PM chairs monthly cabinet meeting for March 2018

Photo: VGP

• Overview of business establishment in first quarter of 2018

According to a report by the Ministry of Planning and Investment (MPI), Viet Nam’s gross domestic product (GDP) rose by 7.38% in the first quarter of 2018, much higher than the growth level of 5.15% in Q1 2017. This is also the highest Q1 growth rate recorded over the past decade.

The main drivers of the growth were the industrial and construction sectors, which grew 9.7% (compared to 4.48% in 2017 and 7.16% in 2016), especially the manufacturing industry, with the Index of Industrial Production (IIP) surging 13.9%.

First quarter growth between 2009 and 2018.

The agro-forestry and fishery, and service sectors also saw impressive growth, rising by over 4% and 6.7%, respectively. The total retail sales and service revenue posted an increase of 9.9%, in comparison to the 6.4% level of the same period last year. 

Viet Nam’s exports continued to hike, reaching US$54.31 billion, up 22% (compared to 12.8% in Q1 2017), with the domestic economic sector increased by 18.9% (compared to 12.8% in Q1 2017) and a trade surplus of US$1.3 billion.

International tourist arrivals to Viet Nam are still on the rise, reaching more than 4.2 million, up 30.9%. The stock market has developed strongly, with the VN-Index having surpassed its peak (1,170 points) in the past 11 years.

First quarter export values over the past decade. Unit: Billion USD.

Inflation has been kept under control, with the consumer price index (CPI) in March 2018 decreasing by 0.27% against the previous month. The average CPI in the first quarter rose by 2.82% over the same period last year, up only 0.97% compared to December 2017 and 2.66% compared to the same period last year.

During its monthly meeting for March, the Government will discuss the socio-economic situation in March and the first three months of 2018, and the growth scenario in 2018, in addition to debating a report providing additional assessments of the implementation results of the socio-economic development and state budget plans in 2017, and some other reports featuring the implementation of Resolution No. 36a, Resolution No. 35, and Resolution No. 19.

Cabinet members will also discuss a number of draft bills, such as draft laws on amendments and supplements to some articles of the Law on Public Investment, the Law on Construction, the Housing Law, the Law on Urban Planning, and the Law on Real Estate Business. 

                                                                                                                   By Vien Nhu