Weaker growth in many sectors According to the General Statistics Office (GSO), Vietnam’s GDP growth in the first quarter of 2017 reached only 5.1%, lower than the 6.72% and 5.48% expansion rates in the same period of 2015 and 2016 respectively. Head of the GSO’s Department of National Accounts Ha Quang Tuyen said there were three reasons behind weaker than expected growth in the last three months. Firstly, the lingering effects of drought and saltwater intrusion from last year led to a sharp reduction in rice growing areas, which in turn caused a contraction in the plant cultivation subsector. Secondly, industrial growth slowed to 4.1% from 7.4% recorded in the first three months of 2016, mainly as a result of a manufacturing slowdown. Notably electronic production shrank 1% compared with 11.3% growth last year as a result of Samsung’s poor performance. Thirdly, the mining sector was affected by the government’s endeavour to balance growth and natural resource exploitation as part of a drive to restructure the economy and renew the growth model. Tuyen said if it had not been for the record number of newly established enterprises in 2016, Vietnam’s growth in the first quarter could have been lower, with… Read full this story
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