A view of Ho Chi Minh city

Vietnam’s economy has recorded positive results in production, services, and export. The government has improved Vietnam’s business environment and competitiveness. Vietnam has gone up 5 places in the Global Competitiveness Report 2017-2018 released by the World Economic Forum (WEF).

Government on right track

Early this year, Vietnam faced numerous unfavorable conditions for economic development.  GDP in the first quarter was low, which could affect the whole year’s targets. The government had directed sectors and localities to build and implement quarterly plans. The Prime Minister and his Deputies chaired a number of national conferences with sectors, localities, and businesses to resolutely remove obstacles and promote investment. The government has revised policies to simplify administrative procedures, particularly those dealing with credit, land, investment, and construction.

So far this year, Vietnam has 3 major accomplishments: breakthrough GDP growth, a stable macro-economy, and impressive improvement in the business environment and national competitiveness. This indicates that economic restructuring and growth model reform have been effective. Vietnam has reduced its dependence on natural resources, especially petroleum. Public trust in Party leadership, National Assembly oversight, and government management has been strengthened. This is good basis for rapid, sustainable development in the future. Head of the Government Office Mai Tien Dung said: “The result has affirmed the timeliness and effectiveness of the government’s solutions and determination to implement them. It’s a positive sign for achieving 6.7% GDP growth this year. If there are no more severe natural disasters and pending issues are resolved, Vietnam is likely to fulfill all 13 targets set by the National Assembly this year.”

National Assembly Chairwoman Nguyen Thi Kim Ngan said: “The National Assembly appreciates the government and sectors in implementing the National Assembly’s resolutions on socio-economic development and state budget. The Assembly hails the effort of the business community and people to overcome challenges to gain positive results which is a foundation for obtaining this year’s targets.”

Remaining months without complacency

It’s a challenging task that the 4^th quarter must see 7.32% growth. The key sectors will be manufacturing and processing, tourism, exports, and imports. Mr. Dung called for drastic solutions and urged leaders to manage closely and take responsibility.  

“The Prime Minister asks ministries and sectors to push ahead with reforming the business environment and resolving businesses’ problems. Unnecessary investment and trade conditions should be eliminated. Import and export procedures need comprehensive reform. Ministries and localities should organize regular dialogues with businesses to resolve their complaints.”