GSO leader suggests measures to promote economic growth

All economic sectors should actively implement drastic and synchronous measures to promote growth and overcome difficulties in the rest of the year, aiming to complete this year’s target of 6.5% in GDP growth, according to General Director of the General Statistics Office (GSO) Nguyen Thi Huong.

Huong said that although the GDP growth rate of 3.72% recorded in the first half of this year was lower than expectation, it is a suitable level in the context of the current global economic situation with complicated and unpredictable developments as well as fierce strategic competition among world powers.

She was of the view that the goal of 6.5% growth that Vietnam has set for this year is a tough one as market demands have yet to rise and orders remain few.

The expert underlined that in order to promote economic growth in the rest of the year, it is necessary to maintain macro-economic stability and rein in inflation, along with close monitoring of the international economic and financial situation, while evaluating its impacts on the manufacturing sector in order to make timely response to support production activities.

It is crucial to harmoniously coordinate micro-economic policies and ensure balance between inflation control and development, interest rate and exchange rate, as well as between balancing the budget and supporting people and businesses, and among public and investment, foreign direct investment and private investment amid a slow increase in private investment compared to the remaining channels, she said.

Huong also stressed the need to speed up the disbursement of public investment and remove obstacles during the implementation of public investment plan in a timely manner, thus creating motivations for growth. Alongside, it is necessary to improve the business and investment environment, reducing administrative procedures to take advantage of opportunities from the shift of supply change, promoting domestic and foreign investment, raising productivity and reducing production and business cost, she added.

In addition, the GSO leader noted the necessity to effectively implement measures to stimulate demand in trade and services as well as tourism promotion programmes and solutions to diversify export markets and products.

She also advised businesses to seek new customers, strengthen connectivity between production and selling chains and optimise production activities./.

Source: Vietnam News Agency