Deputy Prime Minister Vuong Dinh Hue (Photo: VNA)
Hanoi (VNA) – Vietnam’s macro economy
remained stable in the first six months of 2017 while inflation was curbed so
as to reach the national steering committee on price management’s yearly target
of 4 percent.
Notably, economic growth in the first half of
this year reached 5.73 percent whilst the figure in the first half of 2016
stood at 5.65 percent, the national financial and monetary policy advisory
council reported at a meeting in Hanoi on July 1.
Gross domestic product (GDP) growth in the
second quarter of 2017 was estimated at 6.17 percent, a surge compared to that
of the first quarter 5.15 percent.
Since the beginning of this year, the State Bank
of Vietnam has deployed measures to manage interest rates and exchange rates to
stabilise the monetary market.
Total means of payment rose by 5.69 percent and
credit growth was recorded at 7.98 percent, while interest rates remained
stable.
The council’s members also forecast global
economic risks, including a shift to trade protection and declining export
growth to the US and EU, which will affect the domestic economy.
The council called on the Government to seek
solution to accelerate disbursement of foreign direct investment, which is
slower than in previous years.
It also proposed reconsidering the calculation
of average inflation and the adjustment of electricity prices to boost
investment in the power industry.
Members urged the Government to direct
ministries and sectors to continue studying mechanisms to mobilise gold and US
dollars kept by individuals for production and business, while looking to
reduce deposit and lending interest rates.
Deputy Prime Minister Vuong Dinh Hue, also chairman
of the council, said the Government, along with ministries and sectors, will
continue monitoring macro-economic developments and push ahead with investment
restructuring, capital divestment and equitisation of State-run businesses.
At the same time, the Government will reform the
operational mechanism of public administrative units and promulgate documents
to implement the National Assembly’s Resolution on handling bad debts, boost administrative
reforms, develop logistics, facilitate trade and prevent trade fraud. -VNA