HCM City (VNA) – TheVietnamese economy’s growth momentum in early 2018 has laid a foundation forexpectations of strong economic development throughout the year, said DeputyMinister of Planning and Investment Nguyen Van Hieu.

Hieu made the statement at theannual Economic Scenarios Conference, titled “Breakthrough opportunities forbusiness growth”, which took place in HCM City on March 20.

Organised by the Vietnam EconomicTimes, the conference attracted the participation of policymakers, seniorofficials, leading economists and financial experts and executives from 300enterprises.

Hieu noted that Vietnam’s GDP inthe first quarter of 2018 is likely to grow by 7 percent as compared to thesame period last year.

The business community isexpected to perform better based on reformed policies, favourable marketconditions, and human resources development, he said, highlighting theGovernment’s extensive work in overhauling legal frameworks, facilitatingcustoms clearance, and simplifying administrative procedures related tocorporate establishment and taxation, among others.

He added that the Government hasalso paid attention to supporting small- and medium-sized enterprises (SMEs)and startups.

Tran Du Lich, member of the PrimeMinister’s Economic Advisory Group, said this year the Government should focuson creating a safe, stable and transparent business environment along withtimely incentives for enterprises.

Vu Viet Ngoan, former chairpersonof the National Finance Supervisory Council and head of the Prime Minister’sEconomic Advisory Group, said he believes inflation would be slightly higherthan in 2017, but would still be under control.

This year would have bothopportunities and challenges, he said, adding that the most important task forthe Government is to control inflation and keep the economy steady.

Having signed the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) this month anddiscussing four other free trade agreements, Vietnam is better integrating intothe global economy, making the local market more attractive and competitive, participatingexperts stressed.

They suggested Vietnam create aninternational “playground” right in the domestic market, thus helping itseconomic sectors adjust to a free-trade market in the context of extensiveglobal integration.

Warrick Cleine, Chairman and CEOof KPMG Vietnam, said: “FTAs only provide opportunities, not a solution. Vietnamopens its economy, which means greater competition, and the ability of foreigncompanies to export to Vietnam increases.

“We also need to make sure thatbusinesses are as healthy and strong as possible to compete with foreigncompanies in Vietnam. They need good strategies, good business plans, makinggoods and services that people actually want.”-VNA