The government identifies 2018 as an important year of the socio-economic plan towards 2020. The resolution sets out 9 major tasks and solutions to sustain last year’s achievements, stabilize the macro-economy, boost restructuring, and shift the growth model towards sustainable development.

Production boosted, monetary policy stabilized

This year, Vietnam continues to create a favorable business environment, support the private sector, and promote trade to improve competitiveness. The industry and trade sector will carry out a project on developing the domestic market and a campaign to encourage Vietnamese people to prioritize made-in Vietnam products until 2020. The Ministry of Industry and Trade will lead programs on supply and demand connection, market stabilization, and guiding enterprises in developing their supply chains of goods, particularly essential agricultural produce. International integration opportunities should not be missed, as Minister Tran Tuan Anh put it: “It’s necessary to accelerate international integration and the progress of negotiations, signing, and approval of important free trade agreements in favor of Vietnam’s development. Reforms in line with these deals will create new growth momentum and encourage businesses. A uniform approach and coordination of ministries and sectors is needed in implementing our commitments.”

Governor of the State Bank of Vietnam Lê Minh Hưng said the government will pay full attention to monetary policy: “In 2018, the State Bank will help credit organizations in settling bad debts and restructuring. Measures will be taken to improve financial capacity, credit quality, and transparency of credit organizations in line with international and Vietnamese practice. We will accelerate preferential credit programs for business and production, continue to encourage loans for high-tech and clean agriculture, and strengthen bank-business linkage.”

Tourism advantages tapped

2017 marked the ongoing success of Vietnam’s tourism sector, which welcomed nearly 13 million foreign visitors and earned 22 billion USD. Minister of Culture, Sports, and Tourism Nguyen Ngoc Thien called for even stronger tourism promotion in 2018: “We have worked to turn tourism into a spearhead economic sector and enforce the revised Law on Tourism, aiming to welcome more than 15 million foreign visitors. Tour promotion should be reformed, while unique tourism products be developed. 4 pending issued should be resolved: visa policy, advertisements, air connection, and land destination services. All these will aim at creating a favorable environment for tourism businesses and community to develop.”