Annual report gives VN macroeconomic scenarios hinh anh 1Dr. Nguyen Duc Thanh, Director of the Vietnam Centre for Economic and Policy Research, introduces the main content of the annual economic report (Source: VNA)

Hanoi (VNA) – The Vietnam Annual Economic Report 2017 has provided two scenarios for Vietnam’s macro economy in 2017, with inflation rate to be cut to 2.35 percent and economic growth unlikely to achieve the set target of 6.37 percent.

The report was launched in Hanoi on June 16 at a workshop co-organised by the Vietnam Centre for Economic and Policy Research (VEPR) under the University of Economics and Business of the Vietnam National University, Hanoi and the Friedrich Nauman Foundation (NFN) in Vietnam.

The report also gave an overview of the global economy and Vietnam’s annual macroeconomic issues, and policy implications.

Speaking at the workshop, NFN Director Ruediger Vincent Graichen said that the report will actively contribute to Vietnam’s policy making process and encouraging debate on major development issues that the national economy is facing.

Dr. Nguyen Duc Thanh, Director of the VEPR, said the report was built in the context of economic growth slowdown and slow improvement of economic productivity.

A resolution adopted at the 12th Party Central Committee’s fifth plenum in May sets a target of promoting institutional reform, improving business climate and creating favourable conditions for businesses, especially private ones, while investors are keeping close watch on Vietnam’s determination and ability to build an incorruptible and transparent Government in service of people, he said.

According to statistics from the VEPR, Vietnam’s economic growth in 2016 was not as high as expected, reaching only 6.21 percent. The inflation rate rose again, at 2.66 percent, due to increased prices of public services and recovered goods prices in the global market.

The processing and manufacturing industry remained the main growth motivation with an expansion of 11.9 percent.-VNA