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GDP in quarter three posts record high of 7.46%

Tu Hoang
Monday,  Oct 2,2017,19:15 (GMT+7)
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GDP in quarter three posts record high of 7.46%

Tu Hoang

GSO General Director Nguyen Bich Lam speaks at a press conference on the country’s nine-month socio-economic situation in Hanoi on September 29 - PHOTO: THUY HIEN

HCMC – The national gross domestic product (GDP) growth in the third quarter reached a record high of 7.46%, according to the General Statistics Office (GSO).

GSO general director Nguyen Bich Lam said at a press conference in Hanoi on September 29 that the economic growth has shown positive signs. Significant breakthroughs have been made in the processing and manufacturing sector and export activities.

He added the restructuring of agriculture, forestry and fisheries as a whole, as well as the role of an “enabling State” has proven effective. The major balances of the economy have been sustainable, and inflation has been curbed.

The GDP growth in the year to September grew by 6.41%, driven by a 2.78% pickup in agriculture, forestry and fishery, a 7.17% rise in industry and construction, and a 7.25% improvement in services.

The speedy recovery and growth of the processing and manufacturing sector, and the impressive result of the services sector are major factors contributing to the economy’s overall growth rate.

In particular, the processing and manufacturing sector rose by a sharp 16.63% in quarter three, the highest since 2011 thanks to electronics products, computers, phones, metals and metal products.

The production index of electronic products, computers and phones in quarter three rocketed to 45.5% against the year-ago period, making the January-September period increase to 25.1%, as the Samsung Group expanded its production of high-valued electronic products.

Vietnam fetched US$154 billion in export revenue in the nine-month period, a year-on-year rise of 19.8%.
The consumer price index (CPI) last month rose by 0.59% compared to August, expanding 1.83% against December 2016, and 3.04% year-on-year. Overall, the average CPI inched up 3.79% in the year to September.

As such, the target to curb inflation and keep the all-year CPI of less than 4% is attainable.

Direct and indirect foreign investments amounted to US$25.5 billion in the nine months, increasing by 34.3% year-on-year.

The country has had over 93,900 startups with total registered capital of around VND902.7 trillion in the nine-month period, up 15.4% and 43% respectively over the same period last year. Notably, around 21,100 suspended enterprises had resumed operations, rising 2.9% year-on-year and bringing the total number of businesses that have been newly established and resumed business to over 115,000.

The GSO general director said this year’s 6.7% growth target will come true if the GDP in the last quarter reaches 7.31%. This is an ambitious target, however.

He stressed the positive results in the past nine months, especially the trend in the third quarter, has created a strong momentum, and thus the GDP growth target for 2017 will likely be met.

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