Economic experts have warned of challenges facing Vietnam in 2018 which may cut the country’s Gross Domestic Product (GDP) growth rate to 6.58 per cent, lower than the previous year’s figure, at a conference held in Hanoi on January 25. (Photo cafef.vn) Hanoi (VNA) - Economic experts warned of challenges facing Vietnam in 2018which may cut the country’s Gross Domestic Product (GDP) growth rate to 6.58 percent,lower than the previous year’s figure, at a conference held in Hanoi on January25.
Theevent “Vietnam’s economy in 2017 and prospect in 2018” focused on accessing thecountry’s economic situation last year, addressing challenges facing thecountry in 2018 and putting forward solutions to achieve higher growth.
Lastyear was considered an economic success with a GDP growth rate of 6.81 percent,higher than the yearly target, according to head of the Central Institute forEconomic Management (CIEM)’s Department of Macro Economic Policy Nguyen Anh Duong.
Theindustry 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 andfisheries sector third at 2.9 percent.
Theevent “Vietnam’s economy in 2017 and prospect in 2018” focused on accessing thecountry’s economic situation last year, addressing challenges facing thecountry in 2018 and putting forward solutions to achieve higher growth.
Lastyear was considered an economic success with a GDP growth rate of 6.81 percent,higher than the yearly target, according to head of the Central Institute forEconomic Management (CIEM)’s Department of Macro Economic Policy Nguyen Anh Duong.
Theindustry 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 andfisheries sector third at 2.9 percent.
The inflow of foreigndirect investment (FDI) reached 35.5 billion USD.
Theachievements were driven by the efforts of the Government, ministries, sectorsand localities in renewing growth models, improving the business environmentand tackling difficulties for businesses, according to experts.
However,they warned that economic development in 2018 might be affected by negativefactors such as unstable recovery of the world economy, challenges facingmultilateral trade liberalisation, complicated trade paybacks between bigeconomies and risks from the possible reverse of foreign capital flow.
Thecountry may also lag behind other countries in terms of technology if nomeasures are taken to tap opportunities and deal with challenges from thefourth industrial revolution.
Formerdirector of the National Centre for Socio-economic Information and Forecast Le DinhAn said 2017’s economic growth had not created sustainable development factorsfor 2018 due to a lack of stable policies and businesses still facing manydifficulties.
Formerhead of the CIEM Le Dang Doanh said the reform process of the State businesssector and restructuring of public investment still had shortcomings.
Tohelp tackle these challenges, experts proposed measures like improving thebusiness environment, reducing “unofficial” costs for businesses andencouraging the business sector to invest in science and technology and makeuse of opportunities from the fourth industrial revolution.
Ansaid the most important issue for Vietnam this year was to stabilise the macroeconomy. To do that, Vietnam needs to be more proactive in restructuring theState-owned business sector and speeding up equitisation process, he said.
Duongfrom the Department of Macro Economic Policy suggested continuing reforms ofeconomic institutions and effectively integrating into the world economy.
Participantsalso recommended other solutions relating to monetary, price and salarypolicies; and speeding up the e-Government and application of information andtechnology in State management. -VNA
Theachievements were driven by the efforts of the Government, ministries, sectorsand localities in renewing growth models, improving the business environmentand tackling difficulties for businesses, according to experts.
However,they warned that economic development in 2018 might be affected by negativefactors such as unstable recovery of the world economy, challenges facingmultilateral trade liberalisation, complicated trade paybacks between bigeconomies and risks from the possible reverse of foreign capital flow.
Thecountry may also lag behind other countries in terms of technology if nomeasures are taken to tap opportunities and deal with challenges from thefourth industrial revolution.
Formerdirector of the National Centre for Socio-economic Information and Forecast Le DinhAn said 2017’s economic growth had not created sustainable development factorsfor 2018 due to a lack of stable policies and businesses still facing manydifficulties.
Formerhead of the CIEM Le Dang Doanh said the reform process of the State businesssector and restructuring of public investment still had shortcomings.
Tohelp tackle these challenges, experts proposed measures like improving thebusiness environment, reducing “unofficial” costs for businesses andencouraging the business sector to invest in science and technology and makeuse of opportunities from the fourth industrial revolution.
Ansaid the most important issue for Vietnam this year was to stabilise the macroeconomy. To do that, Vietnam needs to be more proactive in restructuring theState-owned business sector and speeding up equitisation process, he said.
Duongfrom the Department of Macro Economic Policy suggested continuing reforms ofeconomic institutions and effectively integrating into the world economy.
Participantsalso recommended other solutions relating to monetary, price and salarypolicies; and speeding up the e-Government and application of information andtechnology in State management. -VNA
VNA
