Great efforts needed to achieve growth target: experts

The gross domestic product (GDP) in the first nine months of this year grows 4.24% year-on-year. (Photo: VNA)

Experts have emphasised the need for Vietnam to exert great efforts in the last three months in order to reach the yearly growth target of 6%.

Although the gross domestic product (GDP) in the first nine months of this year rose 4.24% year-on-year, with quarter-on-quarter increases, challenges remain ahead, they said.

To fulfil the growth aspiration as ordered by Prime Minister Pham Minh Chinh at the recent regular Cabinet meeting, the figure should stay at 10.4% in the last quarter, they elaborated.

Over the past time, the Government has focused on the three engines of investment, export and consumption, with priorities given to major sectors, while stepping up public investment disbursement, and the implementation of the socio-economic recovery and development programme, and national target programmes.

Domestic consumption has been affected by the global consumption slowdown as people have tightened their purse strings after the COVID-19 pandemic. (Photo: VNA)

It has also optimised opportunities to promote emerging industries like semiconductor, AI, digital transformation, clean energy, green growth, circular economy and sharing economy, which are expected to create growth momentum.

Attention has also been paid to streamlining administrative procedures, removing obstacles to production and business, carrying forward the role of the Government’s working groups, and settling petitions and suggestions by localities, people and businesses in an effective and timely manner.

Can Van Luc, chief economist at state lender BIDV and a member of the National Financial and Monetary Policy Advisory Council, told Lao dong (Labour) newspaper that the domestic consumption has been affected by the global consumption slowdown as people have tightened their purse strings after the COVID-19 pandemic.

Given this, he suggested stimulating domestic demand, stressing a host of solutions taken by the Government such as reducing taxes and fees and extending payment deadlines, lowering loan interest rates, and supporting production and business activities.

Regarding the growth target of 7-8% set for the next three years, he said, it requires domestic consumption to expand by 7%, export to rise 8.5% and total investment to increase 9%.

Nguyen Thi Viet Nga, a National Assembly deputy of the northern province of Hai Duong, pointed out that among the economic drivers, domestic consumption remains weak, which requires strong solutions to stay brisk.

To achieve the growth target of 6%, she suggested rolling out strong fiscal solutions, accelerating public investment disbursement, and flexibly combining fiscal and credit policies together./.