Hanoi (VNA) – The gross domesticproduct (GDP) growth in 2017 is estimated to expand by 6.81 percent, surpassingthe Government’s set target of 6.7 percent.

General Director of the General StatisticsOffice (GSO) Nguyen Bich Lam revealed the information at a press conference inHanoi on December 27 to announce socio-economic indexes in 2017.

The country’s GDP grew quarterly, with 5.15 percent in Q1, 6.28 percent in Q2,7.46 percent in Q3, and 7.65 percent in Q4.

The agro-forestry-fishery sector is expected toincrease by 2.9 percent, contributing 0.4 percentage points to the 6.81 percentGDP growth level. The industrial and construction sector posted an 8 percentgrowth rate, contributing 2.77 percentage points whilst the service industryclimbed by 7.44 percent, contributing 2.87 percentage points.

Lam said Vietnam’s socio-economic affairs 2017took place in the context of steady recovery and growth of major economies suchas China, the US, Japan, the Republic of Korea (RoK) and the European Union(EU). 

The World Bank has forecast the global GDP wouldstand at 3 percent, while the International Monetary Fund (IMF) anticipated a growthof 3.6 percent this year, he noted.

Global trade activities also witnessed improvements. In September 2017, theWorld Trade Organisation (WTO) increased its forecast for global trade in 2017to 3.6 percent, higher than the previous level of 2.4 percent and much higherthan the growth of 1.3 percent in 2016.

They are active factors for domestic production since Vietnam has beenintegrating more extensively and intensively into the world’s economy, Lamexplained.

He noted that inflation was curbed below the settarget of the National Assembly. The country recorded high credit growth,abundant remittances and foreign direct investment (FDI), stable exchange rate,and increasing foreign exchange reserves. 

Vietnam continued focusing on economicrestructuring to increase competitiveness, improve the business environment,and promote start-up movements. 

However, the country faced certain difficultiessuch as a strong reduction in farm produce and food prices, which had negativeimpacts on livestock breeding, while natural disasters and diseases wrecked havocin many localities.

According to the GSO, the economy in 2017 wasworth 5 quadrillion VND (equivalent to 223 billion USD); the average GDP percapita is estimated at 53.5 million VND (2,385 USD), up 170 USD compared to the2016 rate. Goods and service exportsincreased by 16.74 percent while imports of goods and service rose by 17.5percent.-VNA