NFSC
said the Government’s policies to improve investment climate and promote
businesses posted positive results and fueled GDP growth through increasing
demand.
An electronic parts production chain at Anam Electronics Vietnam Co., Ltd.
Consumption
and investment demand will increase significantly in the fourth quarter of this
year once the disbursement of construction capital was stepped up, together
with anticipated improving exports thanks to advantageous developments in
global trade.
“Following
impressive growth in the second and third quarters, GDP growth will touch
7.5-7.5 percent in the fourth quarter of this year,” NFSC said in the report,
adding that growth for the full year would reach more than 6.7 percent.
NFSC
also saw a stable trend in prices of goods in the remaining months of this
year.
“If
there are no sudden fluctuations in prices of public services in the remaining
months, inflation in 2017 will increase at just 3 percent,” the report said.
At
a meeting early this month, the Vietnamese Government said it was determined to
achieve the target of 6.7 percent GDP growth in 2017, urging comprehensive
measures and hastened efforts to fulfill this goal.
After
posting GDP growth rate of 6.7 percent in the third quarter of this year, the
Vietnamese economy must grow at a minimum of 7.31 percent in the last quarter
to achieve its goal.
According
to Duong Manh Hung, Deputy Director of the National Account System Department
under the General Statistics Office, NFSC’s forecast had merit.
There
were new stimulators for economic growth in the last quarter, such as visa
exemption for tourists from five European countries, anticipated loan interest
rates cuts, increase in credit growth and ministries’ efforts to reduce
business prerequisites and fees, Hung said.
NFSC’s
report said there was room to cut interest rates, given not-too-high exchange
rate pressure and under-control inflation.
In
the first nine months of this year, loan interest rates decreased slightly by
0.5-1 percent, especially for prioritized sectors.
International
organizations were upbeat on Vietnam’s economic growth this year, but their
projections were mostly lower than the Government’s targets.
The
World Bank East Asia and Pacific Economic Update on October 4 released their
projected GDP growth rate for Vietnam in 2017, which was 6.3 percent.
The
Asian Development Bank said in the Asian Development Outlook Update in late
September that Vietnam’s economic growth would also be at 6.3 percent this
year, 0.2 percentage points off from the previous forecast.
HSBC
early this month revised upwards its forecast for the country’s economic growth
to 6.6 percent.
Source: VNA