Vietnam’s 2017 GDP Grows Fastest in 7 Years
28-12-2017

The GDP growth was driven by a recovery in agricultural production, and a pickup in both industrial output and services.

Vietnam’s 2017 GDP Grows Fastest in 7 Years

Vietnam's economy has expanded 6.81% in 2017.

Vietnam’s gross domestic product (GDP) has expanded 6.81% in 2017, the most rapid rate since 2011, driven by a recovery in agricultural production, and a pickup in both industrial output and services, government statistics show.

The country’s economic growth accelerated to 7.65% in the fourth quarter (Q4) ending December, compared to 5.15% in Q1, 6.28% in Q2 and 7.46% in Q3, the General Statistics Office said in a report on Wednesday.

The growth rate has beaten the government’s initially planned 6.7% and came at little surprise following the much-higher-than-expected July-September rate.

A breakdown shows that agricultural output has risen 2.90% this year, versus 1.36% in 2016. Industry and construction has picked up 8.0% while the growth rate for services has been 7.44% in 2017.

Notably, the banking-finance sector has increased 8.14%, the fastest over the past seven years. Similarly, the real estate sector’s growth has hit a seven-year high at 4.07%.

Vietnam’s 2017 GDP is estimated at 5,007.9 trillion dong ($220.6 billion) at current prices, translating in income per capita of $2,385, $170 higher than in 2016.

Tuan Minh / BizLIVE

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