(VOVworld) - The Central Institute for Economic Management issued its economic update for the second quarter of 2016 at a conference in Hanoi on Tuesday.

Construction of Song Hau 1 thermal power plant (Photo: VNA)

The report analyzed macro economic development over the past six months and growth prospects and proposed directions for continued economic reforms until year-end. According to the report, Vietnam’s economic growth hasn’t recovered. GDP increased 5.57% against last year. Professor Nguyen Quang Thai, Secretary General of the Vietnam Economic Science Association, said: “GDP growth is one of the criteria. The most important thing is to do everything possible to optimize the potential. The government has promulgated Resolution 19 to improve the production and business environment, and Resolution 35 to develop businesses. These are a good start but we still need to fully tap the advantages and potential of each province and each sector. The World Bank and the Asia Development Bank’s forecasts of 6% growth for Vietnam this year mean that Vietnam’s economy still has much potential for further development.”