Econ
Vietnam witnessed strong economic performance in 2017
Vietnam’s GDP in 2017 is expected to reach 6.81% compared to 2016, in which the first Quarter up 5.15%; second Quarter up 6.28%; third Quarter up 7.46% and the fourth Quarter up 7.65%.
As such, the GDP’s growth rate in 2017 will exceed the target number of 6.7%, and higher than the average growth rate in period 2011- 2016.
According to the General Statistics Office of Vietnam, Vietnam’s GDP in 2017 is expected to reach 6.81% compared to 2016, in which the first Quarter up 5.15%; second Quarter up 6.28%; third Quarter up 7.46% and the fourth Quarter up 7.65%.
The high growth rate in 2017 will exceed the target number of 6.7% and is higher than the average growth rate in period 2011 – 2016, which showed the timely and efficient measures and solutions of the government, as well as the effort of administrative agencies and provinces/cities.
In the growth rate of 6.81% of the economy, the agricultural, forestry and fisheries sector have witnessed a strong recovery with growth rate of 2.90% (higher than the growth rate of 1.36% in 2016), contributing 0.44% to the overall growth rate; the industrial sector and construction also grew 8%, contributing 2.77% to the overall growth; services sector grew 7.44%, contributing 2.87% to the overall growth.
In the agricultural, forestry and fisheries sector, the fisheries has the strongest growth of 5.54% in 2017 compared to 2016. In the industrial sector and construction, industrial sector grew 7.85%, which is higher than the growth rate of 7.06% in 2016, contributing 2.23% to the overall growth.
In the services sector, the contribution rate is as follow: wholesale and retail reached 8.36% compared to the previous year, contributing the largest share to the overall growth (0.79%); accomodation and food & beverage witnessed growth rate of 8.98%, higher than the growth rate of 6.7% in 2016, contributing 0.33% to the overall growth; finance, banking and insurance experienced growth rate of 8.14%, the highest growth rate in the past 7 years, contributing 0.46% to the overall growth; real estate grew 4.07% (the highest growth since 2011), contributing 0.21% to the overall growth.
Vietnam is a magnet to attract FDI from strong growth in industrial output in 2017, which is forecasted to continue growing in the coming time. The advantages of Vietnam in attracting FDI are not only from preferential policies, but also from a series of FTAs and the government’s attention for education.
However, the notable issue is that sectors with the highest credit growth rate are real estate, household consumption and lending to business household. The contribution for credit growth rate from other sectors in 2012 was 27%, but by August, the number was 35%.
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.
Vietnam's GDP in 2017 is expected to reach 6.81%.
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The high growth rate in 2017 will exceed the target number of 6.7% and is higher than the average growth rate in period 2011 – 2016, which showed the timely and efficient measures and solutions of the government, as well as the effort of administrative agencies and provinces/cities.
In the growth rate of 6.81% of the economy, the agricultural, forestry and fisheries sector have witnessed a strong recovery with growth rate of 2.90% (higher than the growth rate of 1.36% in 2016), contributing 0.44% to the overall growth rate; the industrial sector and construction also grew 8%, contributing 2.77% to the overall growth; services sector grew 7.44%, contributing 2.87% to the overall growth.
In the agricultural, forestry and fisheries sector, the fisheries has the strongest growth of 5.54% in 2017 compared to 2016. In the industrial sector and construction, industrial sector grew 7.85%, which is higher than the growth rate of 7.06% in 2016, contributing 2.23% to the overall growth.
In the services sector, the contribution rate is as follow: wholesale and retail reached 8.36% compared to the previous year, contributing the largest share to the overall growth (0.79%); accomodation and food & beverage witnessed growth rate of 8.98%, higher than the growth rate of 6.7% in 2016, contributing 0.33% to the overall growth; finance, banking and insurance experienced growth rate of 8.14%, the highest growth rate in the past 7 years, contributing 0.46% to the overall growth; real estate grew 4.07% (the highest growth since 2011), contributing 0.21% to the overall growth.
Vietnam is a magnet to attract FDI from strong growth in industrial output in 2017, which is forecasted to continue growing in the coming time. The advantages of Vietnam in attracting FDI are not only from preferential policies, but also from a series of FTAs and the government’s attention for education.
However, the notable issue is that sectors with the highest credit growth rate are real estate, household consumption and lending to business household. The contribution for credit growth rate from other sectors in 2012 was 27%, but by August, the number was 35%.
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.
