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Great efforts needed to achieve growth target: experts

Experts have emphasised the need for Vietnam to exert great efforts in the last three months in order to reach the yearly growth target of 6%.
Great efforts needed to achieve growth target: experts ảnh 1The gross domestic product (GDP) in the first nine months of this year grows 4.24% year-on-year. (Photo: VNA)
Hanoi (VNA) – Experts have emphasised theneed for Vietnam to exert great efforts in the last three months in order toreach the yearly growth target of 6%.

Although the gross domestic product (GDP) in thefirst nine months of this year rose 4.24% year-on-year, with quarter-on-quarterincreases, challenges remain ahead, they said.

To fulfil the growth aspiration as ordered by PrimeMinister Pham Minh Chinh at the recent regular Cabinet meeting, the figureshould stay at 10.4% in the last quarter, they elaborated.

Over the past time, the Government has focused onthe three engines of investment, export and consumption, with priorities givento major sectors, while stepping up public investment disbursement, and theimplementation of the socio-economic recovery and development programme, andnational target programmes.
Great efforts needed to achieve growth target: experts ảnh 2Domestic consumption has been affected by the global consumption slowdown as people have tightened their purse strings after the COVID-19 pandemic. (Photo: VNA)
It has also optimised opportunities to promoteemerging industries like semiconductor, AI, digital transformation, cleanenergy, green growth, circular economy and sharing economy, which are expectedto create growth momentum.

Attention has also been paid to streamliningadministrative procedures, removing obstacles to production and business, carryingforward the role of the Government’s working groups, and settling petitions andsuggestions by localities, people and businesses in an effective and timelymanner.

Can Van Luc, chief economist at state lender BIDVand a member of the National Financial and Monetary Policy Advisory Council, toldLao dong (Labour) newspaper that the domestic consumption has been affected bythe global consumption slowdown as people have tightened their purse stringsafter the COVID-19 pandemic.  

Given this, he suggested stimulating domesticdemand, stressing a host of solutions taken by the Government such as reducingtaxes and fees and extending payment deadlines, lowering loan interest rates, andsupporting production and business activities.

Regarding the growth target of 7-8% set for the nextthree years, he said, it requires domestic consumption to expand by 7%, exportto rise 8.5% and total investment to increase 9%.

Nguyen Thi Viet Nga, a National Assembly deputy of thenorthern province of Hai Duong, pointed out that among the economicdrivers, domestic consumption remains weak, which requires strong solutions to staybrisk.

To achieve the growth target of 6%, she suggestedrolling out strong fiscal solutions, accelerating public investmentdisbursement, and flexibly combining fiscal and credit policies together./.
VNA
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