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Roundup: Economists optimistic about Vietnamese economy in 2017

Xinhua, January 4, 2017 Adjust font size:

Domestic and foreign experts said Vietnam will achieve its 2017 goal of 6.7 percent growth in gross domestic product (GDP), higher than 6.21 percent in 2016.

The National Financial Supervisory Commission of Vietnam said in its recent report that this year, the country's economy will improve due to institutional reforms and global price recovery of energy and farming products, the local Vietnam News reported on Wednesday.

Meanwhile, the World Bank and the Asian Development Bank have earlier made predictions that Vietnam's GDP expansion will reach 6.3 percent in 2017. At the same time, the International Monetary Fund set that figure at 6.2 percent.

The National Center for Socio-Economic Information and Forecast under Vietnamese Ministry of Planning and Investment (MPI) has created two scenarios for the domestic economic development this year.

According to the more likely first scenario, the domestic economy will remain stable while development and local investment will keep improving. Benefiting from global integration to improve exports and investment, Vietnam will enjoy a 6.44-percent GDP growth and inflation of 5 percent in 2017.

The second scenario forecast a 6.72-percent GDP expansion and 6-percent inflation this year if the country further improves the structure and efficiency of the economy.

Holding the same view with these institutions, economist Vo Tri Thanh said Vietnam's growth this year will be boosted by industry, foreign direct investment, construction and services sectors.

Concerning exchange rates between the Vietnamese dong and U.S. dollar, local economist Vu Dinh Anh was quoted by Tien Phong (Pioneer) newspaper as saying that it will fluctuate in 2017 following economic and financial changes in the world market.

This year, Vietnam needs more active and flexible exchange rates, Anh said, adding that value of the Vietnamese dong can suffer from growth of inflation, while import volume and prices of petroleum and other goods will increase.

Earlier, the Vietnamese government set a target of 6.7 percent of GDP expansion, 4 percent of inflation and 6.7 percent of export growth in 2017.

To realize these goals, the government is urged to continue renovation of the micro-economy, encourage the private sector to join in formulating investment and business policies, and complete tariff calculations appropriate for international standards of transparency among others, according to the MPI's Central Institute of Economic Management. Endit