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NFSC assesses Jan-Sep economic performance

VGP – Though economic indicators showed improvements, more efforts are still needed for attaining the 5.5% GDP growth target, according to the National Financial Supervisory Committee (NFSC).

October 02, 2013 10:37 AM GMT+7

 
The NFSC reported that economic production bounced back slowly. Inventory levels of industrial manufacturing dropped sharply and industrial production index constantly rose, soaring 5.4% in September. However, import growth rates of raw materials remained modest.

Total demand was relatively weak in which the January-September retail sales of goods and services increased by 12.5% against the same period last year.  

GDP growth pace in Q3 was higher than forecast thanks to the Government’s efforts to maintain macro-economic stability and prioritize inflation curbing.

Nevertheless, the economy still faces challenges including inefficient credit freeze and weak consumption demand which are hampering production.

In addition, GDP growth rate relying heavily on exports poses unexpected risks to national economic sustainability.

Thanks to better macro-economic performance, Viet Nam climbed five notches to the 70th position in the Global Competitiveness Index 2012-2013 and jumped 19 points ahead in the macro-economic environment index.  

At international markets, foreign investor confidence improved considerably in which the country’s credit risk level measured by the Credit Default Swap (CDS) was lowered from over 300 points in the same period last year to around 220 points over the previous months.  

According to the Committee, the monetary market has been improved. The liquidity of the banking system was much better than in the previous period.

Meanwhile, lending interest rates sometimes surged unexpectedly but usually was kept between 3-4% in the first nine months.

Exchange rates were also relatively stable except for small seasonal changes and are expected to be maintained for the rest of the year as the supply and demand would be balanced and foreign reserve would be increased./.  

By Kim Loan