Vietnam successfully navigates economic headwinds: deputy minister

Speaking at a seminar in Hanoi Thursday, he said, thanks to flexible policies, Vietnam’s economy has improved steadily month by month and quarter by quarter, with its GDP growth reaching 4.24% for the first nine months of the year and 5.33% for the third quarter alone.

The growth might not be too high but is a positive sign at this time, and puts Vietnam in the group of high-growth countries, he said.

The consumer price index increased by 3.16% in the first nine months from the same period last year, and so the inflation cap of 4.5% set by the National Assembly for this year is totally attainable, he said.

He said the State Bank of Vietnam’s monetary policies have been flexible, helping lower interest rates and supporting economic growth.

At the monthly government meeting on Sept. 30, Prime Minister Pham Minh Chinh instructed the Ministry of Planning and Investment to target 6% growth this year.

Phuong said the rate is very challenging but attainable. To achieve it, the economy must grow by 10.6% in the fourth quarter, requiring breakthroughs in both supply and demand.

Shantanu Chakraborty, country director of the Asian Development Bank in Vietnam, said the revised target of 6%, down from the earlier 6.5%, is completely feasible, and the ADB appreciates the government’s proactive policy responses which have ensured economic stability.

Macroeconomic policies, including fiscal and monetary measures, have so far been on track and timely, he added.