Vietnam’s economic prospects in 2017

Thursday, February 02, 2017 - 14:37:05

(VOVworld)-Vietnam gained some key economic achievements in 2016, the first year of the new, righteous government to serve the people. It promulgated a series of measures to improve the local investment and business environment, support enterprises, and promote a start-up spirit, innovation, and creativity. This is a foundation for greater economic growth in 2017.

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The growth rate of 6.7% may be attained if 2017 exports are higher than 2016. (Photo: ST)

One of the hallmarks of economic development last year was removing obstacles to production and trade.

Following the Prime Minister’s resolution on business support and development until 2020, as many as 110,100 enterprises were established last year.

Although Vietnam didn’t achieve the 6.7-percent GDP growth rate targeted by the National Assembly, the level of 6.21% was still considered a success.

Ha Quang Tuyen, Director of the National Account System Department of the General Department of Statistics, told us: “This is the first time Vietnam’s economy grew without depending on the exploitation of natural resources and with exports already exceeding imports. The monetary and exchange rate policies achieved positive and stable results, building record high foreign reserves while keeping inflation under control.”

Vietnam has set a GDP growth target of 6.7% in 2017; inflation is targeted at 4%.

According to economists, Vietnam still has advantages over other countries in the region: a stable political and macroeconomic situation and strong foreign direct investment.

The implementation of the Law on Public Investment will make disbursement more efficient, said Associate Professor Pham Tat Thang of the Ministry of Industry and Trade.

“2017 will offer Vietnam many economic opportunities. A lot of free trade agreements taking effect, for example. If free trade deals with the Asia-Europe Alliance, the European Union, Japan, and the Republic of Korea can be exploited, our exports may grow. Several key export items have cracked demanding markets, such as vegetables and fruits exported to the US and Japan,” said Thang.

Addressing an online conference for the government and localities on implementing this year’s socio-economic missions and state budget, Prime Minister Nguyen Xuan Phuc said the focus of management will be macro-economic stability and high growth in combination with economic restructuring, improvement in productivity, quality, efficiency, and economic competitiveness, equitization and renovation of state businesses, and support for the private economic sector and the startup spirit.

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