly, the macroeconomic foundation continued to remain stable, inflation controlled at a low level, the average consumer price index (CPI) increased by about 2.75%, the lowest increase since 2015 or later. here and much lower than the target.

Financial, monetary and exchange rate policies are operated proactively, closely and flexibly. As a result, the financial market continues to maintain a stable growth momentum, positively supporting economic growth. Foreign exchange reserves increased and reached a record high ever (nearly 80 billion USD). The national competitiveness was upgraded (up 10 levels), the business environment continued to improve strongly.

Second, in the context of a sharp decline in the global economy and trade, Vietnam’s export turnover still increased by 7.9%, much higher than the global average export growth rate. In particular, the export of domestic economic sector has strongly increased (+ 17.5%); trade surplus in the fourth year in a row (up 8% compared to 2018). The whole country has 134,000 newly registered enterprises.

Thirdly, industrial production increased sharply; in which, processing and manufacturing industry continues to play a role of economic growth. Energy security is guaranteed and strongly develops renewable energy projects.

Fourthly, the agricultural sector develops stably; building and putting into operation many large processing plants; Export of agriculture, forestry and fishery reached over 41 billion USD. New rural construction has achieved remarkable results, about 54% of communes and over 110 districts meet the standard, completed nearly 2 years ahead of schedule.

Fifth, the service sector maintained a relatively high rise; total retail sales of consumer goods and services increased by about 12% - a double-digit growth rate that we had never thought of before; e-commerce soared. International visitors are estimated at 18 million, an increase of 16.1%, one year ahead of the goal of developing tourism as a key economic sector by 2020 according to Resolution No. 08-NQ / TW of the Politburo.

The Deputy Prime Minister affirmed that Vietnam’s socio-economic year 2019 has 6 outstanding points

Sixthly, the fields of culture, society, health, education, science, technology and environment continue to achieve positive results. The policy of people with meritorious services, social security as‌surance and sustainable poverty reduction has been focused on directing and implementing by various levels and branches. People’s living standards have been improved, especially in rural areas.

Institutional and administrative reform activities have been promoted; Preventing and combating corruption and waste are drastically implemented. Defense and security are strengthened; social order and safety are maintained; Foreign affairs and international integration are promoted. Information and communication activities are promoted, contributing to creating a high consensus in the society.

- For the first time, Vietnam has reached the import-export turnover of 500 billion USD. How does the Deputy Prime Minister evaluate this special figure in 2019?

- In 2019, the trade war of major countries continues to have many complicated happenings, global economic, trade and investment decline. However, Vietnam has still achieved many positive results in the field of foreign economic relations, especially in the field of import and export, with the first time the milestone reached a turnover of US $ 500 billion.

The scale of the above-mentioned turnover is nearly 4 times higher than the world average; Being in the group of 30 countries and territories with the world’s leading import-export turnover. Especially, the agricultural sector continues to achieve export turnover of over US $ 41 billion.

It should be added that, in the last decade, the scale of turnover has increased 3.2 times, from US $ 157 billion to over US $ 500 billion. Especially, in just the last 5 years, we have witnessed 3 milestones of "hundred billion USD" related to import and export activities: 300 billion USD in 2015; $ 400 billion in 2017 and $ 500 billion in 2019.

The above results are of great significance when we maintain the growth momentum in the context of the world economic fluctuations adversely affecting global trade. However, with active, flexible, timely management solutions, synchronously and parallelly deployed to facilitate trade, strengthen management, combat smuggling and trade frauds to help foreign trade activities of Vietnam set a new milestone.

The Government leader affirmed: Vietnam is in the group of 30 countries and territories with the world’s leading import-export turnover.

Another remarkable point in the growth of import-export turnover in 2019 is the strong rise and great contribution of the domestic business community. This helps to promptly offset the decrease in the growth rate of foreign direct investment (FDI) enterprises. 

The contribution of domestic enterprises to the export turnover increased from 29.5% in 2018 to about 32% in 2019. This shows that the internal strength of domestic enterprises is being raised and utilized. benefit when Vietnam participates in many bilateral and multilateral free trade agreements (FTAs). 

- GDP is the original data to calculate other macroeconomic indicators such as public debt, foreign debt, government debt, overspending, and State budget revenues. How will these indicators change in the coming period, Deputy Prime Minister?

- At present, ministries and branches are reviewing the GDP scale as a basis for completing the political report to submit to the 13th National Party Congress; is the basis for building the Resolution of the 13th National Party Congress. This result is also used to develop the Socio-Economic Development Plan for 2021-2016 and the Socio-Economic Development Strategy for 2021-2030. 

The ministries, branches and localities also use re-evaluation data to formulate plans for the next 5-year period. However, no matter what, we still have to implement great views and financial goals in the Politburo’s Resolution No. 07-NQ / TW of November 18, 2016, on structural policies and solutions. review the state budget, manage public debt to ensure safe and sustainable national finance. 

Accordingly, the goal is to ensure a positive budget balance, gradually reduce the state budget overspending rate, by 2020 to below 4% of GDP, by 2030 to about 3% of GDP, towards a revenue balance - State budget expenditure. The size of the annual public debt in the period 2016-2020 will not exceed 65% of GDP, the government debt shall not exceed 55% of the GDP and the national foreign debt shall not exceed 50% of GDP.

By 2030, public debt shall not exceed 60% of GDP, government debt shall not exceed 50% of GDP, and the nation’s foreign debt shall not exceed 45% of GDP.

- Thank you, Deputy Prime Minister!