Illustrative photo. (Photo: VNA)

Hanoi (VNA) – Vietnam’s gross domestic product (GDP) is forecasted to expand 6.82 percent in 2016, according to the macroeconomic report for quarter IV, the whole year of 2015 and the outlook for 2016 announced by the Central Institute for Economic Management (CIEM) on January 28.

CIEM expects export growth to stand at 10.4 percent, trade deficit at 4.1 billion USD and consumer price index (CPI) at 4.37 percent.

According to CIEM Director Nguyen Dinh Cung, the country enters 2016 with numerous upbeat signs such as sustainable economic growth, the speedy recovery of the economy and a new managing system. He said that the economic growth will fine-tune confidence in Vietnam’s investment climate from investors, enterprises and residents.

Cung also underscored that economic reforms and an improvement of the economic environment are significant to enterprises.

Noticing the pressure of interest rates, exchange rates and debt payments as well as inflation risks exerted on the country, the report recommends that Vietnam give a push to deeper reforms of the macro-economy and regulation system in a bid to facilitate production and business operation.

It suggests the country prioritise policies on macroeconomic improvement and renewing its economic institutions. Vietnam needs to simplify administrative procedures and reduce costs while improving technology integrated with sustainable productivity, the report said.-VNA