Measures sought for 6.7-percent economic expansion

Hanoi (VNA) - Measures to reach the growth target of 6.7 percent in 2018 were discussed at a teleconference between the Government and localities on July 2.

According to Minister of Planning and Investment Nguyen Chi Dung, to realise the yearly goal, GDP must reach 6.53 percent in the third quarter and 6.36 percent in the final quarter.

However, he noted that the national economy would face many challenges in the second half of 2018 as the main drivers of growth are not as clear as in 2017.

Trade tensions are spreading among the US, China and the EU, bringing both challenges and opportunities to Vietnam’s economy.

Vietnam can take advantage of opportunities to promote export or import of cheap goods, while accelerating the restructuring of imported material market to cope with new difficulties.

Dung stressed the need to speed up the restructuring of the economy in the rest of the year, focusing on improving quality to increase the resilience of the national economy to unpredictable world changes.

He also called for the acceleration of public investment disbursement, especially for projects that can help increase production capacity, and key projects like Long Thanh International Airport, the expansion of Tan Son Nhat International Airport, the North-South Highway and non-stop automatic toll collection stations.

He said the Ministry of Planning and Investment will carry out a 30-year review of foreign investment attraction in Vietnam, which will also propose policies  to attract investment to large, quality and green projects related to infrastructure and energy development.

On the financial sector, Minister of Finance Dinh Tien Dung pointed out the fact that many localities have not strictly followed budget discipline as budget overspending remains an issue.

It is necessary to tighten budget discipline and push administrative reform to support enterprises’ operation in the remaining months of the year, he said.

According to Minister of Industry and Trade Tran Tuan Anh, the target of 10-percent export growth in 2018  is likely to be achieved.

However, he noted that attention should be paid to expanding markets and removing difficulties for businesses in the second half of the year.

Regarding monetary policy management, Governor of the State Bank of Vietnam (SBV) Le Minh Hung affirmed that the SBV is willing to intervene in the foreign currency market to control the stability of the exchange rate, avoiding the impact of macro instability.

Concluding the teleconference, Prime Minister Nguyen Xuan Phuc hailed efforts in business environment improvement but said that the reform level is uneven.

He warned over a lack of responsibility among some officials.

He asked ministries and agencies to issue revised lists of business conditions in the sectors they are in charge of and submit them to the Government before August 15.-VNA