Vietnam tries to overcome hurdles to realize economic target for 2017

Vietnam faced many difficulties in the first quarter of this year but its socio-economic situation showed some positive signs nonetheless.

The macro economy remained stable, the CPI increased a mere 0.9%, which was less than the same period last year, exports soared almost 13% to more than US$43 billion, and agriculture and services achieved higher growth than last year.

Agriculture-forestry-fisheries achieved an annualized growth of 2% and international arrivals grew 29% to over 3.2 million. Generally, GDP growth in the first three months was 5.1%, lower than last year.

Deputy Minister of Planning and Investment Dao Quang Thu blamed the slower growth mainly on a decline in mining, oil, and gas. He said over 15 million tons of oil was extracted last year but this year’s plan is for just 12 million tons. In the first quarter, oil extraction fell by 600,000 tons.

Deputy Minister of Planning and Investment Dao Quang Thu

Vietnam faced many difficulties in the first quarter of this year but its socio-economic situation showed some positive signs nonetheless.

The macro economy remained stable, the CPI increased a mere 0.9%, which was less than the same period last year, exports soared almost 13% to more than US$43 billion, and agriculture and services achieved higher growth than last year. Agriculture-forestry-fisheries achieved an annualized growth of 2% and international arrivals grew 29% to over 3.2 million. Generally, GDP growth in the first three months was 5.1%, lower than last year.

Deputy Minister of Planning and Investment Dao Quang Thu blamed the slower growth mainly on a decline in mining, oil, and gas. He said over 15 million tons of oil was extracted last year but this year’s plan is for just 12 million tons. In the first quarter, oil extraction fell by 600,000 tons.