Reports of the implementation of the master plan for social-economic development in 2015 showed that GDP growth will reach 6.7%, the highest for the past 8 years, and higher than the National Assembly target of 6.2%. This year also witnessed higher FDI at nearly 23 billion USD and disbursement of 14.5 billion USD. The economy has remained quite stable and budget revenues were higher than set targets.
Nguyen Van Binh, Governor, State Bank of Vietnam said: The stable macro economy has provided a good economic environment. We can see that inflation this year is quite low. Interest rates have also been very favourable and have encouraged businesses and investment activities.
At the conference, participants attributed these achievements to the government’s flexible and strong leadership in tough moments such as when the world oil prices dropped or the devaluation of the Chinese yuan.
Bui Quang Vinh, Minister of Planning and Investment said: 2015 saw the county’s leaders make great efforts to control the macro economy. For example, for the first time Prime Minister Nguyen Tan Dung has directly monitored the implementation of Resolution 19 on improving the business environment.
The government also pointed out drawbacks including export revenues only increasing by 8% while the target was 10%. The reasons were said to be the fall in crude oil exports, produce prices and the impacts of the longest El Nino on agriculture and aquaculture.
Vu Huy Hoang, Minister of Industry and Trade said: We have foreseen that the export revenue of agro and aqua products will drop this year because the price of these products has fallen since last year. However, we couldn’t predict the decrease in oil prices or the impact of climate change. But the increase of 8 percent is still an encouraging result.
Next year will see the implementation of the resolution of the 12th Party Congress and the 5th Socio-economic Development Plan. Vietnam will face some remaining challenges such as the East Sea dispute and fluctuations in the world’s financial, monetary and oil markets. The establishment of the ASEAN Community will also present new opportunities and obstacles. The conference will continue on Tuesday morning./.
