To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.
Whilst the Government continues with its policy of enabling the business environment with a reduction in bureaucracy and the number of licenses and approvals the economy has overall shown some really great results.
GDP, has against the odds, achieved a growth of 6.8% higher than the target of 6.7% and certainly ahead of that predicted by all the pundit, myself included. Industry and construction achieved an 8% growth, with services at 7.4% and agriculture 2.9%.
Total foreign trade for the first time exceeded US$ 400 billion double that of 2011 with exports at a record US$ 210 billion, facilitating a significant trade surplus of over US$ 3 billion.
Inflation was kept under the target cap of 4% and wholesale and retail sales grew over 8.3%
Another really bright spot was the tourism sector which recorded a record 13 million international visitors, an increase of 29% and domestic tourists numbering 73 million, also a significant increase over 2016. China reached 4 million inbound tourists accounting for over 30% of all inbound visitors which is posing some challenges as shown by the fact that the growth in revenue from tourism is growing at a lower rate than tourists themselves.
Foreign Direct Investment rose 44% to reach a record US$ 35.88 billion of which 50% was actually disbursed. US$ 21.2 billion came from new projects, US$ 8.4 billion from additional investment in existing projects and US$ 6.2 billion from foreign indirect investment and M & A transactions.
The Vietnam Dong remained stable against most major currencies and the country’s foreign exchange reserves reached record levels at close to US$ 50 billion.
The stock market benefiting from the above successes closed on a 10 year record high just below the 1000 mark.
All in all a terrific performance and providing a positive outlook for 2018. This will be covered next week.
Wishing everyone a Healthy, Happy and Successful New Year.