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Vietnam: GDP in first quarter reaches 10-year high
The Hanoitimes – Vietnam`s GDP growth rate in the first quarter of 2018 is expected to reach a 10-year high with over 7%, stated in a report of the Ministry of Planning & Investment (MPI) on March 27.
Industry – construction, as stated in the report, are considered the driving force for economic growth with increasing rate of 11%.
The agricultural sector continues to maintain positive growth thanks to favorable weather condition and the restructuring process, while the service sector has been growing, thanks to stable macro-economy and high consumption, informed the report.
Additionally, the average consumer price index is kept under control at 2.82%.
Export turnover in the first quarter reached US$33.62 billion, thanks to large export orders, up 23% year on year, in which 8 goods have the export value of over US$1 billion.
Import turnover is estimated at US$32.54 billion, increasing 13.6% over the last year’s period. In the first quarter, Vietnam has a trade surplus of US$1.1 billion.
In the first 3 months of 2018, Vietnam has 26,800 newly established enterprises – the highest number in the last 7 years.
The accumulated foreign direct investment inflow to Vietnam as at present reached US$176.25 billion, equivalent to 55% capital investment of ongoing projects.
Total foreign investment capital in the first quarter of 2018, including newly-registered, added and capital contributed by foreign investors, is at US$5.8 billion, decreasing 24.8% over the the same period of last year.
As at March 20, disbursement progress of FDI projects reached US$3.88 billion, increasing 7.2% year on year.
The report forecasted a more positive global outlook in 2018 than in 2017, with the growth rate of global trade is maintained at 4%. However, it also warned that protectionism will have negative impact on export.
The MPI set up 02 scenarios of GDP growth in 2018. Firstly, GDP is expected to reach 6.7%, which is also the target set by the National Assembly. Secondly is the growth rate of 6.8% with strong pushes from manufacturing and processing.
“Under the condition of no major change and the positive growth of the private sector, the GDP growth target of 6.8% is feasible,” stated the report.
“There has been positive result from the macro-economic perspective, however, efforts should be made to ensure the momentum,” said the Deputy Prime Minister Vuong Dinh Hue at the meeting with MPI on March 27.
The Deputy PM requested ministries and agencies to closely monitor the domestic and global economic situation. “When the economy is on the growth, it is important to prepare for the next few years in case of things turn sour.”
Additionally, the average consumer price index is kept under control at 2.82%.
Export turnover in the first quarter reached US$33.62 billion, thanks to large export orders, up 23% year on year, in which 8 goods have the export value of over US$1 billion.
Import turnover is estimated at US$32.54 billion, increasing 13.6% over the last year’s period. In the first quarter, Vietnam has a trade surplus of US$1.1 billion.
In the first 3 months of 2018, Vietnam has 26,800 newly established enterprises – the highest number in the last 7 years.
The accumulated foreign direct investment inflow to Vietnam as at present reached US$176.25 billion, equivalent to 55% capital investment of ongoing projects.
Total foreign investment capital in the first quarter of 2018, including newly-registered, added and capital contributed by foreign investors, is at US$5.8 billion, decreasing 24.8% over the the same period of last year.
As at March 20, disbursement progress of FDI projects reached US$3.88 billion, increasing 7.2% year on year.
The report forecasted a more positive global outlook in 2018 than in 2017, with the growth rate of global trade is maintained at 4%. However, it also warned that protectionism will have negative impact on export.
The MPI set up 02 scenarios of GDP growth in 2018. Firstly, GDP is expected to reach 6.7%, which is also the target set by the National Assembly. Secondly is the growth rate of 6.8% with strong pushes from manufacturing and processing.
“Under the condition of no major change and the positive growth of the private sector, the GDP growth target of 6.8% is feasible,” stated the report.
“There has been positive result from the macro-economic perspective, however, efforts should be made to ensure the momentum,” said the Deputy Prime Minister Vuong Dinh Hue at the meeting with MPI on March 27.
The Deputy PM requested ministries and agencies to closely monitor the domestic and global economic situation. “When the economy is on the growth, it is important to prepare for the next few years in case of things turn sour.”
Source: http://www.hanoitimes.vn/economy/2018/03/81E0C3DA/gdp-in-first-quarter-reaches-10-year-high/