Experts gathered at a seminar held by the monthly newspaper Vietnam Economic Times and the Vietnam Chamber of Commerce and Industry in Ho Chi Minh City on March 20 to discuss breakthrough opportunities for economic growth.
Agreeing that 2018 will yield more positive signals than 2017, up to 46% of respondents at the conference believe that Vietnam's GDP will grow by 6.5-7% this year, 27% expressed their belief that growth will be above 7%, and 18% said that the economy would grow from 6-6.5%.
According to Ngo Van Tuan, Deputy Head of the Party Central Committee's Economic Commission, there were impressive figures in 2017, with GDP growing at 6.81%, exceeding the set target of 6.7% to reach its highest level since 2010. Vietnam's business environment rating increased 14 levels (from 82nd to 68th among 190 economies) and the competitiveness index increased five levels (from 60th to 55th out of 137 economies).
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Survey results on Vietnam's GDP growth forecast at the workshop. (Photo: VnEconomy)
Vietnam is actively promoting international integration and innovation, with the signing of 12 Free Trade Agreements (FTAs) and negotiating four new FTAs. In particular, the country signed up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership with the ten other member states of the trade pact. This significant progress contributes to promoting stronger economic integration and enhancing Vietnamese competitiveness in the global market.
Deputy Minister of Planning and Investment Nguyen Van Hieu said that for many years, the Government's biggest goal is to "maintain macroeconomic stability and create a favourable environment for production and business operation, thus promoting rapid and sustainable development." Under that direction, the Government always prioritises the improvement of the business environment, enhancing national competitiveness, and integrating solutions to create an equal playground within a fairer and more transparent legal framework.
Tran Thanh Hai, Deputy Head of the Import-Export Department under the Ministry of Industry and Trade, said that 2017 was a breakthrough year for both the Government and enterprises. The Government has shown its determination to take effective measures in support of businesses.
Dr. Vu Viet Ngoan, member of the Prime Minister's Economic Advisory Group, said that 2018 will be a year of opportunities and challenges. The world economy should see more positive signals than in 2017. In Vietnam, investor confidence will continue to be consolidated. Inflation may increase compared to 2017 but will remain under control. Therefore, 2018 is set to be more positive than 2017, Dr. Ngoan affirmed.
