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Vietnam Must Improve Economic Competitiveness

Vietnam Must Improve Economic CompetitivenessVietnam Must Improve Economic Competitiveness

Vietnam must continue to maintain stability, accelerate restructuring and improve the competitiveness of the economy in the face of ongoing global headwinds, members of a think-tank reported Saturday.

Deputy Prime Minister Vuong Dinh Hue asked members of the National Financial and Monetary Policy Advisory Council to closely monitor the financial situation throughout the world, during their third-quarter meeting in Hanoi, VietnamNews reported.

The members agreed that it was necessary for Vietnam to create a stable business and investment climate, renew its growth model and expand labor productivity.

Vietnam has targeted its gross domestic product to grow at 6.7%, along with exports to grow at 6-7%, next year.

Further, the consumer price index is expected to rise by some 4%, with total social investments accounting for some 31.5% of GDP in 2017.

Deputy Minister of Planning and Investment Dao Quang Thu announced these figures after the country’s goal of reaching 6.7% economic growth this year proved largely unfulfilled.

There is, however, a strong possibility that the GDP will grow by 6.3% and the CPI will rise by less than 5% in 2016, he said, adding that total social investments have reached more than VND1 quadrillion ($44.44 billion), during the first nine months of the year.

Thu said the slow recovery of the global economy is likely to impact on Vietnam’s export growth next year, while uncertain global oil prices and risks of inflation caused by adjustments in domestic healthcare and education services are resulting in macro-economic imbalances.

 

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