Tuesday, 19 Dec 2017
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ECONOMY

Vietnam’s to reach 6.7% in 2017

Updated at Monday, 04 Dec 2017, 22:16
The Hanoitimes - The GDP growth target of 6.7% in 2017 is within sight with one month remains, as the economy is on positive trend.
With positive performance of the economy in 11 months, it is clear to see that the impact of the rapid growth rate in the last few months of 2017. According to statistics, industrial output has been growing compared to the same period of last year. Specifically, the industrial output in November increased 17.2% compared to last year. While for overall 11 months, the growth rate of 9.3% is higher than 8.7# of the first 10 months and significant higher than the growth rate of 7.4% compared to 2016.
 
Vietnam is on track to reach GDP target growth rate of 6.7% for 2017.
Vietnam is on track to reach GDP target growth rate of 6.7% for 2017.
The rapid growth in industrial output is one of the driving force for the recovery of economy. Moreover, export is also seen as the spearhead industry for economic growth. Export in November has been 19.2 billion USD, thus taking the trade value for the first 11 months to 193.8 billion USD, up 21.1% compared to the same period of last year. With this result, not only Vietnam’s export to reach the threshold of 200 billion USD, Vietnam’s export can be up to 210 billion USD – the highest number for trade in Vietnam. 

With the growth rate of export more than triple the target (7-8%), and the import is growing at a moderate level, the economy is having a big trade surplus. The trade surplus in 11 months is estimated to be 2.8 billion USD, higher than the trade surplus of 2.5 billion USD in 2016. With the fast growing export, trade surplus will play a big part for economic growth. 

In addition to industrial output and export, other spotlights of the economy can be named such as the Foreign Direct Investment (FDI) to Vietnam at the amount of 33 billion USD in 11 months, up 80% compared to the same period of last year. Meanwhile, public investment from state fund also is transforming positively, thanks to the effort from related ministries and provinces/cities in speeding up disbursement rate. In 11 months, public investment allocated from state budget reached 252 trillion VND, equivalent to 82.9% of original plan and up 7.7% compared to 2016. 

Moreover, positive signs from the economy also are coming from 116,000 newly established enterprises, or the total revenue of retails and consumer services up 9.5% compared to the same period of last year. 

After December then there will be final assessment on the economy. But with the current performance of the economy, there will be no doubt that Vietnam has achieved the GDP target growth rate, as well as attain and even exceed some of the 12 targets for socio-economic development. 

Among the countries, the research house Fitch Group expected Vietnam to be the growth out-performers. As such, the growth will be supported by a stable political environment, growing reform momentum, an improving business environment, and with the manufacturing sector benefiting from multinationals relocating in Vietnam for lower production costs.

For the first 9 months of 2017, the average Consumer Price Index (CPI) increased 3.79%, which is estimated to go up to 4% for the whole year, while the inflation rate is at 1.6%. Revenue for the state budget is expected to increase by 2.3% compared to the estimation and up 10.1% compared to 2016; overspending is at 3.5% of the GDP, which is equivalent to the threshold approved by the National Assembly. In particular, the public debt is within the limit and decreasing at 62.6%, in which the government’s debt is 51.8%, and the country’s foreign debt is 45.2% GDP.
Ngoc Thuy
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