Lã Chí Hải – A27556

Trần Tiến Huân – A33810

Trần Long Nhật – A32478
Thân Thị Phương – A32445
Nguyễn Hải Linh – A34332

Vietnam’s economy shined in 2019

In 2019, generally, global economy was decreased. According to estimation of International

Monetary Fund (IMF) published in October 2019, the growth rate was only 3% in comparison
with 3.6% in 2018. This rate was also 0.2% less than forecasted rate in July. Foreign investment
directly and business activities also fell sharply.
However, Vietnam’s economy still shined in 2019. This pleasure was much more in the context
of global economic crisis, in which open and integrated economy countries like Vietnam were
affected. This was the second year in a row that the country completed and reached all the main
goals set by the Congress.

GDP in 2019 increased by more than 7%. Goods exports totaled 263 billion USD, up 8.1% from
2017 and domestic exports were beat a record 17.7% growth much higher than 4.2% growth of
foreign direct investment (FDI). Trade balance reached a surplus of 9.9 billion USD, this is the
highest milestone in the past four years.
High GDP growth is accompanied by macroeconomic stability. The rate of spending inflation
increased by 2.79%, foreign exchange reserves continued to increase to nearly 80 billion USD
and the public debt ratio fell sharply to 55% of GDP.
The most important achievement has to mention is that per capita income continues to increase,
reaching nearly 2,800 USD. and the poverty rate decreased to 1.45%, a figure recognized by
UNDP as a good achievement in poverty reduction.

The most important achievement is that per capita income continues to rise, reaching nearly
$2,800 and the poverty rate has fallen to 1.45%, a figure recognized by UNDP (United nations
Development Programme) as a remarkable achievement in the work of poverty reduction.
However, behind these impressive number and achievements, there are still concerns about the
sustainable development and promote innovation.

People's awareness of sustainable development and protection of the environment is still poor due
to the impact of economic activities and urbanization, especially in large urban centers such as
Hanoi and Ho Chi Minh City. The handling also reveals many uncertainties in terms both of
policies and practices when there are serious environmental incidents. VietNam is evaluated as a
nascent- the lowest level of the readiness for the 4.0 Technology revolution. Therefore, they need
breakthroughs in creativity and innovation that have long plagued the government
In fact, Vietnam still needs a lot of efforts to get achievements of promoting and improving
creative capacity. One reason for this situation is that the Research and Development (R&D) in
business is not considered to be a focus of National Innovation System (NIS) by Vietnam in a
long time.
The figure shows that 76% of Vietnamese business does not digitalize in the present. It is one-
and-a-half times higher than the world average. The authorities believes that some businesses in
Vietnam worry about the awareness and resource the most when they conduct digital
transformation.