2017 a record-breaking year for Vietnam’s economy

By Minh Nga   December 29, 2017 | 05:54 am PT
Records tumbled this year as the economy grew from strength to strength.

Needless to say, Vietnam has been through its ups and downs over the past year, and there remains a lot of room for improvement, but in terms of the economy, the country has done a great job and records have continued to tumble throughout the year.

Speaking at a government meeting on Friday, Prime Minister Nguyen Xuan Phuc said 2017 had been a record-breaking year for the economy.

The country has either reached or surpassed the targets set for the year, which "is not only a good result but a great experience for 2018,” he said.

According to the General Statistics Office (GSO), Vietnam reached its highest economic growth in 10 years by expanding 6.81 percent in 2017, slightly higher than the target of 6.7 percent set by the legislative National Assembly.

The country also posted its strongest export growth in the past five years, with revenue expanding by 21 percent against 2016 to $213.7 billion, data from the General Department of Vietnam Customs shows.

This has led to a trade surplus of $2.7 billion, the highest since 2008.

2017 also witnessed a boom in new businesses with the number of new companies hitting a record high of 127,000, well above the record of 110,000 firms set last year, said the GSO.

Vietnamese stocks hit a 10-year high this year, reaching 984.24 points at the last trading session of 2017 on Friday.

Ho Chi Minh City's VN-Index has not broken the 800-point barrier since 2008.

Another 10-year record that Vietnam achieved this year was foreign direct investment (FDI) inflow, standing at $35.88 billion, up 44 percent against 2016, according to the Ministry of Planning and Investment.

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