Economic growth in 2017 will be positive

Growth in 2017 will be positive thanks to economic institutional reform, improved investment environment, and creating new momentum for the private economic sector.

In 2017, the country's GDP growth target is 6.7%, inflation is below 4% and the budget must be guaranteed for both central and local levels. Assessing the potential for 2017, economic experts believe that Vietnam is still in a very favorable position compared to many countries in the region, with stable politics and macro-economy and many advantages in attracting foreign direct investment.

In addition, in 2017, the disbursement of development investment capital will be promoted, and foreign direct investment capital is forecast to be stable. Because the Government will continue to promote the progress of implementation and disbursement of basic construction investment capital, especially state budget capital, government bonds, ODA capital, and social development investment capital.

In 2017, Vietnam will have many opportunities for good exports when many Free Trade Agreements come into effect. (Illustration photo: KT)

In particular, strengthening the handling of outstanding debts in basic construction, restructuring public investment capital towards concentrated capital allocation, and properly implementing the provisions of the Law on Public Investment will help disbursement activities become more effective.

Vietnam's exports still create outstanding competitiveness and dominate markets, capital flows continue to flow in, and will continue to affirm with trade agreements that have been or will be signed with partner countries.

Associate Professor, Dr. Pham Tat Thang, senior researcher at the Ministry of Industry and Trade, said that 2017 will be a period that will open up many favorable conditions for Vietnam's economic activities. Accordingly, there will be many opportunities when many free trade agreements come into effect.

“If we can take advantage of the Free Trade Agreement with the Eurasian Union, the European Union, Japan and South Korea, this will open up very good export opportunities. In addition, some other key products have begun to find markets and conquer demanding markets such as vegetables and fruits exported to Japan and the US…”, Associate Professor, Dr. Pham Tat Thang optimistically said.

According to the analysis of many economic experts, economic growth in 2017 will develop in a positive direction, thanks to economic institutional reform, improvement of the investment environment, creating new momentum for the private sector to become the main driving force of the year. Vietnam continues to ensure full and timely payment of debts due as committed.

Recently, in his concluding remarks at the Government Conference, which held an online conference with localities to implement the socio-economic plan and state budget tasks for 2017, Prime Minister Nguyen Xuan Phuc stated that the focus of direction and management is macroeconomic stability, higher growth than in 2016, associated with economic restructuring, growth model innovation, improving productivity, quality, efficiency and competitiveness of the economy...

The Prime Minister also pointed out that special attention should be paid to handling two important issues at present: bad debt and public debt. Tighten financial and state budget discipline. Resolutely fight against group interests, the mechanism of asking and giving, and strictly handle violations according to the provisions of the law.

The Prime Minister affirmed that to ensure macroeconomic stability as a foundation for development; promote economic restructuring associated with growth associated with three strategic breakthroughs; ensure rapid and sustainable development, promote administrative reform, strengthen the prevention and fight against corruption and waste, and build a modern administration to serve the people and businesses.

The key directions of the Government should be focused on maintaining macroeconomic stability, resolving bad debt, controlling public debt below the ceiling, and flexibly controlling exchange rates and interest rates within the permitted range. Sectoral restructuring must be done well with agriculture and rural development in the direction of rapid modernization, application of scientific and technological advances, and adaptation to climate change.

The Prime Minister also requested to improve the productivity, quality and competitiveness of the processing, manufacturing, electronics and supporting industries. Strongly develop service industries with high technology content and added value. Economic sectors continue to accelerate equitization and innovation in the governance of state-owned enterprises, along with encouraging and strongly supporting the private economy and promoting startups./.

According to VOV