Vietnam’s macro economy remained stable in the first six months of 2017 while inflation was curbed so as to reach the national steering committee on price management’s yearly target of 4 percent.
Hanoi (VNA) – Vietnam’s macro economyremained stable in the first six months of 2017 while inflation was curbed soas to reach the national steering committee on price management’s yearly targetof 4 percent.
Notably, economic growth in the first half ofthis year reached 5.73 percent whilst the figure in the first half of 2016stood at 5.65 percent, the national financial and monetary policy advisorycouncil reported at a meeting in Hanoi on July 1.
Gross domestic product (GDP) growth in thesecond quarter of 2017 was estimated at 6.17 percent, a surge compared to thatof the first quarter 5.15 percent.
Since the beginning of this year, the State Bankof Vietnam has deployed measures to manage interest rates and exchange rates tostabilise the monetary market.
Total means of payment rose by 5.69 percent andcredit growth was recorded at 7.98 percent, while interest rates remainedstable.
The council’s members also forecast globaleconomic risks, including a shift to trade protection and declining exportgrowth to the US and EU, which will affect the domestic economy.
The council called on the Government to seeksolution to accelerate disbursement of foreign direct investment, which isslower than in previous years.
It also proposed reconsidering the calculationof average inflation and the adjustment of electricity prices to boostinvestment in the power industry.
Members urged the Government to directministries and sectors to continue studying mechanisms to mobilise gold and USdollars kept by individuals for production and business, while looking toreduce deposit and lending interest rates.
Deputy Prime Minister Vuong Dinh Hue, also chairmanof the council, said the Government, along with ministries and sectors, willcontinue monitoring macro-economic developments and push ahead with investmentrestructuring, capital divestment and equitisation of State-run businesses.
At the same time, the Government will reform theoperational mechanism of public administrative units and promulgate documentsto implement the National Assembly’s Resolution on handling bad debts, boost administrativereforms, develop logistics, facilitate trade and prevent trade fraud. -VNA
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Deputy Prime Minister Vuong Dinh Hue (Photo: VNA)
