Macroeconomic situation stable in Jan-Aug, Vietnam eyes 6.7 percent growth in 2016

Given the performance of Vietnam’s economy this year, the government has set an economic growth target of 6.7 percent for next year

Prime Minister Nguyen Tan Dung is seen chairing a regular government meeting organized in Hanoi on September 1, 2015.

Vietnam’s socio-economic conditions in the first eight months fared well enough with almost all targets to be likely achieved by the end of this year, according to a regular government meeting organized on Tuesday.

The cabinet members agreed that the socio-economic situation last month and in the January-August period continued to show positive signs in most fields despite the complicated context of the global economy, Chairman of the Government Office Nguyen Van Nen said at a press conference after the meeting.

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If there are not many unexpected changes in the remaining months of the year, the country can fully accomplish its objectives, giving grounds for higher targets for next year, Nen said.

According to the chief of the Government Office, Vietnam's economy is still facing some difficulties and challenges as world crude oil prices keep falling unpredictably.

The price dropped below US$40 per barrel in August, affecting the Southeast Asian country’s budget revenue and balance of trade.

Chairman Nen cited Prime Minister Nguyen Tan Dung as saying at the meeting that recent unpredictable changes in the world economy have had a significant impact on Vietnam, bringing both opportunities and challenges.

The Vietnamese premier also required his cabinet members to take consistent measures to maintain macroeconomic stability.

The head of the Government Office said PM Dung had asked state management agencies not to keep inflation so low, demanding that they actively control it pursuant to macroeconomic objectives to facilitate economic development.

The prime minister also requested that the cabinet members closely monitor the conditions of the global and domestic economies, especially the dynamics of those countries that have a major impact on Vietnam, in order to timely apply fiscal, monetary and other policies to achieve the objectives set at the beginning of the year.

Last year Vietnam posted 5.98 percent in GDP growth.

Other macroeconomic goals for 2016 include a five-percent inflation rate and a 10 percent increase in exports.

Macroeconomic data in January-August 2015:

* Consumer price index fell 0.07 percent in August compared to the previous month, but it increased 0.61 percent compared to December 2014.

* Total credit lent to the national economy rose 9.3 percent from January 1 to August 20.

* Total exports in the first eight months were estimated at nearly $106 billion dollars, an increase of nine percent.

* State budget revenue reached over 67 percent of the year’s estimate, an increase of seven percent over the same period of 2014.

* Total registered and added FDI topped $13 billion, up more than 30 percent year on year, while realized capital was estimated at $8.5 billion, up 7.6 percent.

* Total retail sales of goods and consumer service revenue increased more than 10 percent.

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