Economic recovery has been recorded in all sectors. The industry and construction sectors have developed strongly to become a driving force of the economy. Agriculture increased 1.77%, and services obtained positive results.
Production has recovered
Growth momentum since the beginning of the year has come from industrial production recovery, particularly in the manufacturing and processing sectors, and in exports of foreign-invested companies. Domestic consumption has increased due to people’s trust in Vietnam’s stable macro-economy, economic recovery, and low inflation.
The inflation rate of 2-3% is considered reasonable for sustainable economic growth.
In the reviewed period, 68,000 new enterprises were registered. Total registered capital and the number of enterprises resuming operations have increased.
Nguyen Tu Anh, Head of the Macro-Economic Research Committee of the Central Institute for Economic Management, said, “Over the past 9 months, industrial production has rebounded, particularly manufacturing. There are positive signs in both capital supply and demand."
"Revenues in the retail, service, and commodity sectors increased 9.1%, to the highest level in 5 years. This result can be credited to economic restructuring. Since 2011, we have stabilized the macro-economy which is the basis for greater confidence among investors and consumers,” Anh added.
Motivation for GDP growth at 6.5%
Vietnam’s economy is predicted to continue its recovery for the rest of the year. To obtain a yearly growth rate of 6.5%, systematic measures are required.
The government should push ahead with the equitization of state-owned enterprises and technology reform, and improve the productivity of major export sectors. Ministries and sectors need to improve the trade environment and Vietnam’s competitiveness.
Nguyen Tu Anh said again, “If we want to advance, we have to stabilize the macro-economy. The market will decide resource allocation and the State is in charge of supporting market development and competition.”
Economic growth is the most important index of Vietnam’s 5 growth indexes, which also include inflation, balance of payments, unemployment, and poverty. A GDP growth of 6.5% over the past 9 months shows that Vietnam is on the right track with economic reform.