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VN optimistic about economic growth, even if oil prices fall

Update: September, 22/2015 - 09:14
A corner of HCM City. Earlier this month, Minister of Planning and Investment Bui Quang Vinh said that Viet Nam's gross domestic product (GDP) would reach 6.4 per this year. — File Photo

HA NOI (VNS) — The Vietnamese economy is projected to continue recovery in the four remaining months of the year, bolstered by Government efforts to maintain macro-economic stability against fluctuations in the world markets.

According to the Ministry of Planning and Investment, the yuan depreciation and the plunging oil prices would not have an impact on the country's growth which was now on track to finish at 6.4 per cent this year, 0.2 percentage point higher than the Government's target.

The plunging oil prices would even help boost growth if Viet Nam knew how to grasp the opportunities, the ministry said, and added that the country had solutions against the low oil prices to ensure budget collection.

In addition, measures to support exports, including devaluation of the Vietnamese dong, also helped shelter Viet Nam's export from the impact of China's move of devaluating the yuan.

The economic growth would also receive a push from improved domestic purchasing power and rising demand of export products.

With the macro-economic stability maintained against the fluctuations in the world and regional markets, indicators of growth, inflation, budget collection, budget deficit, trade and production were under way to fulfil the goals.

According to the ministry, out of 14 socio-economic indicators, seven would exceed goals, six meet goals and only one was forecast to be missed. This was related to the percentage of forest cover.

However, the ministry noted that the agricultural, forestry and fishery sectors were anticipated to encounter difficulties due to the downward trend in prices in the world market, worsened by low competitiveness of the sectors' products. Businesses, especially small and medium enterprises, would continue to face difficulties due to their low competitiveness, the ministry added.

Earlier this month, Minister of Planning and Investment Bui Quang Vinh said that Viet Nam's gross domestic product (GDP) would reach 6.4 per this year.

Reporting a similar forecast, the National Financial Supervisory Commission recently said that the economic growth of Viet Nam would fulfil or even exceed the goal set at 6.2 per cent this year.

The Government expects to set higher goals of economic indicators for next year as the country is on track to fulfil this year's targets. Still, macro-economic stability remains top priority. — VNS

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