Agriculture and industrial sector promote GDP

VCN- The Director General of the General Statistics Office, Mr. Nguyen Bich Lam had a talk with the Customs News about the results as well as solutions to continue to promote GDP growth in 2018.
agriculture and industrial sector promote gdp Greater efforts needed to achieve minimum of 6.7% growth in 2018
agriculture and industrial sector promote gdp Market value of G-bonds equivalent to 20% of GDP
agriculture and industrial sector promote gdp Revenue from Severance Tax accounted for only 1.36% - 4.27% of total State revenue
agriculture and industrial sector promote gdp
The Director General of the General Statistics Office, Mr. Nguyen Bich Lam.

Please indicate your assessment of economic growth in the first quarter of 2018, when GDP increased by 7.38% at the highest level in 10 years?

In the past few years, GDP in the first quarter was generally lower than that in the previous year, mainly due to the fact that production and business activities in Vietnam are affected by the seasonal factor (Tet holiday, early private housing, seasonal farming, festivals, tourist season, and administrative procedures). However, the GDP growth in first quarter of 2018 was quite high, due to a number of major reasons such as: growth of agriculture, forestry and fishery sector increased by 4.05%, the highest level in 8 years. The manufacturing industry still maintains the momentum of production from the last 6 months of 2017, continuing to be the highlight of the first quarter of 2018 when it increased by 13.56%, the highest level since 2010. In addition, after many years of decline due to the sharp drop in world oil prices, the non-negative mining sector in this quarter contributed to GDP growth.

In particular, the Government's direction with the guideline of "Ethics, Integrity, Action, Creativity, Effectiveness" together with the Resolution No. 01 / NQ-CP issued by the Government on the tasks, solutions of the socio-economic development plan and the State budget estimates in 2018 and the Prime Minister's directives are also important factors for the high growth of the first quarter of 2018.

In addition to the results, Vietnam's economic growth in 2018 is expected to face many challenges and difficulties. Please tell us more about the challenges and difficulties?

It can be seen that the socio-economic situation in the first quarter of 2018 is still positive, the economy has a high growth rate, the macro economy is stable, and inflation is controlled. However, besides the achievements, the first three months of this year still have some shortcomings, such as low progress of disbursement of investment capital from the State budget. Pig farming still faces difficulties; the situation of vegetables, tubers and fruit surplus occurs in some localities.

2018 is a very important year in the implementation of the five-year socio-economic development plan for 2016-2020. Besides the favourable factors, Vietnam's economy may face many problems and challenges such as quality growth and low labor productivity. Inflation is likely to rise higher than the target set by the National Assembly. Processing and manufacturing industry in the last months of the year will be difficult to maintain growth rate as the same period last year. Measures to protect the market in some countries, especially the US which continue to increase will be a barrier for Vietnam's export. Besides, the weather, drought and salt intrusion are also complicated, affecting agricultural production and people's life.

In the context of such difficulty, what solutions do you we need to achieve the objectives and targets for socio-economic development in 2018?

In my opinion, the ministries, branches and localities should continue to implement the solutions set out in Resolution No. 01 of the Government and the Prime Minister's instructions synchronously and effectively. In particular, Vietnam must first manage the monetary policy actively, flexibly and efficiently, closely coordinate with the fiscal and other macro policies in order to stabilize the macro economy and have effective solutions, responding to the Federal Reserve's rise in prime interest rates in 2018 to control inflation and promote economic growth. Accurate credit growth should be associated with improved credit quality, with emphasis on priority areas.

At the same time, it is necessary to implement fiscal policies, strengthen fiscal discipline, strengthen inspections and examination of taxes, strictly control the declaration and refund of Value Added Tax, take effective measures against tax losses. It is necessary to closely monitor the expenditures from the State budget, speed up the disbursement of public investment capital, adjust the prices of commodities managed by the State at a reasonable time to ensure inflation control in 2018.

With specific areas such as agriculture, industry, services, what solutions do we have?

In the field of agriculture, it is necessary to concentrate on implementing well, the plan of producing summer-autumn and winter-autumn crops for these seasons in 2018, in combination with the continued transformation of the crop structure and products to suit the demand for a high value-added market. At the same time, strengthening measures to monitor food safety and hygiene, meeting the requirements of domestic consumption and export markets.

As for the industrial sector, I think it is necessary to promote the development of processing and manufacturing industries, especially the deep-processing industry, agricultural product processing, supporting industries and consumer goods. In addition, it is necessary to continue creating a favorable business environment for enterprises to develop and at the same time accelerate the completion of works and investment projects in the industrial field to improve production capacity. In the service sector, in my opinion, we need to focus on developing high added value services, supporting agriculture, industry, IT services, finance, banking, insurance, logistics, and tourism. At the same time, it is necessary to increase the promotion of tourism, adopt policies and measures to effectively attract international tourists, especially those coming from high-spending and long-stay markets to Vietnam.

In the current context, we should pay close attention to promoting trade, searching and expanding the market for key agricultural products. In order to minimize the disadvantages of pangasius exports to the US and EU markets, enterprises should actively consolidate and accelerate the export of pangasius to other markets such as China, Brazil, Mexico, and the ASEAN. At the same time, we should improve the quality and food safety, meeting the requirements of importers. It is necessary to promptly grasp information, new policies, tariff measures, technical barriers and market information of other countries in order to find solutions.

agriculture and industrial sector promote gdp ​Reason for the highest GDP growth of agriculture in 13 years?

VCN - In the first quarter of 2018, while the cultivation sector has shown many bright signals ...

Thank you, Sir!

By Hoai Anh/ Hoang Anh

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