Vietnam’s economy witnessed positive changes in the first nine months of 2017 with growth increasing from quarter to quarter, according to Director General of the General Statistics Office (GSO) Nguyen Bich Lam.
Vietnam’s economy accelerates in nine months (Illustrative image. Source: VNA)
Hanoi (VNA) – Vietnam’s economy witnessed positivechanges in the first nine months of 2017 with growth increasing from quarter toquarter, according to Director General of the General Statistics Office (GSO)Nguyen Bich Lam. Gross domestic product (GDP) in the first quarter expanded by5.15 percent, the second quarter 6.28 percent, and the third quarter 7.46percent – the highest level since 2011, Lam said. Contributing to the country’s overall economic growth of 6.41percent in January-September was the processing and manufacturing industry –which posted a growth rate of 12.8 percent, the services sector 7.25 percent,and the agricultural sector 2.78 percent. International tourists arrivals in Vietnam in the nine monthsremained high with more than 9.4 million arrivals, a year-on-year rise of 28.4percent. The tourism sector hopes to welcome 13 million foreign visitors in2017. January-September growth was also buoyed by exports, whichclimbed 19.8 percent compared to the same period last year (6.7 percent) to anestimated 154 billion USD, exceeding the year’s target of seven percent. In the Global Competitiveness Report 2017-2018 by the WorldEconomic Forum, Vietnam jumped to 55th place, up five spots from last year and20 from five years ago. Vietnam also leapt nine notches to 82nd out of the 190economies in the “Doing Business 2016: Equal Opportunity for All” report by theWorld Bank, maintaining fifth position in ASEAN. In the first nine months of 2017, Vietnam attracted 25.5billion USD in foreign direct investment (FDI), a year-on-year rise of 34.3percent, while 12.5 billion USD of FDI was disbursed, up 13.4 percentyear-on-year. As many as 93,967 new enterprises were established with a totalregistered capital of 902.7 trillion VND (about 39.7 billion USD), up 15.4percent in number and 43.5 percent in capital. Inflation was held below four percent, while core inflationaveraged 1.45 percent up to September and is forecast to approximate 1.5-1.8percent this year, below the target assigned by the National Assembly.-VNA
Macroeconomic indexes have experienced positive changes over the last nine months, showing the effectiveness of Vietnam’s financial and monetary policies, according to the National Financial and Monetary Policy Consultation Council.
Vietnam’s gross domestic product (GDP) in the first nine months of 2017 grew about 6.41 percent as compared to the same period last year, reported the General Statistics Office (GSO).
The total retail sale value of goods and services from January to September posted the highest year-on-year increase in 2017, according to the General Statistics Office (GSO).
The Vietnam Manufacturing Purchasing Managers’ Index (PMI) rose in September, with faster rises in output, new orders and employment on the back of stronger customer demand.
Accumulated foreign direct investment (FDI) in the real estate sector reached 51.1 billion USD as of the end of September, accounting for 16.5 percent of the total FDI in Vietnam, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam’s economy accelerates in nine months (Illustrative image. Source: VNA)
