Minister optimistic about achieving economic growth target

08:58 | 31/08/2017 Society

Minister and Chairman of the Government Office Mai Tien Dung said the economic performance in the January-August period is very positive, raising hope about achieving the target of 6.7 percent economic growth this year.

Minister and Chairman of the Government Office Mai Tien Dung - Source: VNA

During a press conference following the monthly Government’s meeting in Hanoi on August 30, Dung said the government and the Prime Minister have drastically directed ministries and agencies concerned to remove difficulties for enterprises. The Government held a specialized meeting on law building, with cutting unnecessary business procedures high on the agenda.

The ministries of finance and transport were assigned to review legal regulations on BOT tolls and cut specialised inspection fees for exports-imports. Currently 35% of exports and imports are subject to such inspection, he said, adding that the government has required cutting the rate to 15%.

Dung added that ministries, agencies and localities should study proposals raised by the Ministry of Planning and Investment (MoPI) and the Vietnam Chamber of Commerce and Industry on cutting and amending nearly 2,000 business conditions.

In order to achieve a 6.7% growth, Dung said the agricultural sector should expand by 3.05%. He noted that agro-forestry-fisheries exporters could bring home US$35 billion compared to the planned US$33 billion thanks to favourable weather conditions.

In industry, electricity production and manufacturing and processing have been performing well. Moreover, disbursement for projects has been sped up while interest rates dropped by 0.5% and credit growth hit 21-22%.

According to the MoPI, as of August 21, credit increased by 10.06% from December 2016. Inter-bank interest rates are on a declining trend, the foreign exchange market has stabilised and liquidity has improved.