High hopes for Vietnamese economy

HCM City (VNA) – With stable economic growth and efforts of the government, Vietnam is expected to meet its growth target this year, according to economists and businesses.

Economist Tran Du Lich said Vietnam had maintained economic growth and curbed inflation while speeding up the settlement of bad debts, reducing lending interest rates and restructuring equitised firms last year.

A positive sign is the government’s determination to build a transparent and constructive cabinet that offers maximum support to businesses.

Chairman of the Ho Chi Minh City Real Estate Association Le Hoang Chau said a 6.2 percent growth put Vietnam among the world’s fastest-growing economies last year.

He suggested improving export quality, especially farm produce and aquatic products, and facilitating start-ups in information technology.

In real estate, he said many projects have been delayed due to site clearance, not to mention difficulties in the cost of land use, administrative procedures involving project approval and credit policies.

In order to develop a sustainable and stable real estate market, the government and localities should remove such hindrances, he said.

Pham Xuan Hong, Chairman of the Ho Chi Minh City Association of Garment Textile Embroidery and Knitting, hailed the government for achieving efficiency instead of chasing targets.

Vu Thanh Tu Anh, Director of Research at the Fulbright Economic Teaching Programme in Ho Chi Minh City, said the biggest barrier to Vietnam during integration is capacity.

Opportunities are aplenty but tapping them requires brainpower and vision, he said, citing that the garment sector is predicted to enjoy the most benefits when Vietnam accelerates global economic integration but is incapable of performing the dying, fabric and weaving stages.

Chief economist Sebastian Eckardt from the World Bank in Vietnam forecast that Vietnam is likely to grow 6.3 percent this year thanks to strong domestic consumption and increasing investment.

Vice General Director of Him Lam Land Trading Corporation Ngo Quang Phuc said the business community has high hopes that under the leadership of Prime Minister Nguyen Xuan Phuc the economy will be propelled forward.-VNA