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GDP, trade deficit a concern
Economic growth in the first quarter of this year will be higher than the same period last year, but a close watch should be kept on the trade deficit, the General Statistics Office has said.
A GSO report said the prediction is based on trade and production figures of the first two months and an analysis of the advantages and disadvantages facing the country's economy in the coming months.
Agriculture, forestry and aquaculture production is expected to increase by 5.6-5.8 percent; industrial production by13.5-13.8 percent; and retailing and services sectors by 24 percent over the same period last year.
At a time when many sectors have to import large quantities of materials for production but are having difficulties in having outlets for their products, the GSO estimated a first quarter trade deficit of $2.6 billion.
The report calls on concerned departments and agencies to come up with flexible solutions to balance and control market prices and reduce inflation. They should also have measures to boost production, and to attract and train workers to meet the needs of businesses.
Specific policies were needed to expand export markets, especially for products unique to Viet Nam, reduce import of raw materials and promote development of new product designs, the GSO said.
The report stressed that strict measures would be necessary to mitigate the impact of drought including pest attacks on the rice and vegetable winter-summer crops, as well as to control livestock epidemics.
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