Monday, 20 Nov 2017
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ECONOMY

Striving to attain objectives of 2017 development plan

Updated at Tuesday, 17 Oct 2017, 16:22
The Hanoitimes - This is a statement at the Decree No.106/NQ-CP with regard to the annual meeting of the government on September.
The Decree stated clearly, with efforts and determination of the government, business community and the people, the socio-economic situation in the first 9 months have achieved significant results in various fields. Economic growth has gradually increased in each quarter; the 3rd quarter achieved a strong growth of 7.46%; in overall, economic growth in the first 9 months is 6.41%, higher than the same period of last year; the growth quality and the competitiveness of the economy have improved, thus reduces the dependence on natural resources extraction. Macro economy is stable; inflation is under control; credit growth is 12%; lending rates is reduced; exchange rate is stable; foreign currency reserve is increased. 


Besides achievements, the socio-economic situation still faces numerous challenges and difficulties: the growth in industrial complexes and in construction is less than the same period of last year. The number of enterprises suspending operation or bankrupted has increased. Administrative procedures and business conditions in some fields are still complicated and impractical. Natural disaster in this year has also increased. 

As such, the government has instructed related ministries and provinces to continue putting up effort to achieve the objectives for development plan 2017. 

The government requested State bank of Vietnam (SBV) to closely monitor the domestic and world situation, with a view to efficiently manage the monetary and fiscal policies to control inflation and stabilize the macro economy to support economic growth. Interest rate must be managed in accordance with the macro economic situation, inflation rate and monetary market; SBV is requested to consider the option of reducing lending rates. Credit growth is prioritized for some certain sectors, creating favorable conditions for small and medium enterprises (SMEs) to access capital for production and business. Weak and inefficient commercial banks must be restructured; implementing efficiently the proposal to restructure credit institutions in relation with non-performing loans (NPLs) in period 2016 – 2020. 

The Ministry of Planning & Investment to cooperate with the Ministry of Finance in modifying the capital plan for 2017 between ministries, provinces and programs. 

The Ministry of Investment & Trade is requested to carry out solutions facilitating export; promoting trade and expand markets; developing the information database for market; supporting and instructing enterprises to take advantages of free trade agreements (FTAs). The Ministry to continue simplifying administrative procedures in export, especially in the process of issuing origin certificates. At the same time, the Ministry to cooperate with the Ministry of Agriculture & Rural Development and Ministry of Foreign Affairs to deal with trade barriers at Vietnam’s export markets. Cooperating with related ministries and provinces to continue facilitating consumption and domestic market expansion. 

Meanwhile, in the recent report of the Ministry of Industry & Trade, there are positive news in the processing and manufacturing industries – the core sector in the effort toward industrial revolution 4.0 According to the evaluation of the Ministry of Industry & Trade, the processing and manufacturing industries in the first 9 months continue maintaining high growth, which is higher than the growth rate of previous year, and is the driving force for the growth of the whole industry. Statistics show the consumption rate of the processing industry in the first 8 months has increased 9.8% (higher than the increase rate of 8.3% for the same period of 2016). While this number for the first 9 months has also increased, all sectors in the processing and manufacturing industries have increased in range 5.5% - 30%.

According to the evaluation of the Ministry of Industry & Trade, many processing industry have grown in two digit number, for example: textile & garment, fashion, leather related products, pharmacy, chemistry, rubber related products and plastics, metal production, electronics, computer, furniture. 
Ngoc Thuy
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