That was reported at a conference, attended by Prime Minister Nguyen Xuan Phuc, to review 2017 operations and implement 2018 missions of the Ministry of Industry and Trade in Hanoi this morning.
The growth rate was said impressive as global trade growth was low, many markets returned to the trend of domestic protection and import limitation.
Good import control created a trade surplus of $2.7 billion. This is one of important factors to ensure macroeconomic balances of the economy. Opportunity exploitation from integration commitments were conducted more efficiently than in previous years. Vietnam recorded outstanding export growth rates from markets which the country has signed free trade agreements with.
2017 saw challenges and difficulties but marked basic moves during the industry’s renovation and restructuring.
Minister Tran Tuan Anh said that industrial production posted a strong growth rate with 9.4 percent, much higher than 7.4 percent in 2016 and beyond the target of 7.1-8 percent.
Of these, manufacturing and processing posted high growth rate hitting 14.5 percent. It was 11.2 percent in 2016 and 10.5 percent in 2015. This field created the main motive power for the growth of the entire industry and trade industry in 2017.
Domestic trade continued maintaining growth momentum, together with export and investment to be important supports to the country’s growth target.
Goods and service supply and demand were stable without scarcity in holidays and after floods. Consumer price index was curbed below 4 percent.