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Vietnam’s economic growth exceeds set target at 6.8%

The gross domestic product (GDP) growth in 2017 is estimated to expand by 6.81 percent, surpassing the Government’s set target of 6.7 percent.

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General Director of the General Statistics Office (GSO) Nguyen Bich Lam revealed the information at a press conference in Hanoi on December 27 to announce socio-economic indexes in 2017.

The agro-forestry-fishery sector is expected to increase by 2.9 percent, contributing 0.4 percentage points to the 6.81 percent GDP growth level

The country’s GDP grew quarterly, with 5.15 percent in Q1, 6.28 percent in Q2, 7.46 percent in Q3, and 7.65 percent in Q4.

The agro-forestry-fishery sector is expected to increase by 2.9 percent, contributing 0.4 percentage points to the 6.81 percent GDP growth level. The industrial and construction sector posted an 8 percent growth rate, contributing 2.77 percentage points whilst the service industry climbed by 7.44 percent, contributing 2.87 percentage points.

Lam said Vietnam’s socio-economic affairs 2017 took place in the context of steady recovery and growth of major economies such as China, the US, Japan, the Republic of Korea (RoK) and the European Union (EU).

The World Bank has forecast the global GDP would stand at 3 percent, while the International Monetary Fund (IMF) anticipated a growth of 3.6 percent this year, he noted.

Global trade activities also witnessed improvements. In September 2017, the World Trade Organisation (WTO) increased its forecast for global trade in 2017 to 3.6 percent, higher than the previous level of 2.4 percent and much higher than the growth of 1.3 percent in 2016.

They are active factors for domestic production since Vietnam has been integrating more extensively and intensively into the world’s economy, Lam explained.

He noted that inflation was curbed below the set target of the National Assembly. The country recorded high credit growth, abundant remittances and foreign direct investment (FDI), stable exchange rate, and increasing foreign exchange reserves.

Vietnam continued focusing on economic restructuring to increase competitiveness, improve the business environment, and promote start-up movements.

However, the country faced certain difficulties such as a strong reduction in farm produce and food prices, which had…

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Startups

Vietnam Loship secures investment from Skype co-founder

This capital injection marks Loship as the first portfolio company of MetaPlanet in Vietnam and Southeast Asia.

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Hanoi (VNS/VNA) – Loship, Vietnam’s fast-growing one-hour-delivery e-commerce startup, has announced its latest investment from Skype co-founder Jaan Tallinn.

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United States

US pledges to enhance cooperation with Mekong subregion’s countries

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The US will bolster support for countries in the Mekong subregion through the Mekong-US partnership, US Principal Deputy Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs Atul Keshap said at a recent online seminar to reveal results of a report on transboundary rivers and addressing challenges in Mekong River.

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Vietnam

Vietnam Import-export value surpasses 74 billion USD since 2021’s beginning

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Vietnam’s import-export turnover posted a year-on-year rise of 31 percent to reach 74.51 billion USD from the beginning of 2021 to February 16.

In the reviewed period, Vietnam enjoyed a trade surplus of 2.63 billion USD, according to the Vietnam Customs.

During the Tet (Lunar New Year) holiday 2021 from February 10-16, a total of 960 firms conducted import-export activities, up 363 against the Tet holiday 2020.

A total of 10,300 customs declaration forms were filled out, up 59 percent against the previous holiday.

Meanwhile, the import-export value hit 1.67 percent, a year-on-year increase of 53 percent.

Main exports included mobile phones and spare parts, computers, electronics and components./.


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