Hanoi, (VNA) – The Vietnam NewsAgency (VNA) has selected 10 outstanding economic events of Vietnam in 2017 asfollows:
1. All 13 socio-economic targets fulfilled
Illustrative image (Source: VNA)
For the first timein years, Vietnam completed and surpassed all 13 socio-economic targets set bythe National Assembly. The macro-economy was stable, inflation was undercontrol, while the State budget collection and major economic indicators metrequirements. The country’s gross domestic product (GDP) expanded by 6.81percent – the highest level since 2011 - while its export revenue reached213.77 billion USD, up 21.1 percent from the previous year. Vietnam attracted almost36 billion USD in foreign direct investment (FDI), welcomed around 13 millioninternational tourists and saw over 120,000 new businesses.
2. APEC 2017: Promoting regional cooperation, enhancing Vietnam’s position
President Tran Dang Quang and his spouse take photo with leaders of APEC economies (Source: VNA)
With the theme“Creating new dynamism, fostering a shared future”, APEC Vietnam Year 2017 wasa comprehensive success in both bilateral and multilateral aspects. Majororientations were mapped out to propel economic cooperation in Asia-Pacificforward and further deepen collaborative relations between Vietnam and otherAPEC member economies as well as enhance the country’s role and position in theglobal arena.
3. Resolution defining the private economic sector’s important role promulgated
On June 3, 2017,General Secretary of the Communist Party of Vietnam Central Committee NguyenPhu Trong signed into effect Resolution 10-NQ/TW on developing the privateeconomic sector into an important driving force of the socialist-orientedmarket economy. On October 3, 2017, the Government issued Resolution 98/NQ-CPpromulgating the Government’s action programme to implement Resolution 10-NQ/TW.Accordingly, the State will remove all barriers and prejudice, createfavourable conditions for the private economic sector to develop in a healthy,effective and sustainable manner. Vietnam aims to have at least 1 million businessesby 2020, over 1.5 million by 2025, and at least 2 million by 2030. The privateeconomic sector is expected to contribute about 50 percent, 55 percent and60-65 percent to the country’s gross domestic product (GDP) in 2020, 2025 and2030, respectively.
4. Supplementing legal foundations for banking system restructuring
Transactions at Ocean Bank (Source: VNA)
At its third andfourth sessions, the National Assembly approved Resolution 42/2017/QH14 onpiloting bad debt settlement and the Law on Amendments and Supplements to Some Articlesof the Law on Credit Institutions, which contain articles on guaranteed assetsand bankruptcy. These are important legal foundations for Vietnam to eliminate badly-performingbanks and gradually restructure credit institutions.
5. Removing barriers and improving business environment
In 2017, barriers inthe business environment were gradually eliminated in many sectors, atdifferent levels and in different spheres. In September, the Ministry ofIndustry and Trade decided to remove 675 business conditions, accounting for 55.5percent of the total conditions. This is the largest number of conditions cutby the ministry so far, resulting in similar moves by other ministries andagencies. Thanks to the country’s efforts to improve the business climate, theWorld Economic Forum (WEF)’s Global Competitiveness Report 2017-2018 rankedVietnam 55th out of 137 economies, up five places from 2016. Vietnam alsoranked fourth in ASEAN in terms of favourable business environment.
6. Manycomplicated corruption, negative cases handled
Dinh La Thang dismissed from the Politburo (Source: VNA)
In 2017, a number ofserious, complicated economic and corruption cases were strictly handled, suchas the Oceanbank case involving Ha Van Tham and his 50 accomplices and the caseof Chau Thi Thu Nga and her nine accomplices occurred at Housing Group, thedismissal of Dinh La Thang from the Politburo and suspension of his NA deputystatus, legal proceedings against and arrest of Thang, investigatingwrongdoings relating to many leaders of the Vietnam Oil and Gas Group, forcingorganisations and individuals involved to bear responsibility before the law.Handling high-ranking officials, incumbent or retired, demonstrated there is no“prohibited zone” in the fight against corruption, and affirmed thedetermination of the whole political system and society to combat corruptionand negative phenomena.
7. Some BOTtransport projects become hot issue
In 2017,shortcomings in some build-operate-transfer (BOT) transport projects attractedpublic attention, despite the fact that the policy of developing transport infrastructurein the BOT form is a right move and many BOT projects contributed to improvingtransport infrastructure and fostering socio-economic development in somelocalities. At some BOT toll stations, many drivers and local residentsobjected to paying fees, causing traffic jams, and forcing investors to allowvehicles to pass through the booths without fee collection. Prime MinisterNguyen Xuan Phuc urged responsible agencies to strictly address the problemsand legal violations while revising inappropriate procedures.
8. Disasters cause serious losses
A woman walks along a street full of debris caused by Typhoon Damrey (Source: VNA)
In 2017, Vietnam washit by 16 storms which caused great losses in human and asset (375 dead andmissing, 636 injured and material damage of nearly 51.6 trillion VND (2.27billion USD)). Storm Damrey, the strongest storm hitting Vietnam in years,suddenly landed in the south central coast of Vietnam, leaving 107 people dead,16 unaccounted for, 342 injured and damaging 165,000 houses. The Ministry ofAgriculture and Rural Development estimated that the storm caused economiclosses of about 22 trillion VND (nearly 1 billion USD).
9. Stock market sets several records
Vietnam’s stockmarket recorded numerous important milestones in 2017. The VN-Index reached adecade-high of 970 points on December 4, a rise of 46 percent as compared tothe figure at the end of 2016, while stock market capitalisation hit 3.36quadrillion VND (around 148 billion USD), equivalent to 74.6 percent of thenation’s gross domestic product (GDP). The year 2017 witnessed the strongest-evertrading by foreign investors, with total net purchase value reaching nearly 26trillion VND (1.14 billion USD). On August 10, the derivatives market was officiallylaunched at the Hanoi Stock Exchange, marking a milestone in the development ofVietnam’s securities market. In particular, the divestment of State capitalfrom listed major firms such as Vinamilk and Sabeco has helped increase theVietnamese stock market’s attractiveness to domestic and foreign investors.
10. Work starts on first Vietnamese automobilemanufacturing complex
Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroup start construction of the first Vietnamese automobile manufacturing complex (Source: VNA)
On September 2,Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroupstarted construction of the first Vietnamese automobile manufacturing complex, VINFAST,in Dinh Vu-Cat Hai economic zone. The birth of VINFAST officially brings Vietnaminto the list of automobile manufacturers in the world.-VNA
1. All 13 socio-economic targets fulfilled
Illustrative image (Source: VNA)For the first timein years, Vietnam completed and surpassed all 13 socio-economic targets set bythe National Assembly. The macro-economy was stable, inflation was undercontrol, while the State budget collection and major economic indicators metrequirements. The country’s gross domestic product (GDP) expanded by 6.81percent – the highest level since 2011 - while its export revenue reached213.77 billion USD, up 21.1 percent from the previous year. Vietnam attracted almost36 billion USD in foreign direct investment (FDI), welcomed around 13 millioninternational tourists and saw over 120,000 new businesses.
2. APEC 2017: Promoting regional cooperation, enhancing Vietnam’s position
President Tran Dang Quang and his spouse take photo with leaders of APEC economies (Source: VNA)With the theme“Creating new dynamism, fostering a shared future”, APEC Vietnam Year 2017 wasa comprehensive success in both bilateral and multilateral aspects. Majororientations were mapped out to propel economic cooperation in Asia-Pacificforward and further deepen collaborative relations between Vietnam and otherAPEC member economies as well as enhance the country’s role and position in theglobal arena.
3. Resolution defining the private economic sector’s important role promulgated
On June 3, 2017,General Secretary of the Communist Party of Vietnam Central Committee NguyenPhu Trong signed into effect Resolution 10-NQ/TW on developing the privateeconomic sector into an important driving force of the socialist-orientedmarket economy. On October 3, 2017, the Government issued Resolution 98/NQ-CPpromulgating the Government’s action programme to implement Resolution 10-NQ/TW.Accordingly, the State will remove all barriers and prejudice, createfavourable conditions for the private economic sector to develop in a healthy,effective and sustainable manner. Vietnam aims to have at least 1 million businessesby 2020, over 1.5 million by 2025, and at least 2 million by 2030. The privateeconomic sector is expected to contribute about 50 percent, 55 percent and60-65 percent to the country’s gross domestic product (GDP) in 2020, 2025 and2030, respectively.
4. Supplementing legal foundations for banking system restructuring
Transactions at Ocean Bank (Source: VNA)At its third andfourth sessions, the National Assembly approved Resolution 42/2017/QH14 onpiloting bad debt settlement and the Law on Amendments and Supplements to Some Articlesof the Law on Credit Institutions, which contain articles on guaranteed assetsand bankruptcy. These are important legal foundations for Vietnam to eliminate badly-performingbanks and gradually restructure credit institutions.
5. Removing barriers and improving business environment
In 2017, barriers inthe business environment were gradually eliminated in many sectors, atdifferent levels and in different spheres. In September, the Ministry ofIndustry and Trade decided to remove 675 business conditions, accounting for 55.5percent of the total conditions. This is the largest number of conditions cutby the ministry so far, resulting in similar moves by other ministries andagencies. Thanks to the country’s efforts to improve the business climate, theWorld Economic Forum (WEF)’s Global Competitiveness Report 2017-2018 rankedVietnam 55th out of 137 economies, up five places from 2016. Vietnam alsoranked fourth in ASEAN in terms of favourable business environment.
6. Manycomplicated corruption, negative cases handled
Dinh La Thang dismissed from the Politburo (Source: VNA)In 2017, a number ofserious, complicated economic and corruption cases were strictly handled, suchas the Oceanbank case involving Ha Van Tham and his 50 accomplices and the caseof Chau Thi Thu Nga and her nine accomplices occurred at Housing Group, thedismissal of Dinh La Thang from the Politburo and suspension of his NA deputystatus, legal proceedings against and arrest of Thang, investigatingwrongdoings relating to many leaders of the Vietnam Oil and Gas Group, forcingorganisations and individuals involved to bear responsibility before the law.Handling high-ranking officials, incumbent or retired, demonstrated there is no“prohibited zone” in the fight against corruption, and affirmed thedetermination of the whole political system and society to combat corruptionand negative phenomena.
7. Some BOTtransport projects become hot issue
In 2017,shortcomings in some build-operate-transfer (BOT) transport projects attractedpublic attention, despite the fact that the policy of developing transport infrastructurein the BOT form is a right move and many BOT projects contributed to improvingtransport infrastructure and fostering socio-economic development in somelocalities. At some BOT toll stations, many drivers and local residentsobjected to paying fees, causing traffic jams, and forcing investors to allowvehicles to pass through the booths without fee collection. Prime MinisterNguyen Xuan Phuc urged responsible agencies to strictly address the problemsand legal violations while revising inappropriate procedures.
8. Disasters cause serious losses
A woman walks along a street full of debris caused by Typhoon Damrey (Source: VNA)In 2017, Vietnam washit by 16 storms which caused great losses in human and asset (375 dead andmissing, 636 injured and material damage of nearly 51.6 trillion VND (2.27billion USD)). Storm Damrey, the strongest storm hitting Vietnam in years,suddenly landed in the south central coast of Vietnam, leaving 107 people dead,16 unaccounted for, 342 injured and damaging 165,000 houses. The Ministry ofAgriculture and Rural Development estimated that the storm caused economiclosses of about 22 trillion VND (nearly 1 billion USD).
9. Stock market sets several records
Vietnam’s stockmarket recorded numerous important milestones in 2017. The VN-Index reached adecade-high of 970 points on December 4, a rise of 46 percent as compared tothe figure at the end of 2016, while stock market capitalisation hit 3.36quadrillion VND (around 148 billion USD), equivalent to 74.6 percent of thenation’s gross domestic product (GDP). The year 2017 witnessed the strongest-evertrading by foreign investors, with total net purchase value reaching nearly 26trillion VND (1.14 billion USD). On August 10, the derivatives market was officiallylaunched at the Hanoi Stock Exchange, marking a milestone in the development ofVietnam’s securities market. In particular, the divestment of State capitalfrom listed major firms such as Vinamilk and Sabeco has helped increase theVietnamese stock market’s attractiveness to domestic and foreign investors.
10. Work starts on first Vietnamese automobilemanufacturing complex
Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroup start construction of the first Vietnamese automobile manufacturing complex (Source: VNA) On September 2,Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroupstarted construction of the first Vietnamese automobile manufacturing complex, VINFAST,in Dinh Vu-Cat Hai economic zone. The birth of VINFAST officially brings Vietnaminto the list of automobile manufacturers in the world.-VNA
VNA
