Hanoi (VNA)𓆏 – To realise the GDP growth target of between 6.3-6.5 percent in 2016, the growth rate in the final quarter of this year must reach between 7.09 -7.71 percent, Minister of Planning and Investment Nguyen Chi Dung has said.

In his presentation delivered at the ongoing second session of the 14th National Assembly in Hanoi on November 3, the minister mentioned the national economy’s difficulties in the first nine months of the year, which were highlighted in Government reports. The country failed to realise targets in GDP growth and exports, he said, attributing these failures to declining global demand and the world economic downturn. Internal and external disadvantages have caused negative impacts on agro-forestry-aquaculture production, mining industry and exports, making it difficult to reach the targets. GDP growth in the first three quarters was 5.93 percent, lower than that of the same period last year, Dung said. However, the level met expectations in the context of the difficulties mentioned above, he added. The growth target set for the last quarter is likely to be realised as the economy recorded positive signals with strong increases in the number of newly-registered and re-opened enterprises, the minister noted. Additionally, credit balance, which is expected to increase 18 percent in the whole year, will significantly contribute to GDP growth, he added. Regarding the socio-economic development plan in 2017, Dung said the country’s economic growth in the year is set to expand 6.7 percent. The Government has proposed measures to ensure macro-economic stability, curb inflation, improve the business climate, and promote start-ups and economic restructuring. The agricultural sector is expected to witness a good recovery in 2017 thanks to effective restructuring, while processing and manufacturing industries will have stable growth. According to the minister, the country aims to expand export turnover to between 6-7 percent or 11 billion USD-12 billion USD in the year compared to 2016. Total investment for all sectors in 2017 is estimated to be 1.6 quadrillion VND (72 billion USD) or 31.5 percent of the GDP, increasing about 10.5 percent against 2016. Spending from the State budget was limited, therefore attention should be paid to using public investment and mobilising capital from non-State funds like foreign direct investment and the private sector, Dung stressed.-VNA