Chairman of the Economic Commission Nguyen Van Binh speaks at the Vietnam Economic Forum 2017 (Photo: VNA)Hanoi (VNA) – The Party CentralCommittee’s Economic Commission and the Australian Embassy held the VietnamEconomic Forum 2017 in Hanoi on June 27 under the theme “Unleashing thepotential for sustainable economic growth”.
Chairman of the Economic Commission Nguyen VanBinh said Vietnam has made great strides in economic growth since the Doi moi(reform) process began in 1986. It has recorded an average annual growth rateof 6.4 percent since 2000, and reduced the poverty rate to under 3 percent fromabout 50 percent in the early 90s.
Up to 65 percent of Vietnam’s exports areproducts of the manufacturing and processing industries, but a majority of themare made by the FDI sector. Domestic enterprises mainly export such goods astextile-apparel, leather-footwear and agricultural products with modest addedvalue.
“That means an important contribution toVietnam’s current growth rate comes from external resources, instead of theeconomy’s internal strength,” he noted.
Binh stressed that it’s high time to review thesustainability of the comparative advantages that Vietnam has usually mentionedsuch as an abundant and low-cost workforce while the golden population structureis forecast to exist for only another 10 years and the competition from othercountries with lower production costs is increasing.
Briefing about the six-month economic situation,Deputy Minister of Planning and Investment Dang Huy Dong said the macro-economyremained stable with controlled inflation and the six-month average consumerprice index rising about 4.2 percent year on year.
The GDP growth rate in the year’s first halfcould reach 5.5 – 5.7 percent, approximating the rate targeted by the Government,he noted, adding that the Government’s resolve to attain a growth rate of 6.7percent this year is completely sound and reasonable.
“Although this task is very difficult, it isrealisable if we are determined to implement all the set solutions,” Dong said,adding that once overcoming the difficulties and achieving the target, therewill be a driving force and confidence to realise bigger aspirations in thelong term.
A representative of the World Bank (WB) inVietnam said Vietnam’s economy is stable while inflation is under control andthe business climate and exchange rate remain steady. The country has alsorecorded credit and export growth, improved balance of payments and goodliquidity.
The WB predicted Vietnam’s economic growth rateat some 6.3 percent in 2017, suggesting the country focus on carrying out tradesupporting measures and free trade agreements to create better growth momentum.
At the forum, participants pointed outbottlenecks in the economy and proposed medium- and long-term solutions. Theydiscussed the position of Vietnam’s economy in the global economic competitionand the country’s untapped internal resources and economic restructuring.
The event saw the presence of AustralianAmbassador to Vietnam Craig Chittick, representatives of central and localagencies, international organisations, businesses and research institutes,along with domestic and foreign experts.-VNA
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