PM highlights Top 10 socio-economic indicators in Q1

VGP – PM Nguyen Xuan Phuc highlighted Top 10 socio-economic indicators in Q1, 2017 at the Government’s regular meeting for March.

April 03, 2017 9:26 AM GMT+7

PM Nguyen Xuan Phuc (standing) at the Government’s regular meeting for March, Ha Noi, April 3, 2017 - Photo: VGP/QUang Hieu

*Top 10 socio-economic indicators

PM Phuc mentioned the following ten most impressive socio-economic indicators:

• stable macro-economy;

• 0.9% growth rate of CPI in March (in comparison with 0.99% in the same period last year);

• high credit growth pace (2.81% against 1.54% in 2016);

• sharp exports estimated at over US$ 43.7 billion, representing a year-on-year surge of 12.8%;

• increasing agricultural and service sectors;

• rapid growth of foreign visitors with over 3.2 million or up 29%;

• strong FDI inflow with US$ 7.71 billion (up 77.6%); and US$ 3.62 billion of FDI disbursement (up 3.4%);

• higher budget collection, meeting 23.4% of forecast, up 13.5% against the same period last year;

• over 26,400 newly-founded enterprises, up 11.4% in number and 45.8% in value;

• Nikkei Viet Nam Manufacturing Purchasing Managers' Index, or PMI, rose to a

22-month high of 54.6 in March from 54.2 in February, higher than ASEAN’s average rate of 50.9;

Moreover, the business environment has been improved as 51 out of 63 cities and provinces entered the “good” management group in the VCCI’s Provincial Competitiveness Index.

Coping with low GDP

However, Viet Nam is struggling against a low GDP growth rate at 5.1%. While the agricultural and service sectors grew fairly, the industry and construction sectors suffered low growth paces.

Experts attributed the low GDP to poor performance of oil exploitation, and manufacturing activities. Hence, the PM asked for further discussions to resolve the slow GDP growth rate in Q1.

The Government chief also stressed the shortcomings of slow SOEs equitization, traffic accidents, as well as large-scale fire and explosion cases.

On this occasion, the Cabinet will discuss the implementation of the law making program; a draft decree on management and development of industrial complexes; a draft National Assembly’s Resolution on unemployment insurance funds for labor employers.

The Government will listen to a report of the Minister of Science and Technology on the fourth industrial revolution./.

By Huong Giang