PM says annual GDP target still feasible

09:06 | 10/08/2017 Economy- Society

(VEN) - At the government’s regular meeting in June 2017, Prime Minister Nguyen Xuan Phuc requested ministries, sectors and localities to make stronger efforts to promote economic growth in the second half of the year in order to achieve the 6.7 percent annual growth target.  

pm says annual gdp target still feasible

A Ministry of Planning and Investment report shows that macroeconomic stability was maintained in the second quarter with the gross domestic product (GDP) growing an estimated 6.17 percent compared with the same period last year. In the first six months, GDP grew 5.73 percent.

Satisfactory foreign trade results in June and the first six months were a positive signal in the context of rising trade protectionism around the world. Specifically, total export value reached an estimated US$97.78 billion in the first six months, up 18.9 percent compared with the same period last year. Some exports increased in both volume and value, such as crude oil, iron and steel, rubber and coal.

Total import value reached an estimated US$100.47 billion, up 24.1 percent. Major imports included machinery, equipment, instruments, spare parts and production materials.

PM Phuc said the results of the first six months reflected the “good health” of the economy. However, he pointed out numerous difficulties still facing the economy, including the decline of the mining sector, slow disbursement of public investment capital, and an increased number of businesses temporarily stopping operations. Notably, some sectors still face difficulties in seeking outlets for their products, for example animal products and coal.

Nonetheless, PM Phuc believes there is still room for Vietnam to achieve the 6.7 percent GDP growth target providing that ministries and sectors make greater efforts to accelerate administrative reforms, help businesses overcome production and sale difficulties, promote disbursement of public investment capital, the equitization (partial privatization) of state-owned enterprises and state capital withdrawals.

PM Phuc said each sector should bring its potential and advantages into play and take appropriate measures to boost production and trade, promote exports along with boosting domestic sales, and control imports to achieve sustainable trade balance.

Minister of Industry and Trade Tran Tuan Anh said the production index of the entire industrial sector has grown and the ministry would provide further guidance for groups and corporations to fulfill their assignments and achieve annual growth targets.

The export of some agricultural and fishery products has faced difficulties due to technical and tariff barriers from importing countries and competition with products of other countries. Therefore, domestic businesses should concentrate on restructuring production, establish production chains and improve product quality to make the most of preferences offered by free trade agreements that Vietnam has signed.

Vu Son