Economic growth to be maintained in 2018

(VOVWORLD) - Prime Minister Nguyen Xuan Phuc on Monday presented a report on the implementation of this year’s socio-economic tasks and next year’s plan.  At the year-end National Assembly session, the Prime Minister said Vietnam has achieved or surpassed all targets set for this year and that the government is determined to achieve a GDP growth of 6.5% to 6.7% next year.
Economic growth to be maintained in 2018 - ảnh 1Prime Minister Nguyen Xuan Phuc

The report pointed out that Vietnam’s socio-economic achievements this year reflected the government’s determination to tackle problems, build a facilitating, working and serving government, ensure social security, and promote an external policy of international integration. The government has already set tasks and solutions to boost socio-economic growth next year.

Impressive figures in socio-economic development in 2017

Vietnam maintained macro-economic stability and boosted economic growth to achieve a target growth rate of 6.7% this year. All sectors have recorded relatively high growth rates contributing significantly to the national economy. Agriculture has recovered from last year’s numerous difficulties. The manufacturing, processing and construction sectors have grown compensating for the reduction of the mining sector. Tourism and services have developed strongly, with the number of foreign arrivals to Vietnam rising sharply.

In the past nine months, Vietnam raised its foreign currency reserves 6 billion USD to more than 45 billion USD, a record high. A record amount of FDI capital was disbursed. The securities market reached its highest point since 2008. It’s estimated that Vietnam will achieve a GDP growth rate of 6.7% this year. Prime Minister Nguyen Xuan Phuc said: “With the achievements of the last nine months and our current efforts, Vietnam is on track to achieve all 13 set targets. This will be a great achievement, particularly with Vietnam shifting its growth model toward less natural resource exploitation and adapting processing, manufacturing, and high-tech agriculture to climate change. Our achievements in various sectors have strengthened public trust and won international recognition.”

Maintaining economic growth in 2018

The Vietnamese government’s goals for next year are stabilizing the macro-economy, creating strategic breakthroughs, restructuring the economy in combination with renovating the growth model, and improving productivity, quality, efficiency and competitiveness. Vietnam hopes next year to achieve a GDP growth rate of between 6.5% and 6.7%, export growth of 8%, and keep inflation at around 4%. To this end, the government will focus on fine-tuning mechanisms and policies on business and investment, and supporting small and medium-sized enterprises, cooperatives, and business households to create a fair environment. Mr. Phuc said: “We need to review and optimize business conditions, simplify administrative procedures, strengthen IT application, and provide e-public services. Sectors at all levels need to work out specific plans and take strong steps to improve the business environment and competitiveness to elevate Vietnam’s position.”

The Prime Minister cited the importance of economic restructuring: “The government will continue to implement the NA resolution on bad debts, the revised law on credit organizations, and the project to restructure credit organizations to deal with bad debts until 2020, creating fundamental changes in bank governance, safety and efficiency. We will continue SOE equitization and deal harshly with deliberate delays, address problems, and restructure agriculture and rural labor, particularly in areas affected by climate change.”