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Vietnam: Continuous reforms support economic growth in 2018
The Hanoitimes – The Government should continue making reforms in 2018 in a move to help the country meet the economic growth target of 6.7%, experts have recommended.
At a conference titled ‘Vietnam’s economy in 2017 and prospect in 2018’ held recently, the experts warned that economic growth in 2018 might be affected by negative factors such as unstable recovery of the world economy, challenges facing multilateral trade liberalization, complicated trade paybacks between big economies and risks from the possible reverse of foreign capital flow.
The country may also lag behind other countries in terms of technology if no measures are taken to tap opportunities and deal with challenges from the fourth industrial revolution.
According to former director of the National Centre for Socio-economic Information and Forecast Le Dinh An, the economic growth last year had not created sustainable development factors for 2018 due to a lack of stable policies and businesses still facing many difficulties.
Former head of the Central Institute for Economic Management (CIEM) Le Dang Doanh said the reform process of the State business sector and restructuring of public investment still had shortcomings.
To help tackle these challenges, experts proposed measures like improving the business environment, reducing “unofficial” costs for businesses and encouraging the business sector to invest in science and technology and make use of opportunities from the fourth industrial revolution.
An said the most important issue for Vietnam this year was to stabilize the macro economy. To do that, Vietnam needs to be more proactive in restructuring the State-owned business sector and speeding up equitisation process, he said.
Duong from the CIEM’s Department of Macro Economic Policy suggested continuing reforms of economic institutions and effectively integrating into the world economy.
Participants also recommended other solutions relating to monetary, price and salary policies; and speeding up the e-Government and application of information and technology in State management.
At the conference, head of the CIEM’s Department of Macro Economic Policy Nguyen Anh Duong, also reviewed the country’s 2017 achievements, saying that last year was considered an economic success with a GDP growth rate of 6.81 percent, higher than the yearly target,
The industry and construction sectors recorded the highest growth rate of 7.85 percent, the services sector was second with 7.4 percent and the agro-forestry and fisheries sector third at 2.9 percent. The inflow of foreign direct investment (FDI) reached US$35.5 billion.
The achievements were driven by the efforts of the Government, ministries, sectors and localities in renewing growth models, improving the business environment and tackling difficulties for businesses, according to experts.
According to former director of the National Centre for Socio-economic Information and Forecast Le Dinh An, the economic growth last year had not created sustainable development factors for 2018 due to a lack of stable policies and businesses still facing many difficulties.
Former head of the Central Institute for Economic Management (CIEM) Le Dang Doanh said the reform process of the State business sector and restructuring of public investment still had shortcomings.
To help tackle these challenges, experts proposed measures like improving the business environment, reducing “unofficial” costs for businesses and encouraging the business sector to invest in science and technology and make use of opportunities from the fourth industrial revolution.
An said the most important issue for Vietnam this year was to stabilize the macro economy. To do that, Vietnam needs to be more proactive in restructuring the State-owned business sector and speeding up equitisation process, he said.
Duong from the CIEM’s Department of Macro Economic Policy suggested continuing reforms of economic institutions and effectively integrating into the world economy.
Participants also recommended other solutions relating to monetary, price and salary policies; and speeding up the e-Government and application of information and technology in State management.
At the conference, head of the CIEM’s Department of Macro Economic Policy Nguyen Anh Duong, also reviewed the country’s 2017 achievements, saying that last year was considered an economic success with a GDP growth rate of 6.81 percent, higher than the yearly target,
The industry and construction sectors recorded the highest growth rate of 7.85 percent, the services sector was second with 7.4 percent and the agro-forestry and fisheries sector third at 2.9 percent. The inflow of foreign direct investment (FDI) reached US$35.5 billion.
The achievements were driven by the efforts of the Government, ministries, sectors and localities in renewing growth models, improving the business environment and tackling difficulties for businesses, according to experts.
Source: http://www.hanoitimes.vn/economy/2018/01/81E0C116/continuous-reforms-support-economic-growth-in-2018/