return icon

Vietnam among fastest-growing economies in Asia in 2017: economists

VietNamNet Bridge - Though skeptical about the 6.7 percent GDP growth rate target, economists still believe Vietnam will be among Asia's fastest growing economies.

VietNamNet Bridge - Though skeptical about the 6.7 percent GDP growth rate target, economists still believe Vietnam will be among Asia's fastest growing economies.


Answering inquiries before the National Assembly on November 17, Prime Minister Nguyen Xuan Phuc said Vietnam has no other choice than to make every effort to obtain high growth.

Dang Duc Anh from the Center for Socio-economic Information and Forecasting Center, an arm of the Ministry of Planning and Investment, has drawn three scenarios for Vietnam’s economic performance in 2017.

In scenario 1, Vietnam would see GDP growth rate of 6.2 percent. In scenario 2, the GDP growth rate would be 6.44 percent. And in scenario 3, the figure would be 6.72 percent.

However, he said the high economic growth rate of 6.72 percent can be obtained only if there are 12 important conditions, both subjective and objective.

One of the conditions is that Vietnamese productivity increases to the average level in the region.

Though skeptical about the 6.7 percent GDP growth rate target, economists still believe Vietnam will be among Asia's fastest growing economies.

Meanwhile, this is always a headache for Vietnam. According to the General Statistics Office (GSO), in 2015, the productivity was $3,657 (VND79.3 million), which was just equal to 1/15 of Singapore, 1/5 of Malaysia and 2/5 of Thailand.

The economists who attended a recent workshop on the economic performance in 2017 also agreed that the 6.7 percent GDP growth rate target may be unreachable 

Nguyen Tri Hieu, a renowned banking expert, thinks the GDP would grow by 6 percent in 2017 instead of 6.7 percent as wanted.

Other experts, though more optimistic, also don’t think the 6.7 percent target is attainable. 

Nguyen Tu Anh, deputy director of the State Bank’s Monetary Policy Department, predicted a 6.6 percent growth rate.

Meanwhile, deputy head of the Central Institute of Economic Management (CIEM) Vo Tri Thanh predicted the growth rate would be between 6-6.5 percent, saying that investments in 2017 may not be as high as in 2016.

However, Thanh, like other economists, believe that Vietnam will be a bright part of the Asian economy in 2017.

Vietnam Report, a credit rating firm, which conducted a survey on 500 Vietnamese largest businesses, found that most businesses were optimistic about their production and business performance in the first three months of 2017.

The businesses, encouraged by the good results in 2016, hope things will be even better in 2017.

When asked about business expansion plans in the next two years, 76 percent said they will expand the business scale, 19 percent have plans to expand business and only 5 percent said they will maintain the current business scale.

Twenty five businesses said they have been seeking M&A opportunities or have been under negotiations for M&A in the last three years.

related news

Kim Chi


10-year-old translator brings scientific knowledge closer to young readers

Children’s history book series, Unstoppable Us, by best-selling author Yuval Noah Harari, has been translated from English into Vietnamese by a 10-year-old translator and published by Omega Plus.

Floods kill five in central region

Heavy downpours and floods in the central region in the past few days claimed the lives of five people as of 5pm on December 6.


Vietnam spends nearly 190 million USD on importing pork in ten months

Vinfast faces challenges in North America

North America is a promising market, but it is not easy to be successful because there are many rivals there.

Festivities celebrate holiday season in HCM City

HCM City is preparing to launch a series of festivities to celebrate the New Year and Tet holidays (Lunar New Year).

Young driver offers thousands of free rides for poor patients

Dang Xuan Hieu, 24, has for four years given free trips to thousands of poor patients in Ha Giang Province.

Policies take effect in December 2022

Below are among new policies on import and export nomenclature, electricity generation price bracket, and licenses to manufacture tobacco products taking effect from December.

Finance Ministry to raise taxes on land and housing

Taxes on land and housing in Vietnam are far lower than those in other countries, exposing the need for higher tax rates to improve fiscal revenues.

Vietnam, RoK enter new chapter of cooperation

Vietnam and the Republic of Korea have entered a new chapter in their relationship as they upgraded to a comprehensive strategic partnership during President Nguyen Xuan Phuc's official visit to the country.

Free piano class for the elderly in HCM City

A piano class has been run free-of-charge for elderly people in Ho Chi Minh City for the past five years.

Business safety in the digital age

Vietnamese businesses are facing challenges related to cyber security and difficulties adapting to digital transformation.

Tax refunds worth trillions of VND

Tax bodies are working on problems related to VAT refunds in order to help businesses get money to invest in operations, following a dialogue held last week.

Legal loopholes exist for trading forbidden goods

Many students believe that e-cigarettes are not toxic, but are fragrant and stylish.

Quang Ninh to develop night-time economy, awaken tourism

On July 27, 2010, the Prime Minister signed a decision approving Vietnam’s night-time economy development plan.