The Government is targeting GDP growth of 6.7% this year in a report submitted to the National Assembly Standing Committee on October 12 during the Committee’s 15th session in Hanoi.
According to the government report, the macro-economy stability has been maintained while inflation remains below 4% . The gross domestic product (GDP) is estimated at nearly US$225 billion.
NA deputies noted that the economy remains stable and the environment for business and production continues to see improvements.
The report shows that the industrial, construction, and service sector grew 7.6%; agriculture, forestry and fishery increased 2.9%, exports rose 14%, and budget collection soared 15%. It is the first year that all 13 socio-economic criteria would be met or surpassed.
National Assembly Chairwoman Nguyen Thi Kim Ngan said the Government has been resolute and implemented a score of measures to tackle issues both pending from previous years and that have arisen this year. The NA hails the government’s efforts to make the target GDP growth rate of 6.7% possible.
NA Vice Chairman Do Ba Ty said in order to obtain a 6.7% growth this year, the fourth quarter must reach 7.4-7.5%, which is an uphill task as natural disasters and floods will still pose huge challenges to the farming sector in the time to come.
Regarding the socio-economic development plan for 2018, he suggested the government to identify factors that can affect domestic production and free trade agreements’ impacts on growth while asking the government to map out the most feasible plans to fulfill all the set targets.
NA Vice Chairman Uong Chu Luu asked the government to explain what factors would help bring about the results and which resources could ensure a 6.7% growth for this year.