Vietnam Economy Grows 6.21%, Missing 2016 Target

Vietnam’s GDP is estimated to have grown 6.21% this year, failing to meet the downwardly revised target of 6.3%-6.5%.


 A boy seen on a boat that sells fruits on a floating market in Vietnam's Mekong Delta. Photo: Internet

Vietnam’s gross domestic product (GDP) has increased 6.21% this year from 2015, among the fastest paces in Asian but missing the downwardly revised target of between 6.3% and 6.5%, government data has showed.

The quarterly growth rate has been on an upturn toward the year end, with the rate reaching 6.68% in the three months ended December, said Nguyen Bich Lam, head of the General Statistics Office (GSO) at a press briefing on December 28.

Despite being lower than a 6.68% growth in 2015, this year’s GDP growth has been “a success, indicating the correctness and effectiveness of the government’s measures,” given global economic headwinds, falling global trade and adverse weather conditions in Vietnam, Lam commented.

On breaking down, the industry and construction sector expanded 7.57% year-on-year, below a 9.64% expansion in 2015, while the service sector grew 6.98%.

The agriculture sector took a hit from natural disasters when increasing 1.36%, the lowest since 2011, the government-run office said.

Tuan Minh / BizLIVE