Tuesday, May 11, 2004
'Vietnam must boost economy to meet growth target'
Reuters Hanoi, May 11
Vietnam needs to boost economic activity for the rest of the year to meet its 2004 growth target of 7.5-eight per cent, after a slower-than-expected first few months, Deputy Prime Minister Nguyen Tan Dung said on Tuesday.
The economy must expand at a rate of 7.7-8.3 per cent compared with a year earlier for the remaining three quarters, Dung said in a socio-economic report to the National Assembly.
Vietnam's gross domestic product (GDP) rose seven per cent between the first quarters of 2003 and 2004.
"We must develop the potential of economic sectors more strongly, tackle difficulties to boost production, services and exports to bring the GDP growth for the remaining eight months to between 7.7 per cent and 8.3 per cent," the deputy prime minister noted.
"This is our determination, and we certainly have the fundamentals (to reach the target)," Dung later told reporters on the sidelines of a month-long assembly session that started on Tuesday. The assembly is Vietnam's highest legislative body.
He cited the 15.4-per cent growth in Vietnam's industrial output during the January-April period over a year earlier as the main driver for economic expansion.
The industrial sector accounted for 40.8 per cent of Vietnam's GDP in the first quarter of this year, based on current prices.
Dung said the government would increase support for key infrastructure projects and encourage investment in the energy, raw materials, chemicals, electronics and export sectors.
Last month Prime Minister Phan Van Khai said he expected economic growth of between eight-8.2 per cent this year, compared with 7.24 per cent growth last year - the fastest economic growth among Southeast Asian nations in 2003.
© Hindustan Times Ltd. 2004.