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The economy is moving positively

Ngày cập nhật: 04-26-2017

In 2016, GDP growth and export growth have not reached their target. Specifically, GDP increased only 6.21% against the target of 6.7%, export growth was only 8.6% compared with 2015, while the plan was 10%. However, the past year marked a positive trend reflected by the shift in both economic and export structure.

In 2016, GDP growth and export growth have not reached their target. Specifically, GDP increased only 6.21% against the target of 6.7%, export growth was only 8.6% compared with 2015, while the plan was 10%. However, the past year marked a positive trend reflected by the shift in both economic and export structure.

Reduced reliance on crude oil and coal

Data from the General Statistics Office (GSO) show that in the 6.21% increase of the economy, the industry and construction contributed 2.59 percentage points. Of which, industry increased by 7.06% and processing and manufacturing by 11.9%, contributing significantly to the overall growth rate of 1.83 percentage points.


The textile industry will continue to face difficulties in 2017 Photo: TAN THANH
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The textile industry will continue to face difficulties in 2017 Photo: TAN THANH


It is noteworthy that in 2016, the mining sector decreased by 4%, reducing 0.33 percentage points of general growth. This is the sharpest decline since 2011 to date. Mainly due to lower world oil prices, crude oil production fell by more than 1.67 million tonnes compared to 2015. Coal production was only 39.6 million tonnes, down 1.26 million tonnes. .

Last year, the industrial production index increased by 7.5% over the previous year. Of which, the manufacturing sector increased by 11.2%, contributing 7.9 percentage points to the overall growth rate. Particularly, the mining sector decreased by 5.9%, a decrease of 1.3 percentage points.

Pham Dinh Thuy, head of the GSO's Department of Industrial Statistics, analyzed that although the mining industry was "shocked", the economy showed a very positive sign because the manufacturing industry had the highest index the years. Mining industry is rising due to the world energy crisis and the trend in the coming years shows that the industry also continues to decline. This is a good indication that Vietnam has reduced mining dependency, increased processing and manufacturing when the sector index is the highest in recent years.

Ha Quang Tuyen, Director General of the National Accounts Department - GSO, said that 2016 was the first year Vietnam kept high growth but did not depend on exploiting natural resources. "It is a lesson for the process of economic restructuring, renewable resources growth in the future," - Tuyen acknowledged.

Processing industry contributes a great deal

Economic experts said that in 2016 there was a positive movement in the structure of goods and export markets.

According to the GSO, export turnover reached $ 175.9 billion, up 8.6% from 2015 and reached 10.6% if excluding price factors. Fuel and mineral commodities were estimated at $ 3.47 billion, down 29.2% from 2015.

Crude oil, prices and exports have fallen by $ 1.4 billion. Crude oil exports reached nearly US $ 2.35 billion, down 24.2 per cent in volume and 36.7 per cent in value year on year. Crude oil is even lower than the $ 2.4 billion export turnover of the fruit and vegetable sector.

Meanwhile, the processing industry is estimated at $ 141.2 billion, up 10.5% over the same period of 2015 and accounting for 80.2% of total export turnover. Noteworthy, items with high export turnover, high speed is the type of phones and components, estimated at $ 34.5 billion - up 14.4%, continues to overtake textiles has the largest export turnover since 2013 and is a global value chain.


On the export market of Vietnamese goods, in 2016, the US market continues to lead with $ 38.1 billion, up 14% over 2015; EU reached $ 34 billion, up 10%. Although many raw materials still focus on China, the market ranks third, behind the EU and the US, due to the low export value. Contrary to this trend, Vietnam's exports, especially those of high value, are growing well in the EU and US markets.

State budget revenue from crude oil in 11 months of 2016 reached about 39,500 billion, equaling 58% of the estimate

The economy is moving positively

The economy is moving positively

The economy is moving positively

The economy is moving positively

The economy is moving positively
The economy is moving positively
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