Improving economic management

(VOVworld) – Vietnam’s macro-economy over the past 8 months has been well managed and has achieved good results in all sectors. Almost all of this year’s socio-economic targets will likely be achieved, which will be the basis for the government to set higher targets for 2016. The government has asked ministries, sectors, and localities to closely follow the economic situation and respond quickly.

Improving economic management  - ảnh 1
The Ministry of Planning and Investment estimates that this year’s GDP will increase 6.4% (baochinhphu.vn)

At the government’s monthly meeting for August, cabinet members said 13 of this year’s 14 socio-economic targets will likely be achieved or surpassed.

Managing the macro-economy well

Vietnam’s appropriate policies and prompt measures have stabilized the domestic economy and achieved positive results in all sectors. The macro-economy has been stabilized, the consumer price index has increased modestly, credit growth was higher than last year, and interest rates were controlled. Export growth and import surpluses were also under control. The General Department of Customs said that in the past 8 months, Vietnam earned 106 billion USD from exports, an increase of 9%.

The Ministry of Planning and Investment predicts that this year’s GDP will increase 6.4%, 0.2% higher than the set target. Export revenue will increase 10% and inflation will be lower than earlier estimates.

Policy response must be quick, appropriate, and effective

Vietnam needs appropriate and prompt policies to handle emerging challenges like falling oil prices, the global stock market’s wild swing following the Chinese yuan devaluation, and agricultural and fishery production losses due to natural disasters. Prime Minister Nguyen Tan Dung has asked cabinet members to closely follow global economic developments and take quick, appropriate, and effective managerial steps to achieve this year’s targets. He urged local managers to help stabilize the macro-economy, inflation, and foreign exchange rates, increase exports by 10%, control import surpluses, increase State revenue collection, and ensure a balanced economy.

Ministries and sectors are asked to improve the trade and investment environment, and production mechanisms and policies; speed up banking reform, lowering bad debts to 3%, and equitizing 200 state-owned enterprises; accelerate disbursement to ensure investment plans; systematically carry out healthcare, education, poverty reduction, and employment programs; ensure social order and security; and provide the public with accurate, updated information. 

Prime Minister Dung said that the 2016 socio-economic targets should be higher with economic growth expanding 6.7% next year and 6.7 to 7% in the next five years in conjunction with macro-economic stability and sustainable development.

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