PM Phuc: GDP growth of 6.7% within reach

In his speech at the fourth plenary session of the 14th National Assembly (NA) on October 23 in Hanoi, PM Phuc said that the Government has focused on removing difficulties, offering all the best possible conditions for production and business, fine-tuning policies and laws, and simplifying administrative procedures, especially in terms of credit, taxes, fees, land, investment, construction, the environment, import and export,  business condition reduction and the settlement of recommendations given by businesses and people.

Over the past years, the Government has persisted with the set growth target by directing the building of quarterly scenarios for each sector and each area for in-depth discussions at cabinet monthly meetings, and demanding relevant ministers and sectors to take specific measures to develop the agricultural, industrial processing, manufacturing, service and tourism industries.

In the context of the ever-changing international and domestic situation, the Government has closely monitored and strictly controlled the monetary and financial policies to keep inflation in check and spur growth.

Th government leader attributed what was achieved during the last three quarters of this year to quite evenly growth of all three sectors.

Agricultural growth to the GDP increased 2.78% (over four-fold increase over the same period), of which seafood grew 5.42%. Exports of agriculture, forestry and aquatic products are estimated at US$ 35 billion. Industry and construction soared by 7.17%, including processing and manufacturing up by 12.8%. The service sector increased by 7.25%, the highest since 2008.

The number of tourists hit a record high with international arrivals reaching 9.45 million and is estimated at 13 million, up 30%. Domestic tourists reached 57.9 million and is likely to reach 75 million, up 12%.

Prime Minister Nguyen Xuan Phuc appreciated the concerted efforts by all, as noting that the economic restructuring coupled with the reform of  growth model has proved effective, thus helping gradually reduce the dependence on the exploitation of natural resources, especially, oil and gas.

Growth quality has seen positive changes as a result of higher total factor productivity (TFP)  contribution in 2017 estimated at 44.1%, higher than the 2016 level of 40.7% and 2011-2015 (33, 6%). The Purchasing Managers' Index (PMI) in September 2017 reached 53.3 points, the highest in ASEAN.