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GDP growth on track to reach 6.7% in 2017 PDF Print
Wednesday, 11 October 2017 15:25

VIETRADE – Vietnam is well on track to reach the government’s GDP growth target of 6.7% for 2017, according to the General Statistics Office (GSO).

 

The country’s economic growth experienced a significant improvement during the first nine months of 2017 with impressive results seen in many areas, GSO General Director Nguyen Bich Lam said in a recent press conference in Hanoi.

 

GSO statistics revealed that the nation’s GDP rose by 6.41% year-on-year in the reviewed period, higher than 5.99% recorded in same period last year.

 

Specifically, the GDP growth rate in the third quarter posted a record high of 7.46%, while respective figures in the second and first quarters were 6.28% and 5.15%, according to the data.

 

These impressive economic performances were attributable to great efforts by the government, ministries and sectors, GSO said, adding that structural transformation in rural areas, forestry and fishery sectors has proven effective.

 

Strong growths in the processing and manufacturing, industry and construction and service sectors as well as export activities also made contribution to the above-mentioned economic results.

 

According to GSO, processing and manufacturing also saw a rise of 16.63% in the third quarter of this year, the highest level since 2011. The agro-forestry-fishery sector grew by 2.78% while industry and construction increased by 7.17% and the service sector rose by 7.25%.

 

From January to September, the country’s export revenue reached US$154 billion, up 19.8% year-on-year while its imports hit US$154.5 billion, marking a hike of 23.1% over last year’s corresponding period.

 

The foreign direct investment (FDI) inflow in Vietnam topped US$25.5 billion in the period, a yearly rise of 34.3% FDI disbursement during the reviewed period reached US$12.5 billion, up 13.4% year-on-year.

 

On the business front, up to 93,967 new enterprises with a total capital of VND902.7 trillion (US$39.7 billion) were established in nine-month period, representing a year-on-year increase of 15.4% in number and 43% in level of capital. In addition, 21,100 businesses resumed operations, a year-on-year increase of 2.9%.

 

Beside to the GDP, the target of curbing inflation and keeping the consumer price index (CPI) in 2017 below 4% is also achievable, GSO said.

 

The CPI in September surged by 0.59% from the previous month and by 3.4% over the corresponding time last year. The average CPI in the nine months was up 3.79% in compared with the same period of 2016.

 

Bright forecast

In its latest report, Standard Chartered Bank raised its forest for Vietnam’s GDP growth rate for the whole year to 6.8%, higher than its previous forecast of 6.4%.

 

The bank also predicted growth rate of 6.8% for next year, increasing from its earlier forecast of 6.6%, driven by faster electronics manufacturing growth in the second quarter of the year.

 

According to the bank, electronics export growth is likely to remain robust in the near term, driving a trade surplus and supporting overall growth while strong FDI inflow is likely to support capital goods imports, capping the trade surplus.

 

It also increased its inflation forecast to 3.7% for 2017 and 3.8% for 2018 due to higher-than-expected inflation expected this year and faster-than-expected GDP growth./.

 
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