Prime Minister Nguyen Xuan Phuc (Photo: VNA)

Vietnam’s economy needs to grow 7.42% in the second half of this year to realize the growth target of 6.7%. Such an ambitious growth rate requires a strong political will, great effort, breakthrough solutions, and the resolute engagement of ministries, sectors, localities, businesses, and the public.

Seeking solutions to realize set targets

At the meeting, leaders of ministries, sectors and corporations said they are able to realize their growth targets. The processing and manufacturing sector is likely to grow 12% and tourism 30%, with 13 to 15 million foreign arrivals. In the last 7 months, Vietnam’s exports were valued at 115 billion USD, up 19%. If the 200 billion USD mark is achieved, this will be a record export value. Minister of Industry and Trade Tran Tuan Anh said that when FTAs come into force the Ministry will develop incentives to help enterprises boost exports: “We need to take advantage of international integration and exploit free trade agreements. In the near future, we will improve market management, closely follow market developments, and work out long term strategies to ensure the sustainable growth of all economic sectors. We need to thoroughly evaluate market capacity and availability and opportunities created by free trade agreements to increase exports.”

Prime Minister Nguyen Xuan Phuc said that Vietnam needs to earn 90 billion USD in the remaining months of the year to achieve the export target of 205 billion USD: “We need to reduce imports, address procedure and market issues, increase productivity and product quality, and boost service exports, especially in tourism. We need to take advantage of this year’s APEC events to promote local products and services because tens of thousands of people will come to Vietnam on this occasion. We also need to streamline production to boost exports.”

Macro-economic stabilization is primary task

At the meeting, Ministries, sectors, and localities affirmed that they arelikely to realize all 13 targets assigned by the National Assembly. Besides creating a favorable investment environment and tackling business obstacles, they will focus on implementing national target programs, seeking outlets for local products, and promoting trade and tourism. They will work closely in implementing fiscal, monetary, trade, and investment policies to control inflation, boost growth, and stabilize the macro-economy. Special attention will be paid to interest rates, exchange rates, and inflation. Doctor Nguyen Duc Thanh is Director of the Policy and Economics Research Institute: “It’s important to improve the domestic business environment and reduce costs for local enterprises to create momentum for economic growth, not just in 2017, but in the future and in international integration.”

With strong political determination, Vietnam is confident of achieving its growth target of 6.7%. Its priorities remain macro-economic stability, improved growth, and economic competitiveness.