All 13 preset norms in 2017 fulfilled

Deputy PM Binh made the announcement while delivering a Government’s report at the Government’s conference with localities on December 28 in Ha Noi. 

Mr. Binh stressed that thanks to great endeavors of the whole Party, people, and army, all preset goals have been fulfilled. This was an enormous triumph in the context that the economy has gradually transformed the growth model towards lesser reliance on the exploitation of natural resources and the development of the processing and manufacturing sector, high-tech farming, response to climate change, service, and tourism. 

The comprehensive achievements contributed to consolidating people’s confidence and were highly valued by the international community.  Viet Nam’s ranking in Sustainable Development Goals Index of the UN was also raised by 20 levels to the 68th place out of 157 countries and territories.

In economic development, the Government regulated in an active and flexible manner; closely coordinated the monetary and fiscal policies with others to rein in inflation; stabilize the macro-economy; and promote growth. Average consumption rate went up 3.53%. Inflation rate picked up 1.41%. Credit growth was around 19%. Interest rate dropped by 0.5-1%. Foreign reserve reached a record high of US$ 51.5 billion. 

Financial and State budget discipline was strengthened. Total State budget collection rose 2.3% against forecast and 13% against the same period last year. State budget overspending accounted for 3.42% of GDP, lower than the preset goal of 3.5%. Public debt was kept at permitted limits and showed signs of decline. 

The report said that export was estimated at US$ 214 billion, up 21.1%. Overseas shipment of the agro-forestry-fishery sector outstripped US$ 36 billion. Total export exceeded US$ 420 billion. Trade surplus was US$ 2.7 billion.  

Total FDI attraction was estimated at US$ 29.7 billion, up 44.2%. FDI disbursement hit US$ 17.5 billion, up 10.8%. The stock market reached 950 points, the record high since 2008. Total social investment capital was projected at about 33.3% of GDP, up 12.1%. 

Business development was positive with nearly 127,000 new  businesses and 26,500 enterprises having resumed operation.  

The World Economic Forum (WEF) also ranked Viet Nam 55th overall, up five places from 2016. The World Bank (WB)’s Doing Business 2018 report, Viet Nam ranked 68th among 190 economies, jumping 14 steps against 2017 and 30 notches against 2012.

GDP growth rate reached 6.81%. Key sectors and fields progressed significantly. Agricultural sector was estimated to expand 2.9%. Aquaculture expanded 5.54%. Industry and construction surged 8%. Total retail sales of goods and services picked up 10.9%. The number of foreign arrivals reached 12.9 million, representing a year-on-year growth of 29.1%. 

State capital withdrawal processes were conducted at Sabeco and Vinamilk. The Government also drastically handled 12 weak projects with initial outcomes. 

The economic restructuring plan in combination with growth modal transformation got initial results towards lesser reliance on the  exploitation of natural resources especially oil; the restructuring of industries and services in favor of innovations, creativity, high-tech applications and environmentally-friendly technologies. 

In 2017, the Government generated jobs for 1.63 million people and sent 128,000 workers to work abroad. The number of poor households classified to multidimensional standards dropped to only 6.9%. Social insurance coverage was 13.5 million. About 11.4 million people had unemployment insurance./.

By Thuy Ha