Flexible policies needed to cope with economic turbulences
Competent authorities should give top priority to stabilising the macro-economy and applying flexible macro-economic policies to cope with disadvantageous developments of the regional and world economies, heard a seminar held by the Central Institute for Economic Management (CIEM) in Hanoi on July 12.
Hanoi (VNA) – Competent authorities should give top priority to stabilisingthe macro-economy and applying flexible macro-economic policies to cope withdisadvantageous developments of the regional and world economies, heard a seminarheld by the Central Institute for Economic Management (CIEM) in Hanoi on July12.
CIEMforecast Vietnam’s economic growth at 6.82 percent, export expansion at 8.02percent, and average inflation rate at 3.38 percent for the whole year 2019.
Directorof the CIEM’s General Research Department Nguyen Anh Duong suggested steppingup the restructuring of the economy and sectors to accelerate economic growthand improve growth quality so as to strengthen economic resilience amid theunpredicted developments of the global economy and trade.
Otherexperts said the Government should promote the shake-up, equitisation anddivestment at state-owned enterprises (SOEs); have transparent and specificplans using capital raised from divestment; and publicise SOEs with tardy progressof equitisation, listing and divestment.
Atthe same time, it is necessary for competent ministries and sectors to keep a closewatch, and carry out proper evaluation on the investment capital to control hotmoney flows, concretise orientations for foreign investment attraction, whileencouraging foreign investors to promote technology transfer based oninternational laws, they said.
According to Duong, there are several shortcomings in the reform and policy implementationin the first half of the year. Efforts to promote international economicintegration has not been well reflected in the legal frameworks like taxpolicies while preparations for the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) remained tardy although the pact has alreadycome into force.
If there is no change, like the CPTPP, we wouldtake advantage of the EU-Vietnam Free Trade Agreement (EVFTA) slowly, he said.
CIEM said that the macro-economy in the last six months of the year could beimpacted by global economic recession and increasing trade tensions. Besides,Vietnamese exports will be hampered by trade defence lawsuits andinvestigations to prevent tax frauds, and origin frauds, among others.-VNA
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At the seminar (Photo: VNA) 
