Growth target of 6.5 percent poses big challenge to Vietnam: GSO

Illustrative image (Source: VNA)

Hanoi (VNA) – The growth target of 6.5 percent set for 2022 is likely to pose a big challenge to Vietnam given difficulties in production and business at home and global uncertainties, head of the General Statistics Office Nguyen Thi Huong has said.

In an interview with the Vietnam News Agency, Huong suggested the entire political system need to roll out support packages, keep a close watch on the situation, and adopt solutions to handle emerging issues.

Close coordination in the implementation of this work between agencies as well as the resolve, effort and flexibility of businesses and people will be vital to reaching the target.

She also pointed out that surging fuel, material, transportation and service prices have caused production and business costs to increase, thus affecting both domestic and global production and supply chains.

Moreover, small-and medium-sized enterprises (SMEs) that have been greatly affected by COVID-19 are struggling to combat the pandemic, maintain production and seek new markets at the same time.

The GSO head proposed the Government quickly adopt measures to stabilise gasoline prices, and policies to support businesses that rely on oil and gas.

Ministries and agencies should work to expand export markets, and encourage labourers to return to work, contributing to the economic recovery, Huong said, adding that the Government should issue suitable policies to make it easier for SMEs to access credits and support packages.

According to the official, Vietnam’s consumer price index (CPI) in the first half of this year grew 2.44 percent year-on-year, and domestic prices are still under control thanks to the Government’s drastic management.

Vietnam’s gross domestic product (GDP) in the first half of this year expanded 6.42 percent, and that in the second quarter was up 7.72 percent.

With the stimulus packages, the national economy is expected to further grow in the remaining months of this year, Huong said, expressing her belief that Vietnam will be able to control inflation as targeted by the legislature./.