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Economy may expand 6.86% this year but more reform efforts required

VGP – Experts believe the Vietnamese economy may expand 6.86% in 2019 but more reform efforts are inevitable to sustain growth.

July 14, 2019 7:28 PM GMT+7

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Economic indicators in the first six months were positive with the GDP expanding 6.76%, said Dr. Tran Thi Hong Minh, Director of the National Center for Socio-economic Information and Forecast under the Ministry of Planning and Investment.

The growth rate in Jan-June period was lower compared to 7.08% in the same period last year partly due to the outbreak of African swine fever, manufacturing slowdown, and external trade barriers, according to Minh.

She expressed her belief that the economy will continue moving forwards thanks to the Government’s ongoing efforts to improve business environment and implement the newly signed trade deals like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Viet Nam-EU free trade agreements.

The economy is projected to grow 6.86% this year compared to the goal of 6.6-6.8% set by the National Assembly while the consumer price index is forecasted to rise 3.13%, Minh said.

Achieving the above growth rate requires concerted efforts by all ministries, agencies and localities as well as effective implementation of solutions enshrined in the Resolution No. 01/NQ-CP and Resolution No. 02 issued on January 1, 2019.

Minh said the Government needs to focus on improving the productivity, effectiveness and competitiveness, accelerating disbursement of public investment capital, and strengthening the forecast capacity to timely cope with external trade remedies on Vietnamese exports.

Meanwhile, the Central Institute for Economic Management (CIEM) forecasted that the GDP may expand 6.82% and the consumer price index may rise 3.38% this year.

The CIEM suggested the Government should give top priority to stabilizing macro-economy and design flexible policies to deal with adverse economic development in the region and the world.

Economic restructuring and quality-based development should be fostered to increase the resilience of the economy, according to the CIEM.

CIEM President Nguyen Dinh Cung believed that more reform efforts are vital to create new driving force for future growth.

International integration and attraction of foreign investment are among the key factors for growth but sustainable growth requires more drastic efforts to sharpen the competitiveness of businesses, Cung stressed.

The CIEM also warned that the economy may face with more risks in the second half this year as recent forecasts show the global economy may continue slowing down while trade tensions still remain tense./.

By Quang Minh