In order to realise its objective of 6.2 percent economic growth in 2015, Vietnam needs to undertake maximum efforts and utilise its competitive advantages to promote sustainable growth.

This assessment was made by economists and representatives of the International Monetary Fund (IMF) in Vietnam and Laos at a recent conference in Hanoi on the state of the global and Vietnamese economy.

Participants acknowledged the country’s success in stabilising the economy last year.

In general, Vietnam’s economic outlook is fairly optimistic and likely to recover in full in the near future, according to Director of the Vietnam Institute of Economics Tran Dinh Thien.

He highlighted that foreign direct investment (FDI) funds played a crucial role in promoting economic growth in Vietnam, contributing nearly 70 percent to the country’s export turnover.

IMF expert Sanjay Kalra said in order to become a part of the regional and global economy, Vietnam should continue its efforts to maintain macro-economy stability, along with improving the quality of human resources, in order to meet its growth targets.

In addition, it is essential to reform the banking sector, State businesses and public investment, while accelerating the process of State-owned enterprise equitisation, he added.

According to Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management (CIEM), Vietnam’s economy is likely to prosper in a number of fields in 2015, such as the support industries, green technology, e-commerce and logistics.

Reports recently published by the State Bank of Vietnam showed that the country’s credit growth during the first nine months of this year only increased 7.26 percent, equivalent to 50 percent of the annual target. The slow decline in the interest rate for loans prevented the economy from recovering, especially the domestic economic areas.

The central bank needs to take more drastic measures to manage and lower the interest rate applied at commercial banks, thus enabling the business community to access capital and boosting the economy’s health, Sanjay Kalra said.-VNA