Wednesday, October 18 2017

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Gov’t projects 6.7% GDP growth in 2017

Update: October, 13/2017 - 10:36
The Government projects GDP growth of 6.7 per cent in 2017 in a report submitted to the National Assembly Standing Committee on Thursday during the committee’s 15th session in Hà Nội. — VNA/VNS Photo Văn Điệp

HÀ NỘI — The Government projects GDP growth of 6.7 per cent in 2017 in a report submitted to the National Assembly Standing Committee on Thursday during the committee’s 15th session in Hà Nội. But many legislators expressed doubt about the feasibility of that figure.

According to the Government’s report, the macro-economy has stabilised while inflation remains below 4 per cent. The gross domestic product (GDP) is estimated at VNĐ5 quadrillion or nearly US$225 billion. Based on the socio-economic development plan for 2016-20 adopted by the legislature, the projected performance of the economy in 2017 and the domestic and international situation, the Government expects GDP to expand by 6.5-6.7 per cent in 2018.

Many NA Standing Committee members expressed concern that gains in productivity and economic competitiveness remain slow and below expectations, and doubts about the feasibility of the 6.7 per cent GDP growth goal. They say that there is not much grounds for expanding domestic consumption, the foreign sector’s exports, manufacturing and processing in the remaining months of the year.

The Government report also says the consumer price index would rise by an estimated 4 per cent and the total social investment would account for 33-34 per cent of the GDP next year, according to the projection.

The majority of NA Standing Committee members shared the Government’s view that most major socio-economic development targets would be achieved this year, noting that the economy remains stable and the business climate continues to improve.

NA Vice Chairman Uông Chu Lưu said it is the first year that all 13 socio-economic criteria would be met or surpassed.

He asked the Government to explain to the legislature the factors it expects to ensure a 6.7 per cent growth.

The Vice Chairman also requested the Government to clarify why it is confident that State budget collection will meet its 2017 target when the domestic revenue only rose 2.1 per cent and  revenues collected from State-owned, foreign-invested and non-State enterprises failed to meet Government estimates.

NA Vice Chairman Đỗ Bá Tỵ said that in order to achieve a 6.7 per cent growth this year, the figure for the fourth quarter must hit 7.4-7.5 per cent, which is a challenging task. Moreover, disasters and floods still pose challenges to farming sector.

On the socio-economic development plan for 2018, Tỵ asked the Government to identify factors that can affect domestic production and free trade agreements’ impacts on growth. — VNS

 

 

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