Friday, 19 Jan 2018
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ECONOMYBANKING & FINANCE

Vietnam will achieve 2017 goal of 6.7 per cent growth

Updated at Tuesday, 03 Jan 2017, 11:25
The Hanoitimes - Vietnam will achieve its 2017 goal of 6.7 per cent growth in gross domestic product (GDP), higher than 6.21 per cent in 2016, due to the efficiency of its reforms.
This year, Vietnam’s economy will improve due to the reform of institutions and of the investment environment, as well as the price recovery of energy and farming products on the world market, creating new impetus for the private sector.
Meanwhile, the World Bank (WB) and Asia Development Bank (ADB) have forecast that Vietnam’s GDP growth will reach 6.3 per cent for this year, and the International Monetary Fund (IMF) set that figure at 6.2 per cent.
Policy management as well as legal and investment environment reforms in 2016 have begun to have an effect. The consumption index increased slowly and steadily. The State implemented flexible management of monetary and exchange rate policies, presaging an average basic interest rate of 6 per cent in 2017. The nation is forecast to achieve its money supply and credit growth goals.
Vietnam’s economic growth next year will be boosted by the processing industry, foreign direct investments, and the construction and services sectors.
In 2017, the agriculture sector will improve, while the construction sector will still face many difficulties. The property market will not experience a bubble but Việt Nam will not be able to attract as much foreign investment as in 2016
The Government has set economic development targets of 6.7 per cent GDP growth, 4 per cent inflation and export value growth of 6-7 per cent for 2017.
To reach the goals, experts say, the Government will have to stabilise the macro economy, improve investment and business environments, and implement efficient economic restructuring to achieve greater productivity, higher quality and competitive ability.
Chi Le
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