Viet Nam’s economy could achieve a growth rate of 7 per cent in 2018, despite an anticipated decline in the mining industry. This was revealed in a recent report of the Sai Gon Securities Joint Stock Company (SSI). The economy would be boosted by policies focusing on promoting the private economic sector and developing new drivers such as tourism, hi-tech agriculture and the model of special administrative economic zones, the report said. SSI said that the Government’s economic growth target of 6.5-6.7 per cent for 2018 was too modest, after the economy grew at a 10-year high of 6.81 per cent in 2017 – exceeding the target of 6.7 per cent. The report said that the growth of the services sector, which accounted for 41.32 per cent of the country’s gross domestic product (GDP), had a significant impact on the overall growth. Most of the sub-sectors in the services sector posted high growth rates in 2017, especially accommodation and catering (9 per cent, a four-year high), transportation and warehouse (7.91 per cent, a seven-year high), the wholesale and retail industry (8.36 per cent) and the real estate business (4.07 per cent, an eight-year high). The industry and construction sectors, accounting for 33.3 per cent of GDP, grew at 8 per cent in 2017. However, the mining industry posed a record drop of 7.1 per cent due to a 10.8 per cent drop in crude oil exploitation and 0.5 per cent drop in coal exploitation. Excluding the mining industry, SSI estimated…
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LONG AN (Biz Hub)— Mekong Delta Long An Province posted a 9.7 per cent increase in Gross Domestic Product (GDP) in the first half of 2013.However, this year's H1 posted the lowest GDP growth in four years, the provincial Statistics Office has revealed.In the first six months of 2013, the construction industry soared 13.9 per cent; the trade and services sector increased 11.5 per cent; and agriculture, forestry and fisheries grew 2.9 per cent.The province also posted total retail sales and services of VND16,681 billion (US$793 million) in H1/2013, up 18.6 per cent year on year.Long An earned a total…... [read more]
Illustration photo The information was released at a press conference on June 28 about the nation’s socio-economic performances in the first half of 2016.Director of the General Statistics Office (GSO) Nguyen Bich Lam said that the slow growth in the GDP is due to changes in the world’s economy, which caused negative impacts on the nation’s economy.In the industry and construction sector, industry, manufacturing and processing, and construction witnessed respective increases of 6.82%, 10% and 8.8%.The service sector recorded the highest growth since 2012, including the retail sales up 8%, banking, finance and insurance up 6%, and real estate up…... [read more]
In March, China’s consumer price index (CPI) was up 5.4 percent against the sameperiod last year, the highest level in the recent 32 months. The CPI, which was considered as one of three factors to promoteChinese economic growth, contributed about 37 percent to the nationalGross Domestic Product (GDP) in 2010. The other twofactors including investment and foreign trade also gained great growthin the first quarter. Total foreign trade turnover was about 800billion USD, up 29.5 percent over the same period last year. This year, China set the goal to gain a GDP growth rate of 8 percent./.... [read more]
>> SBV: Growth at any cost is undesirable >> ADB: Vietnam must avoid “average-income trap” >> ADB forecasts lower GDP growth this year The target for average annual GDP growth for the next five years has been set at 7%, said Prime Minister Nguyen Tan Dung. Prime Minister Dung at the openning session At the opening session of the 44th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB), Dung also announced that the country aims to cut its poverty rate by 2% per year, as well as double the income for people living in rural…... [read more]
This was a significant rise as the city made a GDP growth of nearly 6% in the first quarter and nearly 7% in the first half of the year. From January to September, teh volume of cargoes going through Hai Phong Port rose nearly 12.5%, and foreign investment capital surged 221% year on year.The city authorities licensed 20 FDI projects and saw 18 operational projects increase capital in the reviewed period.Other achievements during the time were an export turnover increase of 11% and spring rice crop yield record of nearly 7 tons per ha. Hai Phong is striving to complete…... [read more]
Illustration photo The HCMC Party Committee convened the 15th meeting of the 10th tenure on December 2 to pass development norms on socio-economic development, environment, and administrative reform in 2018.Chairman of the HCMC People’s Committee Nguyen Thanh Phong said that in 2018, the city targets to collect VND 376 trillion of budget and expand 8.5% from the rate of about 8.25% in 2017. In 2018, the city will also spare no effort to enter Top 5 of Provincial Competitiveness Index (PCI); Top 10 of the Public Administration Reform Index (PAR Index 6), Top 10 of the Viet Nam Provincial Governance and Public Administration Performance Index (PAPI). The…... [read more]
Promoting the development of the agriculture, forestry and fishery sector Slowdown The Ministry of Planning and Investment’s General Statistics Office Director-General Nguyen Bich Lam said that Vietnam’s GDP growth has shown signs of slowdown, reflected through the growth gap between the first two quarters. GDP growth in the first quarter of this year stood at 5.48 percent, while the second quarter reached 5.55 percent, leading to the growth gap of 0.07 percent between the two quarters. This figure totaled 0.16 percent and 0.36 percent in the first two quarters of 2014 and 2015, respectively. Services recorded the highest growth since…... [read more]
The Communist Party of Vietnam (CPV) forecast the country’s gross domestic product growth would reach 6.7% this year, beating the National Assembly’s full-year target of 6.5%. The figures were mentioned in a report briefing major contents at the 13th meeting session of the 10th-tenure CPV Central Committee on October 7-14. Despite the global economic uncertainties, local economy has recovered quickly and grown stronger and more stable closer to the end of this year, said the report posted on the government website recently. Vietnam’s GDP growth accelerated to 7.16% in the third quarter from 5.83% in Q1 and 6.4% in Q2, resulting…... [read more]
Photo: VGP/Nhat Bac Accordingly, 100% of the NA delegates (447) consented with the goals on Gross Domestic Products (GDP) growth rate of 6.7% and Consumer Price Index (CPI) growth rate under 5% in 2016.The goals on the growth of export turnover of 10%, the proportion of trade deficit below 5% and the total investment for social development accounting for 31% of the GDP were also ratified.In addition, the rate of energy consumption per one GDP unit will be cut down by 1.5% compared to 2015 and the skilled labor rate will be raised to 53%.The health insurance coverage of up…... [read more]
The government of Vietnam has announced a draft socioeconomic development plan to target an annual gross domestic product (GDP) growth of 7% to 8% in the 2011-2015 period. In 2015, the country’s GDP value will reach US$200 billion, or US$2,100 per capita, 1.7 folds higher than 2010, the government of Vietnam said. Its exports growth during the period is targeted at 12% a year and total investments for development are poised to account for 40%-41% of GDP, the government said in the 111-page draft report. (chinhphu.vn)... [read more]
