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Highest economic growth in 8 years

On the 28th and 29th of December, Prime Minister Nguyen Tan Dzung chaired the video conference between localities to implement the congress’s decision about the socioeconomic development mission and State budget prediction in 2016. Mr. Nguyen Phu Cuong – Provincial Party Committee Secretary chaired the broadcasting venue in Dong Nai​


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Dong Nai is one of a few provinces with trade surplus from 1.4 billion USD. Footwear provides the highest trade surplus. Photo: Footwear manufacturing in Dong Nai Casum Shoe jsc. (Bien Hoa) Photo credit: H.GIANG
 

In 2015, Vietnam had the highest economic growth in the past 8 years with GDP of nearly 6.7%. Vietnam competitiveness ranked from 93th to 90th. In Dong Nai province, Gross Regional Domestic Product (GRDP) raised nearly 12% in 2015 in compare with 2014, nearly doubled the Gross Domestic Product (GDP) per capita income was 67 million VND/capita/year. FDI is nearly 2.45 billion USD, Total Export is over 14.4 billion USD
 
*Good economic development
Beside some difficulties such as fluctuation in foreign currency exchange rate, crude oil and agricultural produce price drop in 2015, there were still many advantages such as successfully signing up the Free Trade Association (FTA), completing the Trans Pacific Partnership (TPP) negotiation between FTA Vietnam and the EU. These enhanced the export and attracted more FDI to get more opportunity from the FTA and TPP.
Mr. Bui Quang Vinh, Minister of Planning and Investigation said, in 2015 the new projects and old projects with additional investment value was 22.76 billion USD in total, 12.5% more than last year, in which, FDI was 14,5 billion USD, 17% more than last year. Ho Chi Minh city, Tra Vinh, Dong Nai and Binh Duong are the top 4 localities in FDI attraction. Korea, Malaysia and Japan are the top 3 FDI countries in Vietnam. 2015 was the record year with nearly 93,900 new enterprises founded, 25.4% more in quantity and 38% more in capital in comparison with 2014.
According to Ministry of Industry and Trade, crude oil price continuously fell down to 35-36 USD/barrel, which made Vietnam lost about 3 billion USD. Price of many agricultural produces fell remarkably but the export still rose 8% more, thanks to the footwear, textile and electronic. “The footwear, textile and seafood sections were really valued by the US and Euro markets and in 2016, the export to these market shall continue to rise if the enterprises keep the good product quality. The enterprises shall pay attention not to let some shipments to be returned or they shall lose reputations and possibly lose the market”. Said Mr. Vu Huy Hoang – Minister of Industry and Trade.
In 2015, the average domestic industry index rose 9.8% more than last year, automobile, electronic and processing are the top gross industries.
 
*Restructuring in various fields
2016 is the first year of socioeconomic development in period 2016-2020, so the government continues to maintain the development and raise the competitiveness to continue to attract more FDI to Vietnam in many fields. Mr. Nguyen Xuan Phuc – Deputy Prime Minister said: “In 2016, Vietnam continue to stabilize the macroeconomic, restructure many fields to enhance the socioeconomic development to deeply integrate and get more opportunity from the signed FTA and lead the TPP. Vietnam will strive to rise 6.7% more in GDP, under 5% more in CPI, 10% more in export. 1.3-1.5% less of poverty and over 50% of trained labor”.
As predicted, in 2016, El Nino will continue to affect Vietnam, causing hot and dry climates many places, decreasing agriculture productivity. Agricultural export will continue to compete severely with many countries and prices of some products do not seem to be competitive enough.  Mr. Cao Duc Phat – Minister of Agriculture and Rural Development warned: “Agricultural product price will continue to fall. So, in order to compete with the other countries in the same kind of product, the farmer – the enterprise – the scientist shall corporate to improve the productivity and quality of the product. In the near future, agriculture industry will corporate to implement the campaign of not using antibiotic, prohibited substances in livestock breeding, reducing plant protection chemicals to ensure food safety”. He also said only if we follow those methods, Vietnam food will be able to develop its foreign market and stabilize the domestic market.

Most of the localities requested that in the near future, the Government should continue to support and provide the enterprises and people with more information about the integration: The FTA, TPP, ASEAN Community).
Huong Giang

 

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