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Over the past six months, Vietnam’s consumer price index (CPI) rose more than 1.7% compared to the same period last year.


Changing Face of Vietnam

Projected Economic Growth 2016

In the first half of this year, Vietnam’s economy showed signs of rallying. The macro economy stabilized and GDP increased 5.52%.

In the first half of 2016, Vietnam’s economy was strongly affected by the decline of many major economies around the world. Domestically, it faced great losses due to natural disasters.

The Mekong Delta region suffered its worst drought in almost a century. In Vietnam’s northern provinces cold spells killed thousands of cattle and crops.

Southern provinces suffered saline intrusion which devastated agricultural production.

There was optimism at for economic growth and recovery at the end of 2015 but

but Vietnam found it hard to reach its economic growth target. The Government did, however, make every effort to improve business and investment environment.

This is partly due to slow growth of the global economy, specifically global trade. Other difficulties exist which slowed growth in Vietnam’s agricultural sector in the current year.

Over the past six months, Vietnam’s consumer price index (CPI) rose more than 1.7% compared to the same period last year.

The Index of Industrial Production (IIP) for the processing and manufacturing industry increased more than 10%. Retail sales and service revenue posted an increase of 9.5%.

During the remaining months of this year when Vietnam will fully implement several free trade agreements, its export markets are likely to expand, creating an opportunity for export revenues to rise, particularly from farming and aquatic products.

According to the Ministry of Industry and Trade, Vietnam’s exports might grow 8.5% for the year.

Foreign direct investment attraction grew strongly, with total disbursed capital more than US$7.2 billion, up 15% over last year. The total registered FDI reached US$11 billion, double last year’s total at this point.

Doctor Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research, says reaching the target will require greater efforts by the government, ministries, sectors, provincial authorities, and businesses.

“We also need a fair competitive environment for businesses and a council to prevent the development of monopolies or factionalism,” according to Doctor Nguyen Duc Thanh. He added: “We should also improve the quality of the labor force and find new ways to provide qualified personnel for industries.”

Although the growth rate is lower than last year, it has been steady, thanks to the growth of industrial production and domestic retail sales.

In first 6 months of this year, some economic indicators of Ho Chi Minh City manifested significant increase – a remarkable turning point and important stepping stone to sustainable development.

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