Vietnam saw 126,859 new enterprises established with a total registered capital of 1,295.9 trillion VND (57 billion USD) in 2017, up 15.2 percent in number and 45.5 percent in capital year-on-year.

126,859 new enterprises established in 2017 - Illustrative image

According to the General Statistics Office (GSO), 26,448 enterprises resumed operation this year.

In the year, Vietnam’s export turnover reached 213.77 billion USD, up 21.1 percent compared with that of the previous year – the highest-ever increase.

The domestic sector contributed 58.53 billion USD to the turnover, an increase of 16.2 percent, while foreign-invested enterprises posted an import-export turnover of 155.24 billion USD, up 23 percent year-on-year.

The GSO said that as of December 20, foreign investors registered nearly 36 billion USD of capital in new and existing projects and share purchase. Disbursement is estimated at 17.5 billion USD, a year-on-year rise of 10.8 percent – the highest-ever growth rate.

State budget collection is estimated at 1.14 quadrillion VND (50.16 billion USD), equal to 91.1 percent of yearly estimates, while budget spending reached 1.21 quadrillion VND (53.24 billion USD).

The gross domestic product (GDP) growth in 2017 is estimated to expand by 6.81 percent, surpassing the Government’s set target of 6.7 percent.

GSO General Director Nguyen Bich Lam said that a big trade deficit in services is causing a slow-down in GDP growth.

Therefore, he suggested the country focus on developing services serving import-export activities such as transportation, insurance and financial services.

To achieve a GDP growth rate of 6.5-6.7 percent, consumer price index of 4 percent, and a 7-to-8 percent increase in import-export turnover in 2018, he said that ministries, sectors and localities should continue with institutional reform and business environment improvement.

Priority should be given to implementing measures to increase labour productivity, developing manufacturing and processing industries and producing more raw materials so as to reduce trade deficit.

Management agencies must strictly supervise the spending of State budget, Lam stressed.-VNA