Econ
Russian experts identifies Vietnam to thrive in 2017
In an interview with the Sputnik news agency, a number of Russian experts forecast 2017 will be a year of success for Vietnam.
Evgeny Glazunov, honorary chairman of the Russia-Vietnam Friendship Association, foresaw the improvement of Vietnam’s socio-economy and Vietnam-Russia ties. He highlighted that the country would continue to be among top ASEAN economies and contribute more to the development of the bloc.
Journalist and historian Piotr Tsvetov said he believes that Vietnam will reap more success this year than in 2016, adding that the country is facing far less challenges than many other nations across the globe. He said Vietnam would enjoy stable and promising partnerships with the outside world, while local leaders have been making effective moves to tackle domestic issues.
Nikolai Kolesnik, head of the Russian veteran association, noted that Vietnam would build up momentum towards development this year based on achievements it made in 2016. Vladimir Kolotov, head of the St. Petersburg State University’s Ho Chi Minh Institute, said Vietnam was able to avoid many problems despite challenges facing it last year to boost economic and defence capacity.
According to the scholar, applying the late President Ho Chi Minh’s ideology, the country has been persevering with its goals and making allies across the world, which in turn has improved Vietnam’s prestige on the global stage.
Vietnam will achieve its 2017 goal of 6.7 percent growth in gross domestic product (GDP), higher than 6.21 percent in 2016, due to the efficiency of its reforms, say experts. The National Financial Supervisory Commission of Vietnam (NFSC) says this year, Vietnam’s economy will improve due to the reform of institutions and of the investment environment, as well as the price recovery of energy and farming products on the world market, creating new impetus for the private sector.
According to the more likely first scenario, the domestic economy will remain stable and development and local investment will keep improving. Vietnam will benefit from its global integration to improve exports and investment. That would translate into 6.44 percent GDP growth and inflation of 5 percent in 2017.
The Government has set economic development targets of 6.7 percent GDP growth, 4 percent inflation and export value growth of 6-7 percent for 2017. To reach the goals, experts say, the Government will have to stabilise the macro economy, improve investment and business environments, and implement efficient economic restructuring to achieve greater productivity, higher quality and competitive ability.
The Central Institute of Economic Management (CIEM) says the Government should continue renovation of the micro economy. It should complete regulations guiding implementation of the amended Law on Investment and the Law on Enterprise, abolish unsuitable business conditions and simplify remaining business conditions.
The Government should encourage the private sector to join in formulating investment and business policies, complete tariff calculations appropriate for international standards of transparency, according to the CIEM. Vietnam needs to take advantage of free trade agreements to promote exports and deal with the challenges of climate changes and environmental pollution which will impact mid- and long-term economic growth.
Journalist and historian Piotr Tsvetov said he believes that Vietnam will reap more success this year than in 2016, adding that the country is facing far less challenges than many other nations across the globe. He said Vietnam would enjoy stable and promising partnerships with the outside world, while local leaders have been making effective moves to tackle domestic issues.
Nikolai Kolesnik, head of the Russian veteran association, noted that Vietnam would build up momentum towards development this year based on achievements it made in 2016. Vladimir Kolotov, head of the St. Petersburg State University’s Ho Chi Minh Institute, said Vietnam was able to avoid many problems despite challenges facing it last year to boost economic and defence capacity.
According to the scholar, applying the late President Ho Chi Minh’s ideology, the country has been persevering with its goals and making allies across the world, which in turn has improved Vietnam’s prestige on the global stage.
Vietnam will achieve its 2017 goal of 6.7 percent growth in gross domestic product (GDP), higher than 6.21 percent in 2016, due to the efficiency of its reforms, say experts. The National Financial Supervisory Commission of Vietnam (NFSC) says this year, Vietnam’s economy will improve due to the reform of institutions and of the investment environment, as well as the price recovery of energy and farming products on the world market, creating new impetus for the private sector.
According to the more likely first scenario, the domestic economy will remain stable and development and local investment will keep improving. Vietnam will benefit from its global integration to improve exports and investment. That would translate into 6.44 percent GDP growth and inflation of 5 percent in 2017.
The Government has set economic development targets of 6.7 percent GDP growth, 4 percent inflation and export value growth of 6-7 percent for 2017. To reach the goals, experts say, the Government will have to stabilise the macro economy, improve investment and business environments, and implement efficient economic restructuring to achieve greater productivity, higher quality and competitive ability.
The Central Institute of Economic Management (CIEM) says the Government should continue renovation of the micro economy. It should complete regulations guiding implementation of the amended Law on Investment and the Law on Enterprise, abolish unsuitable business conditions and simplify remaining business conditions.
The Government should encourage the private sector to join in formulating investment and business policies, complete tariff calculations appropriate for international standards of transparency, according to the CIEM. Vietnam needs to take advantage of free trade agreements to promote exports and deal with the challenges of climate changes and environmental pollution which will impact mid- and long-term economic growth.
