This year GDP is unlikely to meet the goal of 6pct-6.5pct, Tran Hoang Ngan, member of the National Assembly’s Economic Committee and vice Rector of HCM City Economics University was quoted as saying on Saigon Economics Times on 2 July.
Over the first half of the year, modest social capital investment has been found at state and non state sectors and foreign invested sectors, which has blow a heavy dealt to economic growth.
Given the six-first-month economic growth of 4.38pct, the year target of 6pct-6.5pct would mean the rate for the remaining months of as high as 7pct-7.5pct, which is almost an impossible mission.
Additionally, the global economy has yet witnessed much recovery, thus hurting exporting and foreign capital attraction – the motive forces of the economy.
Remarkably, the number of businesses facing up to closure and bankruptcy is on the rise. The figure is estimated at 26,000, up 5.4pct year-on-year, reported General Statistical Office of Vietnam.
Ngan revealed the government was making every effort to steer the growth rate to be around 5.5pct rather than the desirable target as previously projected.