2017—a year of remarkable success
2017—a year of remarkable success
With 13 socioeconomic development targets accomplished and a GDP growth of 6.7 per cent—the highest in the last ten years—2017 is considered a special year for the Vietnamese economy.
Prime Minister Nguyen Xuan Phuc said that the Vietnamese economy has developed well in almost all fields. All 13 economic goals set forth were accomplished and exceeded, contributing to developing an exciting business and investment environment and consolidating people’s confidence.
Notably, GDP growth hit 6.7 per cent, the highest in the past decade. Macroeconomic performance was stable. Inflation was brought under control, while exports surged sharply and the industry recovered at a remarkable pace.
The number of newly-established businesses was estimated at 126,860, setting a new record against the 110,100 recorded in 2016 with a total value of newly and additionally registered capital of over VND3,172 trillion (equivalent to $139.43 billion) and 26,448 businesses resumed operation.
The FDI sector made increasingly significant contributions to socioeconomic development. The amount of registered FDI capital set a new record since 2009 with $35.6 billion. Disbursed capital hit $17.5 billion, the highest figure over the last ten years.
The business environment and national competitiveness index both improved remarkably. According to the World Bank’s Doing Business 2018 report, Vietnam ranked 68th among 190 economies, up 14 ranks against 2017 and 30 ranks against 2012. The World Economic Forum (WEF) also ranked Vietnam 55th overall, up five places from last year.
Earlier, the Global Innovation Index 2017 (GII 2017) of World Intellectual Property Organization (WIPO) ranked Vietnam 47th from the 59th last year. This was the best performance Vietnam has made.
In the last month, Moody's Investors Service also changed the outlook of the Vietnamese banking system to positive from stable. At the end of November, VN-Index and HNX-Index leaped 42.87 and 42.19 per cent, with the trading volume and value both at record levels.
Socio-political performance was stable. Diplomatic affairs and international integration were promoted, especially by the successful hosting of the APEC Vietnam 2017. The position and reputation of Vietnam have been improved sharply.
According to PM Phuc, the fulfillment of the 13 preset goals was a great success, especially as the economy is shifting towards the processing and manufacturing sector and high-tech farming.
