Vietnam’s economy continues to prosper

(VOVWORLD) - Vietnam’s economy is seeing signs of stable growth, according to a government report presented at ongoing session of the National Assembly. The report introduced major solutions to boost economic growth and curb corruption.
Vietnam’s economy continues to prosper - ảnh 1The 14th National Assembly convenes its 5th session on May 21

The report, presented by Deputy Prime Minister Truong Hoa Binh, reviewed Vietnam’s socio-economic situation so far this year and tasks to be fulfilled by the end of the year.

Vietnam achieved, surpassed several set targets

So far this year, Vietnam has achieved a growth rate of 6.81%, an export growth of 21%, and an export surplus of 2.9 billion USD. Vietnam’s macro-economy has continued to be stable and inflation was kept at 1.34%. The monetary policy was flexible ensuring liquidity and safety for the whole system. Interest and exchange rates and the forex market were all stable. The State’s foreign reserves reached 63.5 billion USD. According to the report, the capacity, scale, and network of credit organizations have been strengthened. Mr. Binh said: “Vietnam’s GDP increased 7.38%, the highest rate in 10 years. Agriculture grew 4.05%, industry and construction 9.7%, processing and manufacturing 13.56% and services 6.7%. The yield of industrial and construction material production increased sharply over last year. Exports hit 74 billion USD in the last four months, up 10%. Vietnam has strengthened control of border trade and implemented measures in line with international commitments.”

The government report showed that Vietnam’s investment environment has improved and administrative reform has been strengthened. The average Provincial Competitiveness Index reached the highest rate since 2005. The government and localities have fine-tuned mechanisms and adjusted regulations on investment, construction, land, and the environment. In the last four months, more than 41,000 new enterprises were established and 11,000 enterprises resumed operation. Newly-registered capital totaled more than 51 billion USD.

Macro-economy stabilized, inflation controlled, economic growth boosted

Since early this year, with the motto “discipline, righteousness, action, creativity, and effectiveness”, ministries, sectors and localities have been working their own growth scenarios. The government has worked hard to harmonize its monetary and fiscal policies, stabilize the macro-economy, and rein in the Consumer Price Index at 4% and achieve a growth rate of 6.7% this year. Deputy Prime Minister Truong Hoa Binh said: “It’s necessary to realize the government resolution on solutions to boost export and trade, expand markets, and simplify administrative procedures. We need to take trade self-defense measures, strengthen the management of import, improve trade deficits with partners, and achieve sustainable exports. We also need to focus on the domestic market and develop a coordinated and effective distribution network to bring goods to rural, mountain, and remote areas.”

Mr. Binh said the government will implement resolutions on creating strategic breakthroughs, economic restructuring, and growth model reform. It will also diligently practice thrift, diversify products, increase productivity, and promote brand advertisement to achieve a growth rate of 7.7% in the industrial and construction sectors.