Harvesting rice in Thanh Thuy commune of Vi Thuy district, the Mekong Delta province of Hau Giang (Photo: VNA)Hanoi (VNA) – General Director of the GeneralStatistics Office (GSO) Nguyen Bich Lam urged sectors and localities not totake it for granted that the yearly goal of 6.7 percent GDP growth is withinreach, noting that the usual trend of higher growth towards year-end is nolonger true for this year.
Speaking at the GSO’s press conference on June29 to announce socio-economic statistics for the first six months of this year,Lam said despite a 7.08 percent expansion in the first half of this year, thehighest for the period since 2011, the GDP only grew 6.79 percent in the secondquarter compared to 7.45 percent in the first three months.
Therefore, growth in the third and fourth quarters is likelyto be lower than the pace in the first half of 2018, he noted, adding that theGSO already forecast this at the beginning of the year.
The GSO chief attributed the problem to growthslowdown in industry, particularly mining, and in agriculture.
Do Thi Ngoc, Director of the GSO’s PriceStatistics Department, said there are risks of surging inflation in the nextsix months when the consumer price index (CPI) in the first half hiked 3.29percent year on year – the fastest pace in seven years.
Meanwhile, trade deficit has returned in thelast two months, raising a warning about export decline or import increase ofthe economy.
[Slowdown in economic figures challenges growth efforts]
Another worrying problem lies with the private sector,with more than 52,800 companies having halted operations in the reviewed period,up 39.2 percent from a year earlier, while over 6,600 others completedbankruptcy procedures, up 21.8 percent.
GSO General Director Lam said to keep inflationunder 4 percent this year as targeted by the National Assembly, prices of goodsand medical and educational services, among others, should not be raisedsimultaneously.
He noted it is necessary to provide loans forpriority fields like small- and medium-sized enterprises and exportingcompanies, continue to improve the business climate, and strongly develop theprocessing and manufacturing of agricultural products and consumer goods. Thereis also a need to soon put industrial investment projects into operation toboost production capacity.
Each sector and locality needs to closely followits own growth plan to make appropriate and timely solutions to removeobstacles and facilitate production and business activities, Lam added.
The GSO announced thatVietnam’s gross domestic product (GDP) expanded 7.08 percent in the first halfof the year, marking the highest rate since 2011, fueled by robust expansion ofthe industrial and construction sector and service sector.
It said impressive growthwas seen in the agriculture, seafood, processing and manufacturing and servicesectors, and exports continued to be a driving force for the nation’s economicdevelopment.-VNA
VNA
