An electronic parts production chain at Anam Electronics Vietnam Co., Ltd (Photo: VNA) Hanoi (VNA) - The National Financial Supervisory Committee (NFSC) has anticipated that Vietnam's gross domestic product (GDP) in 2017 will be more than 6.7 percent.
NFSC said the Government’spolicies to improve investment climate and promote businesses posted positiveresults and fuelled GDP growth through increasingdemand.
Consumption and investmentdemand will increase significantly in the fourth quarter of this year once thedisbursement of construction capital was stepped up, together with anticipatedimproving exports thanks to advantageous developments in global trade.
“Following impressivegrowth in the second and third quarters, GDP growth will touch 7.5-7.5 percentin the fourth quarter of this year,” NFSC said in the report, adding thatgrowth for the full year would reach more than 6.7 percent.
NFSC also saw a stabletrend in prices of goods in the remaining months of this year.
“If there are no suddenfluctuations in prices of public services in the remaining months, inflation in2017 will increase at just 3 percent,” the report said.
At a meeting early thismonth, the Vietnamese Government said it was determined to achieve the targetof 6.7 percent GDP growth in 2017, urging comprehensive measures and hastenedefforts to fulfill this goal.
After posting GDP growthrate of 6.7 percent in the third quarter of this year, the Vietnamese economymust grow at a minimum of 7.31 percent in the last quarter to achieve its goal.
According to Duong ManhHung, Deputy Director of the National Account System Department under theGeneral Statistics Office, NFSC’s forecast had merit.
There were new stimulatorsfor economic growth in the last quarter, such as visa exemption for touristsfrom five European countries, anticipated loan interest rates cuts, increase incredit growth and ministries’ efforts to reduce business prerequisites andfees, Hung said.
NFSC’s report said therewas room to cut interest rates, given not-too-high exchange rate pressure andunder-control inflation.
In the first nine months ofthis year, loan interest rates decreased slightly by 0.5-1 percent, especiallyfor prioritised sectors.
International organisationswere upbeat on Vietnam’s economic growth this year, but their projections weremostly lower than the Government’s targets.
The World Bank East Asiaand Pacific Economic Update on October 4 released their projected GDP growthrate for Vietnam in 2017, which was 6.3 percent.
The Asian Development Banksaid in the Asian Development Outlook Update in late September that Vietnam’seconomic growth would also be at 6.3 percent this year, 0.2 percentage pointsoff from the previous forecast.
HSBC early this monthrevised upwards its forecast for the country’s economic growth to 6.6 percent.-VNA
VNA
