Brighter outlook for Vietnamese economy
Updated : Wednesday, May 16, 2018 3:29 PM (GMT+0700)

Thefirst months of 2018 have seen positive socio-economic signs with the ten-yearhighest GDP growth of 7.38%, macro-economic stability and controlled inflation,a seminar heard in Hanoi on May 15 on the Vietnamese economy’s outlook for 2018and to 2020.

 
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In his remarks, Minister ofPlanning and Investment Nguyen Chi Dung highly rated the good socio-economicperformance over the past few months, citing the disbursement of foreign directinvestment at US$5.1 billion, up 6.3% and the number of newly-establishedenterprises rising to  more than 41,200. Total import-export revenue inthe period reached US$73.76 billion, a year-on-year increase of 19% while tradesurplus hit about US$3.39 billion.

The country’s ranking wasalso upgraded across a variety of fields such as business environment,competitiveness and innovation. The average consumer price index (CPI) in thefirst four months surged by 2.8%, coupled with the stable monetary market and bankingsystem, Dung said.

“These are good signs,especially when the domestic and world economic situations have showed positiveimpacts on the national economy. Free trade agreements and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) are projectedto give positive effects, signaling the growth prospects of the Vietnameseeconomy in the rest of the years and the following years” the Ministersaid. 

President of the VietnamAssociation of Foreign Invested Enterprises (VAFIE) Nguyen Mai highlighted theimportant role played by foreign direct investment (FDI) in the Vietnameseeconomy with last year’s FDI disbursement setting a record figure of US$17.5billion. This year’s FDI disbursement is forecast to reach US$19 billion, hesaid.

Meanwhile, Warrick Cleine,President and General Director of KPMG Vietnam asserted that foreign investorsare getting more confident in the Vietnamese economy.

A number of forecasts ofinternational organizations put the country’s average GDP growth in the2018-2020 period at about 6.85% and even 7% in some years.

However, Minister Dung saidthe Vietnamese Government has been cognizant of the possible impacts byinternal problems and outside influence from the national economy. 

Vietnam needs to effectivelyutilize humankind’s science-technology advances, especially from the 4.0industrial revolution towards the goal of a modern industrialized country withan advanced market economy, he noted.

He also called for greaterefforts by all level sectors to keep the growth pattern this year as well asthe years to come.

“Increasing laborproductivity is the most important factor in improving the quality of growthand promoting innovation in growth model. This is the most effective solutionto improve labor productivity, helping developing countries, including Vietnamto narrow the gap with developed countries in the world", Dung emphasized.

The private economic sectorshould be further developed by boosting stronger linkages between the domesticeconomic and foreign invested sectors, he added.

Source:VOVNews

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