Viet Nam News HÀ NỘI — The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyễn Xuân Phúc said this during the monthly government meeting on Monday in Hà Nội. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual law issues. In his opening speech, Phúc also lauded the growth of several sectors in the first quarter. For example, agriculture and fisheries grew by 4.05 per cent, while construction and industry expanded by 9.77 … [Read more...] about 6.7% GDP growth targeted for 2018: Gov’ meeting
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Industry expected to contribute 40 percent to GDP by 2030
Illustrative image (Source: chinhphu.vn) Hanoi (VNA) – Vietnam’s industry is expected to contribute 40 percent to the country’s gross domestic product (GDP) by 2030, according to a newly issued resolution. Under Resolution 23-NQ/TW to develop the national industry until 2030, with a vision to 2045, issued recently by the Politburo, the processing and manufacturing industry will make up some 30 percent. The value of high-tech processing and manufacturing products is targeted to reach at least 45 percent, while industrial labour productivity will increase by 7.5 percent on average annually. The industrial growth rate will average over 8.5 percent, of which the processing and manufacturing industry will see a rise of 10 percent yearly. The resolution also sets the country’s competitive industrial performance index among the top three countries in the ASEAN, while the percentage of workers in the industrial and service sectors is over 70 percent. Under … [Read more...] about Industry expected to contribute 40 percent to GDP by 2030
First quarter GDP growth hits ten-year high
Viet Nam posted year-on-year GDP growth of 7.38 per cent in the first quarter of 2018, the best first-quarter performance in the last ten years, backed by growth in manufacturing and agriculture. Director of the General Statistics Office (GSO) Nguyen Bich Lam announced the information at a press conference in Ha Noi on Thursday. The agro-forestry-fishery sector increased by 4.05 per cent, contributing 0.46 percentage points to the 7.38 per cent GDP growth. The industrial and construction sector posted a 9.7 per cent growth rate, contributing 3.39 percentage points while the service industry climbed 6.7 per cent, contributing 2.75 percentage points. “While agriculture and wholesale and retail trade saw steady rises year-on-year, manufacturing remained the pillar of growth, expanding more than 13 per cent, the fastest pace in the last seven years, thanks to robust production of electronics, computers and steel,” Lam said. He also attributed the high GDP growth to momentum … [Read more...] about First quarter GDP growth hits ten-year high
Vietnam posts highest first-quarter GDP growth in decade
The growth was fueled by the outstanding performance of the processing and manufacturing sector, the effective structural transformation of the agro-forestry-fishery sector, along with export and tourism booms, said Nguyen Bich Lam, General Director of the GSO, at a press conference in Hanoi on March 29. In the first three months of this year, the agro-forestry-fishery sector grew 4.05 percent; industry and construction, up 9.7 percent, and the service sector, up 6.7 percent. Photo: VNA In terms of economic structure, the agro-forestry-fishery sector makes up 10.34 percent of the GDP; industry and construction, 35.26 percent; and services, 43.77 percent. The processing and manufacturing industry became a spotlight of the economy in the period, with a growth rate of 13.56 percent, the highest level over the past seven years. The mining sector also posted a growth rate of 0.4 percent after sliding for two consecutive years. Meanwhile, the construction industry … [Read more...] about Vietnam posts highest first-quarter GDP growth in decade
Stock market capitalization equivalent to 79.3 percent GDP
Last year, the Vietnamese stock market capitalization was VND3,500 trillion (US$154 billion) increasing 80.5 percent over 2016 and accounting for 70.2 percent GDP in 2017. According to the Ministry of Finance, in February this year the VN-Index increased 13.9 percent over the end of 2017, exceeding 1,121 points. The market liquidity also strongly hiked. Since early this year to February, total transaction value averaged over VND19.5 trillion a session, up 38 percent over 2017. Of these, stake transaction value topped VND9 trillion a session, raising 79 percent compared to the average growth rate last year. After topping ten year high to reach 1,130 points on the previous session, the VN-Index continued increasing 4.78 points to 1,138.09 points on March 14 with 147 stocks gaining, 142 declining and 66 unchanged. Closing the morning session in Hanoi, the HNX-Index was up 0.77 point to 130.43 points with 90 stocks up, 83 down and 212 trading water. Total market transaction value neared … [Read more...] about Stock market capitalization equivalent to 79.3 percent GDP