Vietnam records stable economic growth in 1st quarter
(VOVworld) – Vietnam’s economic growth was stable in the 1st quarter of 2017, Deputy Minister of Planning and Investment Dao Quang Thu told a press conference Monday. Mr. Thu attributed the quarter’s low GDP growth of 5.1 percent to a decline in mining and petroleum production that was part of the government’s economic plan.
“Oil exploitation will drop from 15 million tons in 2016 to a projected 12.28 million tons in 2017. Production in the first quarter was 600,000 tons less than the same period of 2016. In the reviewed period, the macro-economy and major economic balances were stable. The average inflation rate was higher than the National Assembly’s goal, but it was mainly attributed to an increase in healthcare and education services in March,” Mr. Thu explained.
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Minister and Chairman of the Government Office Mai Tien Dung said the Prime Minister hopes to see growth from sustainable production, while mining should conserve national resources.
“Vietnam should promote high-tech agriculture and the support industry. The government has concentrated on dealing with bad debts and inefficient banks by forming a bank restructure team to ensure interest rates and the rights of the lenders. The private economic sector will be promoted as an engine of the economy,” Mr. Dung elaborated.