VN economy faces 2018 hurdles: experts
Friday, January 26,2018AsemconnectVietnam - Economic experts have warned of challenges facing Viet Nam in 2018 which may cut the country’s Gross Domestic Product (GDP) growth rate to 6.58 per cent, lower than the previous year’s figure, at a conference held in Ha Noi yesterday.
Last year was considered an economic success with a GDP growth rate of 6.81 per cent, higher than the yearly target, according to head of the Central Institute for Economic Management (CIEM)’s Department of Macro Economic Policy Nguyen Anh Duong.
Foreign Direct Investment (FDI) attraction reached nearly US$36 billion.
However, they warned that economic development in 2018 might be affected by negative factors such as unstable recovery of the world economy, challenges facing multilateral trade liberalisation, complicated trade paybacks between big economies and risks from the possible reverse of foreign capital flow.
The country may also lag behind other countries in terms of technology if no measures are taken to tap opportunities and deal with challenges from the fourth industrial revolution.
To help tackle these challenges, experts proposed measures like improving the business environment, reducing “unofficial” costs for businesses and encouraging the business sector to invest in science and technology and make use of opportunities from the fourth industrial revolution.
An said the most important issue for Viet Nam this year was to stabilise the macro economy. To do that, Viet Nam needs to be more proactive in restructuring the State-owned business sector and speeding up equitisation process, he said.
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