Hanoi (VNA) – Experts have ♛a positive outlook for the economy in 2016, which is the first year in the five-year socio-economic development plan and also marks the start of a new period in the integration process when a series of free trade agreements take effect.

“From 2016, I believe that are bright prospects for our country’s economy,” economist Tran Du Lich told reporters from Vietnam News Agency. However, a new push will be needed to realise the economic growth target of 6.5-7 percent in 2016, he said. Positive outcomes from monetary policies have contributed to stabilising the macro economy, and handling bad debts and bankruptcy, he said, noting that more needs to be done to reduce loan interest rates. It is essential to press ahead with restructuring and increasing management skills to ensure a stable banking system, he added. He also suggested restructuring the monetary, stock and insurance markets is significant to improving access to capital and easing the pressure on commercial banks. Regarding fiscal policy, the primary course of action is to balance budget collection and spending, Lich said, highlighting administrative reforms as an effective measure to reduce regular budget expenditure. Deputy Director of the University of Economics in Ho Chi Minh City , Tran Hoang Ngan, said Vietnam had devoted its efforts to stabilising macro economy, curbing inflation and guaranteeing social welfare between 2011 and 2015. The current stable macro economy will help the country grow more rapidly in 2016 and the following years, he said, citing that economic growth in 2015 surpassed the National Assembly’s target of 6.2 percent to reach 6.68 percent. At this pace, the economic growth target of 6.7 percent in 2016 is completely achievable, he said. Ngan added that improving growth quality, productivity and efficient use of capital usage are the most important things this year. According to him, over the past five years, Vietnam has laid a firm foundation for market economic institutions, with the promulgation of the Law on Public Investment, Law on Management of State Investment Capital at Enterprises, Law on Enterprises and Law on Investment. This will be a booster for economic development in the period ahead, he said.-VNA