Vietnam’s economy maintains growth momentum over year’s second quarter
Updated : Tuesday, July 10, 2018 9:41 AM (GMT+0700)

TheVietnamese economy continued to enjoy growth in the second quarter of 2018,following an impressive growth impetus in the first three months of this year,according to the Department of Planning under the Ministry of Industry andTrade.

Illustrative image - Source: VNA

Speaking at a teleconferenceon July 9 reviewing industrial production and the trade situation over thefirst half of 2018, as well as working out orientations for the remainingmonths of the year, Duong Duy Hung, head of the department, attributed thesuccess to the recovery of the world economy, Vietnam’s improved business andinvestment environment, and growth in both domestic consumption and industry,especially in processing and manufacturing.

The relatively low economicgrowth rate during the first half of 2017 was also a factor contributing to aperception of this year’s high growth rate, Hung stated.

However, he pointed outseveral challenges facing the country’s economy in general, and the industry andtrade sector in particular, including policy changes from several of Vietnam’smain importing countries; increases in import taxes of some Vietnamese productsto the US; slower growth of processing and manufacturing; higher inflationpressure; trade deficit over the past two months; and complicated weather developments.

Minister of Industry andTrade Tran Tuan Anh said that given the context that trade conflicts aregrowing, with technical and trade production barriers becoming  morefrequent, it is necessary for all ministries and sectors to join hands intackling future problems.

He cited the recent illegal,unreported, and unregulated (IUU) fishing problem, saying that it is essentialfor ministries and sectors to take the initiative and coordinate in order tomaintain the market.

Although Vietnam has signeda lot of free trade agreements (FTA) and bilateral trade agreements in certainfields, technical barriers and administrative procedures are still abundant,making it complicated and difficult to approach export markets.

Therefore, he stressed theneed to study markets thoroughly when conducting policy administration in orderto balance interests and seek out any weaknesses in cooperation mechanismsintended to facilitate the export of products.

To achieve the targets setfor 2018, the minister emphasised the need to complete institutions, improvethe business and investment environment, and speed up the restructuring of theindustry and trade sector.

It is also necessary to keepa close watch on market developments so as to have flexible administration proceduresand support businesses in implementing appropriate business and productionmeasures, Anh stated, pointing out that import-export activities are normallybusy in the second half of the year.

The Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-VietnamFTA, expected to become effective in 2018, have helped Vietnam attract moreforeign investors, thus facilitating the country in improving its productioncapacity.

The ministry will intensifymeasures to remove barriers and create favourable conditions for exports,especially agricultural products and seafood, he added.


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