Vietnam’s economic growth slips to 3-year low in Q1

TUOI TRE Reuters

Updated : 03/29/2017 16:34 GMT + 7

Vietnam’s economy grew at its slowest pace in three years in the first quarter, government data showed on Wednesday, as production was weak in agriculture, mining and manufacturing.

The General Statistics Office (GSO) said annual growth in January-March was 5.1 percent. That was the slowest expansion for any quarter since the first three months of 2014.

Nguyen Bich Lam, head of GSO, said that if current trends are maintained, Vietnam is “unlikely to reach” its 2017 growth target of 6.7 percent.

Vietnam has been among Asia’s fastest growing economies, though in 2016, the economy slowed for the first time in four years, to 6.21 percent from the previous year’s 6.68 percent pace.

The extension into 2017 of last year’s drought and salination problems hurt agricultural output of Vietnam, a major exporter of rice and coffee.

In the first quarter, mining sector production dropped 10 percent from the same period last year, the GSO said, amid the government’s effort to steer away from natural resources, especially in coal, crude oil and gas.

Annual growth of manufacturing in the first quarter slipped to 8.3 percent from 8.9 percent one year earlier, due to falls in food processing and electronics, said Ha Quang Tuyen, head of the GSO’s National Accounts Department.

Tuyen said electronics production fell 1 percent in the first quarter from a year, partly due to problems South Korea’s Samsung Electronics’s experienced with its Note 7 battery.

Samsung, Vietnam’s biggest foreign investor, has invested billions of dollars in the Southeast Asian nation.

Lam of GSO said challenges facing Vietnam include low labour productivity, a continuing impact from drought and salination, inflation, and how the current economic structure is not facilitating stable growth. 

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This entry was posted in Economics - Kinh tế and tagged , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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