GDP growth target ramps up to 7.6 percent

09:06 | 30/07/2016 Economy- Society

(VEN) - Vietnam’s GDP growth reached 5.52 percent in the first half of the year, lower than that of 6.32 percent during the same period last year. To complete the annualtarget of 6.7 percent, GDP growth needs to climb over 7.6 percent in the remaining months.

GDP growth target ramps up to 7.6 percent

Promoting the development of the agriculture, forestry and fishery sector

Slowdown

The Ministry of Planning and Investment’s General Statistics Office Director-General Nguyen Bich Lam said that Vietnam’s GDP growth has shown signs of slowdown, reflected through the growth gap between the first two quarters. GDP growth in the first quarter of this year stood at 5.48 percent, while the second quarter reached 5.55 percent, leading to the growth gap of 0.07 percent between the two quarters. This figure totaled 0.16 percent and 0.36 percent in the first two quarters of 2014 and 2015, respectively.

Services recorded the highest growth since 2012, while the agriculture, forestry and fishery sector witnessed a fall of 0.18 percent in the first half of the year. In addition, the industry and construction sector experienced growth of 7.12 percent in its period, including 6.82 percent from industry and 8.8 percent from construction. According to the General Statistics Office, industry saw lower growth than the previous years due to a fall in the mining sector. In addition, the manufacturing and processing sector recorded growth of 10.15 percent.

Overcoming difficulties

To complete the annual GDP growth target of 6.7 percent, the government, ministries, departments and localities must focus on key solutions, especially paying great attention to overcoming difficulties against the industrial sector and the agriculture, forestry and fishery sector. Regarding the agriculture, forestry and fishery sector, the government and the Ministry of Agriculture and Rural Development should adopt mechanisms and policies to support for areas suffering from natural calamity, drought, salinity and environmental pollution.

In terms of the industrial sector, proposing solutions to overcome difficulties and promote production is needed. In particular, improving the business environment, creating favorable conditions for investment activities and protecting the legal rights of investors are necessary.

The General Statistics Office’s System of National Accounts Department Director Ha Quang Tuyen said that to achieve GDP growth of 7.6 percent in the remaining months and 6.7 percent in the whole year, the mining sector must complete the target of more than 16 million tonnes of crude oil. However its task is hard to hit due to the imminent exhaustion of mineral reserves. Therefore, the government needs to further promote the development of the manufacturing and processing industry to compensate for shortages posed by the mining sector.  

 

Nguyen Hoa

Theo ven.vn