Economy to hit goals set by NA

For the first time, Vietnam is on track to accomplish all of its annual socio-economic goals Photo: Le Toan

Prime Minister Nguyen Xuan Phuc told the National Assembly last week that based on the socio-economic results of this year’s first nine months, “We may, for the first time after so many years, accomplish or even over-fulfil all of the 13 socio-economic goals set by the National Assembly” (see box for details).

“This is quite a big success for our country, especially in the context that the economy is gradually changing its growth model, with a gradual reduction of natural resources and a focal shift to the manufacturing and processing industry, high-tech agriculture, and development of services and tourism,” PM Phuc said. “The achievement of comprehensive results in all sectors has contributed to strengthening confidence and inspiration, and has also been highly commended by the international community.

“For example, the United Nations has raised Vietnam’s Sustainable Development Index for 2017 by 20 ranks, to 68 out of 157 nations and territories,” he said.

A governmental report on Vietnam’s socio-economic situation delivered to the National Assembly last week stated, “It is expected that the economy will grow 6.7 per cent this year, reaching the National Assembly’s target set earlier.”

The economy grew 6.41 per cent in this year’s first nine months, higher than the 5.99 per cent in last year’s corresponding period. It rose to 7.46 per cent in this year’s third quarter from 6.28 and 5.15 per cent in the second and first quarters, respectively.

However, if the mining sector does not suffer from an estimated decrease of 5.9 per cent this year, the whole economy would surely grow upwards of 7.24 per cent, the government said.

“Thus, it is clear that the manufacturing and processing and service sectors, coupled with strong exports, have compensated for the decline in the mining sector,” Minister of Planning and Investment Nguyen Chi Dung told VIR.

The 6.7 per cent target will be hit thanks to strong growth in the economy’s key sectors this year, including the agro-forestry-fishery industry (up 3 per cent – a fourfold increase against 2016 to hit a record $35 billion in export turnover), construction (up 7.17 per cent), and services (up 7.25 per cent – the highest rise since 2008).

Regarding industrial growth, the manufacturing and processing sector, which creates 80 per cent of Vietnam’s industrial growth, is expected to rise by a record rate of 12.8 per cent year-on-year.

Also, Vietnam is projected to welcome a record number of 13 million international tourist arrivals this year, up 30 per cent against last year. Meanwhile, the number of local tourists may reach a record 75 million, up 12 per cent against 2016.

Also, Vietnam may reap a record export turnover of $202 billion this year, from last year’s $176 billion.