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Vietnam Today

VEPR: Q3 growth at 7.46%

Released at: 08:00, 01/01/1970

VEPR: Q3 growth at 7.46%

Photo: Ngoc Lan

Report from Vietnam Center for Economic and Policy Research puts growth in third quarter at 7.46 per cent.

by Ngoc Lan

Economic growth reached an impressive 7.46 per cent in the third quarter of 2017, the highest for seven years, the Vietnam Center for Economic and Policy Research (VEPR) wrote in a report released on October 11.

Growth was therefore 6.41 per cent in the first nine months of the year, with agriculture and services improving year-on-year.

Industry and construction have been growing strongly, especially the processing and manufacturing industry, which grew 12.77 per cent.

Other industrial production indicators were positive during the third quarter. The report noted the industrial production index rose 7.9 per cent, the highest since early 2016, mainly due to attracting foreign investment.

The Vietnam Economic Performance Index (VEPI) also showed a recovery of 6.56 per cent in the third quarter, according to the General Statistics Office (GSO).

VEPR Director Mr. Nguyen Duc Thanh told a press conference on October 11 releasing the report, entitled “Independent Assessment of Vietnam’s Macroeconomic Policies”, that in the context of high economic growth in the third quarter, VEPR has adjusted its growth forecast for the fourth quarter to 7.12 per cent and for annual growth of 6.64 per cent, up 0.27 percentage points compared with its forecasts after the second quarter. “However, inflation is expected to rise to 4.16 per cent, exceeding the government’s target of 4 per cent,” he added.

Economist Nguyen Tri Hieu told the conference he believes that economic growth of 6.7 per cent is perfectly feasible. “However, Vietnam should have a plan to cope with the fluctuating economic situation in the world,” he added.

Dr. Pham The Anh from the National Economics University said he expected that with GDP growth of 7.46 per cent in the third quarter, the burden on achieving the annual target of 6.7 per cent may have been eased and the government could pursue long-term instead of short-term policies.

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