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ECONOMY

Lagging behind remains threat for Vietnam’s economy: PM

Updated at Tuesday, 14 May 2019, 10:27
The Hanoitimes - Creativity, green and inclusive growth, as well as sustainable development, are the right direction for Vietnam to go forward.
Vietnam’s economy would be left behind against regional peers and other countries, unless the country  has strong desire for prosperity, according to Prime Minister Nguyen Xuan Phuc. 
 
Overview of the meeting. Source: VGP.
Overview of the meeting. Source: VGP.
Nevertheless, Phuc expected the country to overcome challenges and bottlenecks so the economy would enter a new development phase. 

Phuc made the statement at a meeting with scientists held by the Vietnam Academy of Social Sciences on May 13. 

At the meeting, scientists stressed the importance of science and technologies for economic development. Many considered creativity, green and inclusive growth, as well as sustainable development, the right direction for Vietnam to go forward. 

With advanced technologies coming from the Fourth Industrial Revolution and a golden population structure, of which the proportion of laborers doubles the dependent population, Vietnam has the necessary conditions to pursue a rapid and sustainable economic growth, stated scientists. 

Most scientists agreed science and technologies should be the most important pillar for growth in the coming time, while a human resource capable of mastering new technologies in the digital era is equally important. 

Scientists also requested the government to provide more incentives for the private sectors investing in R&D, as well as applying technologies. 

PM Phuc said all opinions given at the meeting would be taken into consideration during the process of drafting new laws and regulations. 

Phuc added the agriculture, tourism and technological sectors still have large potential for development, in which technology and tech firms would be the solution for Vietnam’s rapid and sustainable growth. 

Vietnam's nominal GDP in 2018 stood at VND5,535.3 trillion (US$237.64 billion), expanding 7.08% from 2017, marking a 10-year high growth rate and leading to GDP per capita of US$2,587, up US$198 compared to 2017, according to the General Statistics Office (GSO).

Despite signs of slowing down, Vietnam’s GDP growth remains on track to reach 6.78% in 2019, which is in line with the target of 6.6 – 6.8% set by the National Assembly, said Minister of Planning and Investment Nguyen Chi Dung. 

The World Bank in its latest “Managing Headwinds” report forecast Vietnam’s economic growth is projected to moderate to 6.6% in 2019, driven by tightening and slower private consumption and weaker external demand. 

Meanwhile, Alex Mourmouras, division chief at International Monetary Fund (IMF), said in a statement that “a soft landing of growth is expected, to 6.5% in 2019 and over the medium term, reflecting weak external conditions. Inflation is expected to pick up slightly in 2019 on the back of administered price increases but should remain below the authorities’ 4%-target.”
Ngoc Mai
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