Vietnam's GDP growth closes to 7%, benefiting from manufacturing growth

by:Gewinn     2022-04-22
After China devalued the yuan, the State Bank of Vietnam also devalued the Vietnamese dong three times this year to stimulate exports. The Asian Development Bank said in its latest report that Vietnam's economic growth in 2015 may be the fastest among the six major Southeast Asian countries. According to data released by the Bureau of Statistics: Compared with the same period last year, the economy grew by 7.01% in the fourth quarter, which was an acceleration from 6.87% in the third quarter. In 2015, the economy grew by 6.68%, beating the government's forecast of 6.2%. The IMF's representative in Vietnam said Vietnam's economic growth 'has achieved milestone victories, mainly due to exports from foreign-invested companies and domestic demand.' Compared with the previous year, exports increased by 8.1% in the past year, of which 71% came from foreign business. LeThiMinhThuy, head of the trade department at the National Bureau of Statistics, said the growth in exports fell short of the government's 10% target, mainly 'due to the fall in commodity prices in the global market.' Meanwhile, imports rose 12% compared to last year, and in December The trade deficit was $300 million, compared with a trade surplus of $263 million in November. According to data released by the central bank, compared with the beginning of the year, credit increased by 17.2% in December. Annual retail sales growth was 9.5 percent, industrial production was 9.8 percent, and manufacturing was up 10.6 percent. Paid foreign investment rose 17.4 percent to a record $14.5 billion, and contracted foreign investment rose 12.5 percent. Vietnam's central bank devalued the Vietnamese dong by 1% in August and expanded the scope of the deal. At the same time, lower energy prices have reduced domestic inflation. The government will focus primarily on revitalizing businesses, especially private ones, to increase productivity in 2016-2020. Vietnamese Prime Minister Nguyen Tan Dung said on December 5 that the Vietnamese legislature had set the 2016 GDP target at 6.7% last month. Nguyen Bich Lam, director of the National Bureau of Statistics, said that the challenges that Vietnam's economy will face in 2016 include falling global oil prices and pressure on the appreciation of the Vietnamese dong.
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