Vietnam’s 2019 economic growth seen higher than 6.8% — president

The Southeast Asian country has one of the region’s fastest-growing economies, with robust exports and foreign investment delivering average economic growth of 6.55 percent over the past five years. (File/AFP)
Updated 13 October 2019
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Vietnam’s 2019 economic growth seen higher than 6.8% — president

  • Vietnam’s foreign exchange reserves seen at record $70 billion
  • Vietnam 2019 GDP growth likely to beat current target

HANOI: Vietnam’s economic growth this year is expected to surpass the government’s target range of 6.6 percent-6.8 percent, President Nguyen Phu Trong said, as the country benefits from the trade war between the US and China.

The size of Vietnam’s gross domestic product will be above $266 billion this year, Trong, who is also the General Secretary of the Communist Party of Vietnam, said late Saturday at the end of a week-long meeting of the party.

The Southeast Asian country has one of the region’s fastest-growing economies, with robust exports and foreign investment delivering average economic growth of 6.55 percent over the past five years.

“Macroeconomic stability has been maintained, while inflation has been kept below the target set by the National Assembly,” Trong said in a statement posted on the party’s official website.

Trong said Vietnam’s foreign exchange reserves have exceeded $70 billion, a record for the country, adding that exports will likely rise 8% this year.
Vietnam’s economic growth quickened to 7.31 percent in the third quarter year-on-year from an expansion of 6.73 percent in the second quarter, according to government data.

The General Statistics Office said in August it would revise the size of Vietnam’s GDP by 25.4 percent for the 2011-2017 period, saying that recent strong private sector growth had not been fully reflected in its statistical data.

“In 2020, (Vietnam) will continue to consolidate its macroeconomic stability, keep inflation under control and enhance the productivity, quality and competitiveness of the economy,” Trong said.

Trong also said he will continue a widespread corruption crackdown that he has presided over in recent years which has resulted in several high-ranking ministers and politicians, including one Politburo member, being handed prison terms on charges ranging from embezzlement to economic mismanagement.

Though touted as a beneficiary of the trade spat between Washington and Beijing, Vietnam has capacity issues which constrain it, including underdeveloped infrastructure, a lack of skilled labor and an imminent power shortage.


France’s Le Pen insists party acted in ‘good faith’ at EU fraud appeal

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France’s Le Pen insists party acted in ‘good faith’ at EU fraud appeal

  • Le Pen said on her second day of questioning that even if her party broke the law, it was unintentional
  • She also argued that the passage of time made it “extremely difficult” for her to prove her innocence

PARIS: French far-right leader Marine Le Pen told an appeals trial on Wednesday that her party acted in “good faith,” denying an effort to embezzle European Parliament funds as she fights to keep her 2027 presidential bid alive.
A French court last year barred Le Pen, a three-time presidential candidate from the far-right National Rally (RN), from running for office for five years over a fake jobs scam at the European institution.
It found her, along with 24 former European Parliament lawmakers, assistants and accountants as well as the party itself, guilty of operating a “system” from 2004 to 2016 using European Parliament funds to employ party staff in France.
Le Pen — who on Tuesday rejected the idea of an organized scheme — said on her second day of questioning that even if her party broke the law, it was unintentional.
“We were acting in complete good faith,” she said in the dock on Wednesday.
“We can undoubtedly be criticized,” the 57-year-old said, shifting instead the blame to the legislature’s alleged lack of information and oversight.
“The European Parliament’s administration was much more lenient than it is today,” she said.
Le Pen also argued that the passage of time made it “extremely difficult” for her to prove her innocence.
“I don’t know how to prove to you what I can’t prove to you, what I have to prove to you,” she told the court.
Eleven others and the party are also appealing in a trial to last until mid-February, with a decision expected this summer.

- Rules were ‘clear’ -

Le Pen was also handed a four-year prison sentence, with two years suspended, and fined 100,000 euros ($116,000) in the initial trial.
She now again risks the maximum sentence of 10 years in prison and a one-million-euro ($1.16 million) fine if the appeal fails.
Le Pen is hoping to be acquitted — or at least for a shorter election ban and no time under house arrest.
On Tuesday, Le Pen pushed back against the argument that there was an organized operation to funnel EU funds to the far-right party.
“The term ‘system’ bothers me because it gives the impression of manipulation,” she said.
EU Parliament official Didier Klethi last week said the legislature’s rules were “clear.”
EU lawmakers could employ assistants, who were allowed to engage in political activism, but this was forbidden “during working hours,” he said.
If the court upholds the first ruling, Le Pen will be prevented from running in the 2027 election, widely seen as her best chance to win the country’s top job.
She made it to the second round in the 2017 and 2022 presidential polls, before losing to Emmanuel Macron. But he cannot run this time after two consecutive terms in office.