Vietnam to ensure macro-economic stability, maintain growth

(VOVworld)- At the 10th session of the 13th National Assembly, deputies are discussing ways to boost socio-economic development to stabilize the macro-economy and achieve higher growth in 2016.
Vietnam to ensure macro-economic stability, maintain growth - ảnh 1

In his report to the National Assembly, Prime Minister Nguyen Tan Dung said that in the next five years the government will consolidate economic restructuring, change the growth model, and improve people’s lives. The government will focus on fine-tuning the market economy based on the market economy’s principles and international integration. The government also aims to ensure fair competition and transparency across economic sectors.

Economic restructuring, new growth model

National Assembly deputies endorsed the government’s plans, calling feasible the target of achieving a GDP growth rate between 6.5% and 7% in the next five years. Tran Hoang Ngan of the National Assembly’s Economics Committee represents Ho Chi Minh City: “Vietnam has accelerated economic restructuring in the last three years, especially the restructuring of public investment, economic groups, State conglomerates, and commercial banks. We are determined to maintain macro-economic stability. To this end, we need to effectively control inflation and ensure trade balance, a balance of current accounts, exchange rates, and control budget overspending and public debt growth. By doing so, Vietnam can achieve a sustainable growth”.

The deputies stressed the need to proceed with the master plan on economic and sectoral restructuring, and coordinate measures to effectively restructure agriculture in combination with new rural development. According to them, swift industrial restructuring is needed to create a firm foundation for industrialization and modernization, bolster support and high-tech industries and improve assembly techniques. Three key sectors beings restructured are public investment, finance-banking sector and state-owned enterprises.

Improving enterprises’ competitiveness and capacity

The National Assembly urged the government to focus on improving the capacity and competitiveness of enterprises. The deputies endorsed the government’s plan to improve the investment environment, reduce obstacles to enterprises, expand the export market, and take advantage of international free trade agreements. The government aims to accelerate disbursement of development capital and encourage social investment. Deputy Nguyen Duc Kien from Soc Trang province is Deputy Head of the National Assembly’s Economics Committee: “The government has introduced 8 major solutions that we need to implement. The government cannot create growth by itself. That is the job of enterprises. We need to improve the role of local enterprises”.

Doctor Tran Du Lich is Deputy Head of Ho Chi Minh City’s deputy delegation: “SMEs are private enterprises. The private sector plays an important role in the national economy. We need to include SMEs in our national enterprise development strategy”.

Vietnam is facing both challenges and opportunities following the signing of a series of international free trade agreements including the Trans Pacific Partnership. Vietnam can take advantage of international cooperation within the TPP to feed its socio-economic development strategy, strengthen international integration, promote its foreign policies in the Asia Pacific region, and raise its prestige in the international arena.

Vietnam expects to achieve a GDP growth rate of 6.5% this year and 6.7% next year.