Macro-economic stability, curbed inflation and export growth are crucial resources for Vietnam to raise its stature in the region, experts commented at a seminar held in Ho Chi Minh City on Nov 11.
HCM City (VNA)ꦕ – Macro-economic stability, curbed inflation and export growth are crucial resources for Vietnam to raise its stature in the region, experts commented at a seminar held in Ho Chi Minh City on November 11.
Speaking at the event, Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said the SBV will continue pouring capital into manufacturing and controlling credit in risky areas of real estate and securities.
As of November 8, credit growth neared 13 percent, which is expected to meet the yearly target.
Commenting on the prospect of Vietnamese economy, chief economist from the World Bank Sebastian Eckardt said Vietnam could grow on a slower pace than previous years, possibly at nearly 6.3 percent this year.
About the impacts on Vietnamese economy, Eckardt said as one of emerging economies in the Asia-Pacific region, Vietnam is highly resistant to the consequences of global economic downturn. However, in order to improve competitiveness, Vietnam needs to increase its productivity, accelerate institutional reform, and facilitate tax procedures.
According to the 2017 consumption survey by the Kantar TNS Vietnam, high-growth areas include education, health care, technology, restaurants, hotels, automobiles, food, and retail, said its Executive Director Anish Kanchan.
He encouraged small and medium-sized enterprises to invest and join the value chain in support industry for automobiles.
Moreover, the increasing flows of foreign direct investment, public investment and overseas remittances are also expected to give a boost to other economic areas, thereby fueling the stable growth.-VNA
The Government’s point of view in steering socio-economic affairs is to persistently pursue the goal of macro-economic stability to create foundations for sustainable development.
Deputies highlighted the Government’s determination to ensure macro-economy stability and sustainable economic growth on the fringe of the first session of the 14 th National Assembly.
Prime Minister Nguyen Xuan Phuc requested all-out efforts to achieve 6.3-6.5 percent growth this year during a monthly Government meeting in Hanoi on October 3.
PM Nguyen Xuan Phuc has urged ministries, sectors and localities to take more drastic measures in the remaining months of the year in order to realise socio-economic development targets in 2016.
To realise the GDP growth target of between 6.3-6.5 percent in 2016, the growth rate in the final quarter of this year must reach between 7.09 -7.71 percent.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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(Scene of the seminar (SourceL: VGP)
