Vietnam Time

5/30/2018 9:39:50 AM

Vietnam’s economy continues to see signs of growth

Vietnam's economy grew rapidly and comprehensively last year, according to a government report presented at the ongoing session of the National Assembly.

Photo for illustration (source: VNN)

The report presented the implementation of Vietnam’s socio-economic tasks and state budget last year and during the first months of this year. It mentioned a number of solutions to Vietnam’s sustainable growth.

The government report said Vietnam met or surpassed all targets set in 2017 by the National Assembly. Vietnam achieved a GDP growth rate of 6.81% and export growth of 21% with a surplus of nearly US$3 billion.

During the first months of this year, the country’s macro-economy was stable, inflation was under control. Vietnam saw economic growth of 7.38% in the first quarter of this year, the highest rate in 10 years. So far this year, exports have earned US$74 billion, up 19%.

Confidence in Vietnam’s economic growth

National Assembly deputies praised the whole political system and the government’s efforts in streamlining administrative procedures, improving the business environment, and restructuring the economy.

Mai Thi Phuong Hoa, a NA deputy for Nam Dinh province, said, “I’m impressed with the government’s performance over the past year. The economic growth in the first quarter of this year was the highest in 10 years while other indexes grew steadily.”

The government focused on stabilizing the macro-economy, restructuring the economy in combination with reforming the growth model, and increasing productivity and quality.

Nguyen Thi Thanh, Head of the NA deputy delegation of Ninh Binh province, said, “In the first four months of the year we have seen positive signs of socio-economic growth, national defense, and the development of the whole political system. The public has confidence in the efforts of the Party, the National Assembly, and the government.”

Efforts are being made to realize this year’s targets

Vietnam plans to continue stabilizing the macro-economy, keep the Consumer Price Index at 4% and achieve a GDP growth rate of 6.7%. To this end, National Assembly deputies stressed the need to realize the government resolution on boosting exports, promoting trade, and expanding export markets.

They said administrative reform should be pushed to boost economic growth and attract investment.

Trinh Ngoc Phuong, a NA deputy for Tay Ninh province, said, "Overlapping mechanisms are the biggest obstacle to realizing the target growth. We need to build a more open mechanism to encourage investors."

Vietnam’s achievements in the first four months of this year have created a momentum for achieving its set targets. Vietnam also aims to make use of opportunities created by free trade agreements, particularly the Comprehensive and Progressive Trans-Pacific Agreement to increase its economic growth./.

  ( VNF/VNA )
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