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Vietnam's economic growth forecast to hit some 6.3 pct in 2016: PM

Xinhua, December 9, 2016 Adjust font size:

Vietnam's gross domestic product (GDP) is forecast to hit some 6.3 percent in 2016, Vietnamese Prime Minister Nguyen Xuan Phuc said Friday.

Phuc made the remark at Vietnam Development Forum 2016 (VDF 2016) which opened Friday in Vietnam's capital Hanoi.

The event, a high-level policy dialogue between Vietnamese government and development partners to share relevant experiences and exchange ideas on the emerging policy challenges Vietnam faces, was held under the theme of VDF 2016 is "Facilitating and Action-oriented Government: New Driving Force for Development."

In his address at the forum, Phuc said the country's foreign reserves are forecast to reach the highest-ever level of around 41 billion U.S. dollars in 2016.

Despite plunging global trade, Vietnam's export revenue continues to enjoy a growth of 8 percent this year with trade surplus of 2-3 billion U.S. dollars, said Phuc.

However, there are factors that will have big impacts on Vietnam's growth prospect in 2016-2020 period including unpredictable changes in global oil price, a worldwide trend of growing trade protectionism, climate change, saline intrusion, complicated developments of drought, difficulties in dealing with bad debts, rapid rising public debts, big debt repayment pressure among others, Phuc told the forum.

In order to overcome challenges and realize the target of average economic growth of 6.5-7 percent during 2016-2020 period, Phuc said Vietnam will speed up efforts to complete institutions and legal policies and create favorable environment for business and production development.

Vietnam will also improve national competitiveness, carry out practical economic restructuring along with growth model transformation, boost equitization and state-run company divestment following market mechanism among others. Endit