Vietnam presses ahead with macro-economic stabilization

A government report says all 13 targets set by the National Assembly for this year are likely to be achieved. GDP is set to increase 6.7%, exports to grow 14.4%, and the Consumer Price Index (CPI) be kept at 4%.

The national economy’s bright spots are production and exports. The business environment and economic competitiveness have improved. These achievements are a firm foundation for further growth.

Flexible governance

The results are attributable to the government’s efforts to stabilize the macro-economy, stimulate growth, and control inflation. National Assembly deputies applauded the government‘s measures to improve the investment environment, remove business obstacles, expand export markets, and make full use of international trade deals.

Nguyen Ngoc Phuong, deputy head of the National Assembly delegation for Quang Binh province, said “The Prime Minister has taken steps to boost growth. He held talks with entrepreneurs and adopted new incentives for business development.”

The government has asked ministries, sectors, and localities to aggressively implement a series of solutions: reviewing laws and policies, simplify administrative procedures, effectively utilize development resources, and enhance business competitiveness.

Growth model shift

Economic restructuring combined with a growth model shift has proved to be effective. Reliance on natural resources has been reduced. Hoang Van Cuong, a deputy for Hanoi, said: “The national growth has been largely dependent on natural resource exploitation. This year is seeing higher growth with reduced natural resource utilization, indicating that our growth model is shifting towards services, agriculture, and industry.”

National Assembly deputies emphasized the restructuring of the national economy and sectors, particularly public investment, the finance-banking system, and State-owned enterprises.

Bui Van Phuong, head of the National Assembly delegation for Ninh Binh province, said “We prioritize inflation control and macro-economic stabilization. So we should concentrate on economic restructuring and maintain growth at an appropriate rate. If we seek growth without taking macro-economic stabilization into account, we will only fulfill short-term goals and face uncertainty in the longer term. I believe that the growth target of between 6.5% and 6.7% for next year is achievable.”