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. 

In opposite of the slowing down inflation rate, the growth rate of GDP for the first 9 months reached 6.41%, which is expected to increase to 6.7% for the whole year, thanks to the steadily growth in 3 sectors: agriculture increased 2.78% (4 times higher than the same period of last year), in which fisheries increased 5.42%; while the export of agricultural products for 2017 is estimated to be 35 billion USD. Industry and construction increased 7.17%, in which the processing and manufacturing industry increased 12.8%. Tourism increased 7.25%, which is the highest growth rate since 2008. This is also the sector with significant improvement, when international tourists coming to Vietnam reached 9.45 million, resulting in the forecast for 2017 at 13 million, up 30%; while domestic tourists reached 57.9 million, expected to reach 75 million for the whole year, up 12%. 

The Prime Minister Nguyen Xuan Phuc delivered the report on socio-economic situation at the National Assembly.

The stock market exceeded 800 points, the highest number since 2008; market capitalization reached 93% of the GDP; while the derivative market has gone into operation. Total investment fund from social resources for 2017 is estimated at 33. 4% GDP, up 12.6%. 

In the first 9 months, there are 94,000 newly established enterprises, up 15.4%; total registered capital up 43.5%; while 21,000 enterprises have gone back to operation. Total newly registered capital and additional capital of 92 billion USD, the highest number up to date. The World Economic Forum (WEF) ranked the competitive index of Vietnam for 2017 – 2018 at 55th out of 137 countries and regions, up 5 places compared to last year. 

With positive results of the economy, this will be an opportunity to continue pushing forward with mid term and long term strategies, such as the plan of economic restructuring, which will lay the foundation for transforming the economy from focusing on low added value sectors to high added value sectors, continue with administrative reforms, improving the business environment and actively adjusting price of goods and services under the state management. 

However, there remains shortcomings in the economy, such as the slow improvement in growth quality and national productivity, high public debt and non performing loans, slow rate in the equitization and divestment process of state owned enterprises. As such, the Prime Minister stated the government is committed to push up effort to fulfil objectives of 2017, transform the growth modal; improve competitiveness; encourage business start-up; develop businesses; and promote growth.

Based on the current situation in Vietnam and international, the Prime Minister stressed the target for GDP in 2017 will be in range 6.5-6.7%; average CPI growth pace at 4%; total export turnover at 7 – 8%; Ratio of total exports of goods to total imports of goods: under 3%; Total social development investment capital at about 33-34% of GDP.