According to the Government report, despite domestic and international difficulties, economic basic indicators in the first half of 2017 were rather good thanks to efforts made in management and reform.

Specifically, macro economy was stable with low inflation while growth regained momentum with a rate of 5.15 percent in the first quarter and 6.1 percent in the following three months. This is a spectacular growth rate, contributing to the GDP expansion of 5.73 percent in the first 6 months.

Positive changes

The sectors of agriculture and service recovered strongly. Especially, the number of international visitors increased by 30 percent, helping Vietnam rank sixth in the top 12 countries in terms of tourism growth.

Can Tho City's leaders examined Bun Xang lake project. Photo: Thien Khiem

The operation of the monetary market, banking and securities was consistent with the Government policy of maintaining stability. Credit for the economy grew at 7.54 percent compared to the end of 2016. This is a rather high growth rate during the past 6 years, showing a positive trend and the capital absorption ability of the economy.

Budget revenue and budget expenditure was in tune with the plan. In the first 6 months, budget revenue reached 563,500 billion VND,  a year-on- year rise of almost 14 percent; while budget expenditure was 582,965 billion VND, up 8.3 percent.

Especially, in the first half of 2017, total social investment capital reached 674,800 billion VND, accounting for 32.8 percent of GDP and increased by 10.5 percent compared to the same period during 2013-2016.

FDI capital also grew strongly in the first half with a total of 19.2 billion USD, soaring 54.8 percent over a year ago. Of which, the sectors of processing and manufacturing accounted for the biggest share with 9.48 billion USD.

The business environment as a whole facilitated businesses' competitiveness and growth. There were 61,300 new enterprises with a total registered capital of 597,000 billion VND in the first half of 2017, up 12.4 percent in terms of the number and 39.4 percent in terms of capital. This is the highest increase since 2014.

Removal of hurdles

At the Government's regular online meeting in June, Can Tho City People's Committee Chairman Vo Thanh Thong said: The socio-economic situation of the city in the first 6 months witnessed many positive changes. Concretely, economic growth reached 6.13 percent, the index of industrial production (IIP) increased by 6 percent, export revenue hit 835.3 million USD, up 16.5 percent year-on-year.

Bun Xang lake, a project of great significance, is slated for completion by the year's end. Photo: Thien Khiem

Regarding the investment for development, the city's total social investment capital

in the period reached 27,700 billion VND, soaring 36 percent over a year ago. The value of capital disbursed for basic construction was 2,014 billion VND, approximately 51.3 percent of the year's plan. The city authorities gave business certificates to 626 enterprises with a total registered capital of 2,585 billion VND,  a strong increase compared to the same period of last year. Budget revenue and expenditure was on track with the plan. Budget revenue was estimated at 5,688 billion VND, up nearly 10 percent, while budget expenditure amounted to 4,972 billion VND, soaring almost 21 percent.

However, according to Mr. Thong, to ensure sustainable development of the Mekong Delta, the Government and ministries should give the region more attention, such as investing in infrastructure; speeding up the restructuring of credit institutions, supervising bad debt ratios, giving priorities to loans for production, soon implementing Trung Luong- My Thuan expressway project and then My Thuan- Can Tho expressway project; carrying out solutions to river erosion in the Mekong Delta; dredging Quan Chanh Bo Canal to allow 20,000-ton ships access to ports on the Hau River; investing in Ho Chi Minh City- Can Tho high-speed railway etc. These are important projects greatly contributing to socio- economic development of the whole Mekong Delta.

Ha Van (Translated by Quoc Khanh)