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Vietnam’s economic plan receives positive feedback

by VTV412 October 2015 Last updated at 09:00 AM

VTV.vn - The World Bank suggests that Vietnam’s GDP growth will reach 6% to 6.2% this year, while HSBC reports that growth will surpass 6.5%.

Vietnam’s economy is forecast to continue its positive growth in the coming years, according to international economics institutions. The World Bank suggests that Vietnam’s GDP growth will reach 6% to 6.2% this year, while HSBC reports that growth will surpass 6.5%. As these estimations  reflect the growth potential of the country, Vietnam’s economic goal in 2016-2020 has also received positive feedback.

According to the general statistics, Vietnam’s GDP growth in 2011-2014 stayed humbly below 6%. However, with the stability of the national macro-economy, GDP growth this year is expected to surpass the 6.5% mark. This estimation is fundamental to support the Government’s draft plan for the development goal of 6.5% to 7% economic growth in the next five years. International economic experts have shared their supportive feedback toward this goal.

Sebastian Eckardt, Senior Economist, World Bank Vietnam said: In addition, international experts suggest that Vietnam should continue to implement policies that will stabilise the macro-economy, improve the investment environment, as well as local firms’ competitive capacity, in order to tap into the full advantages of trade integration. FDI capital is expected to flow into the country as a result of signed free trade agreements.

"In fact, many Japanese and Korean enterprises have expressed their interest in cooperating with Vietnamese firms in manufacturing accessories for the automobile and smartphone industry. But only a limited number of local firms meet the quality standards." said Eric Sidgwick, Country Director, Asia Development Bank (ADB) Vietnam.

Atsusuke Kawada, Chief Representative, JETRO, Hanoi said: According to our study, Japanese firms are concerned with the lack of supply of raw materials and accessories in Vietnam. The localisation rate of input materials for Japanese firms in Vietnam is only one third of that in China and Thailand. I hope that the government will focus on developing the supporting industry more intensively.

According to international economic experts, the most important element for Vietnam to reach economic growth in the next five years is to stabilise the nation's macro-economy. Under integration, Vietnam has to be well prepared to minimise the impacts of fluctuations in the world economy.

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