VINACHEM

Vietnam is forecast to grow 6.8 percent in 2016 and 6.9 percent in 2017, according to the Economic and Social Survey of Asia and the Pacific, released by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) on April 28.

The survey predicted that the Trans-Pacific Partnership and the free trade agreement between Vietnam and the European Union will make it easier for Vietnam to attract investment, expand markets and improve its export capability.

In his report, deputy head of the Central Institute of Economic Management’s Macro-economic Policy Department Nguyen Anh Duong urged Vietnam to persevere with reform and labour productivity improvement, including loosening requirements on market access and businesses’ rights to asset ownership.

He also called for attention to renovating approaches to education-training and science and technology reform, in combination with promoting connectivity between domestic and foreign enterprises.

Evaluating regional economic prospects, the survey rated it generally stable with an economic growth of 4.8 percent and 5 percent in 2016 and 2017.

It suggested regional countries improve labour productivity and salary, business climate and infrastructure, while accelerating regional cooperation in science and technology application.