5 REMARKABLE EVENTS OF VIETNAM’S ECONOMY IN 2018
2018 has been a year with different remarkable socio-economic events around the globe. By this time of the year, let’s look back on the 5 most remarkable events of Vietnam in 2018.
1. The National Assembly ratifies the CPTPP Agreement
On November 12, 2018, the Comprehensive Partnership and Transpacific Progress Agreement (CPTPP) was ratified by the Vietnamese National Assembly. CPTPP is considered the third largest free trade agreement in the world and will be implemented from 2019. The Agreement is a great opportunity for Vietnam to expand its export market, attract investment, and promote economic growth.
2. Vietnam completely fulfilled its economic targets
Vietnam continues to complete and exceed 12/12 socio-economic targets set by the National Assembly in spite of different fluctuations in the context of the world economy. Vietnam GDP is expected to grow by 6.8% with a trade surplus reached a record of more than 6.89 billion USD. This is the third consecutive year that the inflation has been controlled below 4%. Fiscal and monetary policies are operated flexibly, meeting the capital requirements of the economy.
3. Thirty years of attracting foreign investment
2018 marks the 30th anniversary of Vietnam to attract foreign direct investment (FDI). It is expected that by the end of 2018, Vietnam will have attracted 27,353 FDI projects from 130 countries and territories with a total registered capital of nearly 340.1 billion USD. Currently, FDI sector accounts for about 25% of the total investment, over 70% of the total export turnover of the country, creating 8.5 million jobs across the country.
4. Vietnam successfully organized the World Economic Forum on ASEAN
The forum held in Hanoi under the theme “ASEAN 4.0: Enterprise spirit and 4th Industrial Revolution”, attracted the participation of more than 1,000 delegates with 60 sessions aimed at building a better ASEAN Community with better dynamic and prosperity. The forum has been rated as the most successful regional conference ever in East Asia in the past 27 years.
5. Vietnam first launched a Vietnamese brand car
On October 2, 2018, for the first time, Vietnam had two automobile brands introduced at the Paris Motor Show 2018 – the world’s most prestigious automobile exhibition. Two models of VinFast have been honored by Autobest, the leading European automobile organization, as the “New Star” of the world industry. This event helped to fill the Vietnamese name on the map of global automobile manufacturing industry.