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Vietnam's economic growth expected to reach 6.7% in 2017

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Staff Writer | November 11, 2016
Vietnam's economic growth is forecast to reach 6.7% in 2017 thanks to institutional reform, improved business environment, and new momentum of the private sector, said the National Financial Supervisory Commission (NFSC).
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Vietnam   Improved business environment
The forecast was made at a seminar on overview of Vietnam's financial market in 2016 held by the NFSC in capital Hanoi.

According to the NFSC, amid prediction that world energy and agricultural product prices will be recovered in 2017, the private sector is expected to become the main driving force for Vietnam's economic growth next year.

However, the commission also pointed out challenges and difficulties that Vietnamese economy may face in 2017, including uncertain factors in global economic environment, rising public debts, restricted financial resources, slow growth in agriculture, slow reforms in many sectors and the fact that the economy is still largely based on foreign-invested sector, among others.

In such context, the NFSC suggested that financial stability should continue to be seen as one priority in policy management next year.

Earlier on Monday, Vietnamese parliament adopted a resolution on the socio-economic development plan for 2017, targeting a gross domestic product (GDP) growth rate of about 6.7 percent.

In late 2015, the top legislature targeted Vietnam's GDP expansion of 2016 to be 6.7 percent.

However, in October, the government has lowered it to 6.3-6.5 percent.

Meanwhile, the World Bank and the Asian Development Bank maintained their forecast that Vietnam's economic growth will be around 6 percent this year.

Vietnamese parliament agreed that the countrys maximum public investment for the 2016-2020 period will be 2,000 trillion Vietnamese dong (89.7 billion U.S. dollars).