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Vietnam aims for 2018 economic growth rate of 6.5-6.7%

Van Ly
Tuesday,  Nov 14,2017,20:46 (GMT+7)
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Vietnam aims for 2018 economic growth rate of 6.5-6.7%

Van Ly

HANOI – Vietnam aims for a gross domestic product (GDP) growth rate of 6.5-6.7% next year, according a resolution on the socio-economic development plan for 2018 passed by the National Assembly (NA) last Friday.

Chairman of the NA Economic Committee Vu Hong Thanh said that opinions collected from NA deputies during the preparation of the resolution showed that the country will face big difficulties and challenges, in addition to favorable conditions next year. Some sectors have achieved strong growth this year, so it may be difficult to maintain the high growth tempo next year.

Besides, the 2018 GDP growth is based on the predicted 2017 rate of around 6.7%, and the main balances of the national economy in line with macroeconomic indicators such as public debt, State budget revenue and job creation.

The resolution also targets the consumer price index growth rate of around 4%.

Thanh said the index depends on many factors like economic growth, import and export growth, and the fluctuation of global commodity prices. Therefore, the NA Economic Committee asked the NA to keep the number as in the draft resolution.

The country targets an export turnover increase of 7-8%, a trade deficit of below 3% of total export turnover; and total investments making up 33-34% of GDP next year.

Further, the rate of poor households will be reduced by 1-3 %, while the unemployment rate in urban areas will be cut to below 4%, according to the resolution. As much as 85.2% of the population will be covered by health insurance.

Solutions

Vietnam will further safeguard macro-economic stability, and ensure major balances of the national economy, especially the State budget, development investment, import and export, payment balance, food and energy security, labor, employment, production and business, and economic growth.

Measures will be taken to reduce interest rates in line with macro-economic conditions, ensure liquidity, strictly control and improve credit quality, guarantee safety for the banking system, and closely supervise credit flowing into the real estate and stock markets.

The Government will restructure the State budget in a way that gradually raises the ratio of domestic revenue, boost investments in development and decrease regular expenditures.

The Government will strengthen its management over non-budget funds and public debts in line with the objectives set by the National Assembly, limit Government guarantees for credits, and strictly control overspending and debt of central and local governments.

The Government will strengthen its strict and effective supervision and control of credit institutions and State-owned enterprises (SOEs), and enhance the efficiency and responsibility of State, internal and external audit systems.

Notably, the Government will divest its entire State stakes in those SOEs where State ownership is deemed not necessary.

The Government will assess the performance of the State Capital Investment Corporation, and set up a committee responsible for managing State capital at SOEs.

Besides, the Government will encourage and support startups, innovative businesses and small and medium businesses, take measures to transform household businesses into companies, and prop up growth of the private sector.

The Government will further attract foreign direct investment (FDI) projects that are financially viable, and come up with solutions to prevent FDI companies from transfer pricing.

The Government will create fair business conditions among local and foreign-invested companies, and improve their relationships as well to promote economic growth and create jobs.

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