Achieving macroeconomic stability
Vietnam's gross domestic product (GDP) grew at an estimated 6.5% in the past nine months of 2015, higher than the same period last year. Notably, the country's growth rate also recorded a quarter-on-quarter increase, at 6.12% in the first quarter, 6.47% in Q2, and 6.81% in Q3. The economy has seen strong signs of recovery since Q1 of 2012.
It is necessary to maintain macro-economic stability to achieve truly sustainable economic growth. Photo: Huu Chi |
Factors of economic growth are encouraging; the GDP of the industrial and construction sector posted growth of 9.57%, while the index of industrial production grew by 9.8%, and that of the services sector increased 6.17%. Meanwhile, despite the difficulties caused by natural disasters and severe weather, the agriculture, forestry and fisheries sector’s GDP grew 2.08% during the period.
The country’s total retail sales and services revenue reached US$110 billion, rising 9.8% over the same period last year. The commodity market was supported by the almost unchanged price index throughout the past nine months with the CPI rising only 0.4% compared to the end of 2014, and 0.74% compared to the same period last year.
With the economic developments since early this year, it is almost certain that economic growth in the fourth quarter of 2015 will continue to rise higher than the third quarter. The annual GDP growth rate will not only surpass the target of 6.2%, but is also likely to exceed earlier optimistic forecasts of 6.5%.
Moreover, though the quality of economic growth has not yet reached expectations, it will continue to improve with the economic growth trend of year-on-year increases, creating a good premise for the 2016- 2020 period.
In order to achieve truly sustainable economic growth towards higher targets, it is necessary to maintain macro-economic stability and better control inflation.Particular attention must be paid to the State budget balance and the trade balance; in the first nine months, the budget deficit grew to VND136 trillion, while the trade deficit was estimated at US$3.8 billion. Most notably the trade deficit with China continued to grow, and is presently at US$24.3 billion.
It is also essential to improve the business and investment environment on the basis of equality among economic sectors and commitment to international economic integration. For the 2016-2020 period, renovation of growth models needs to be boosted. Similarly, the macro economy needs restructuring in every facet according to market principles and international integration in order to improve the competitiveness of the nation, localities, corporations, human resources, products and services.
(Source: nhandan.org.vn)
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