Vietnam’s economic growth exceeds target

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Accordingly, the country’s gross domestic product (GDP) growth rate was estimated at 6.81%, including 5.15% in the first quarter, 6.28% in the second quarter, 7.46% in the third and 7.65% in the fourth.

During this year, inflation was controlled below the target set by the National Assembly (NA), the rediscount and refinancing rates were reduced, credit growth was high and remittances and FDI capital were abundant.

Vietnam's GDP growth rate was estimated at 6.81% in 2017. (Photo: NDO)

In addition, the exchange rate was stable, while foreign exchange reserves were also increased. The economic restructuring process continued to be prioritised, aiming to improve the economy’s competitiveness and business environment, as well as promoting the start-up movement.

The high growth rate was due to the service sector’s growth of 7.44% (contributing 2.87 percentage points). Whilst the industrial and construction sector contributed 2.77 percentage points and the agro-forestry-fishery sector contributed just 0.44%.

In the agro-forestry-fishery sector, fisheries recorded the highest growth rate of 5.54%, followed by forestry with 5.14% and agriculture with 2.07%.

The industrial sector reported growth of 7.85% in 2017, higher than the previous year (7.06%) but lower than 2015 (9.39%). The processing and manufacturing industry was the bright spot in this sector, with a growth rate of 14.4%. Meanwhile, the construction sector maintained a strong growth of 8.70%.

In the service sector a number of industries, such as wholesale and retail, increased by 8.36% in comparison to last year, contributing most to the overall growth rate.

The GSO also pointed out that the country’s GDP per capita was estimated at US$2,358 this year, up US$170 over 2016.

Moreover, final consumption expenditure increased by 7.35%, while asset accumulation rose 9.8%. The goods and service exports and imports recorded a growth rate of 16.74% and 17.50%, respectively.

According to GSO General Director Nguyen Bich Lam, the year 2017 witnessed signs of prosperity in the world economy, with the recovery and stable growth of major economies including China, the US, Japan, the Republic of Korea and the EU.

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