The Vietnamese socio-economy in the first 3 months of 2017 performed in the context of positive signs thanks to the recovery prospect from big economies like the US, China, Japan, Korea, and the European Union, but the world economy’s growth rate was still low and incurred unpredictable risks. Sluggish growth of the world trade and investment activities, complicated changes in the financial and monetary markets, and adjustments in international policies of some major countries were factors affecting the Vietnamese economy. In the country, in addition to the outstanding results on improving the business environment, developing enterprises in 2016, as well as encouraging signs of export, attracting international visitors and foreign investment in the first months of 2017, the existing shortcomings of the economy such as growth quality, labor productivity and low competitiveness were still challenges to Vietnam’s economic growth target.

In this situation, the Government issued Resolution No. 01/NQ-CP on main tasks and solutions to direct the implementation of the 2017 socio-economic development plan and the annual state budget estimates; Resolution No. 19-2017/NQ-CP on continuing to perform the main tasks and solutions to improve the business environment, improve national competitiveness in 2017, with a vision to 2020, and at the same time drastically steered ministries/agencies and localities focusing on the implementation of the socio-economic development goals and targets right from the first days and the first months of the year. The achieved results in the first quarter of this year were as follows:

      I. ECONOMIC GROWTH

  1. The growth rate of gross domestic product

The gross domestic product (GDP) in the first quarter of 2017 was estimated to increase by 5.10% compared to the same period last year, of which the agriculture, forestry and fishery sector increased by 2.03%, contributing 0.24 percentage points to overall growth; the industry and construction sector rose 4.17%, contributing 1.46 percentage points; the service sector expanded 6.52%, contributing 2.65 percentage points. The growth rate in the first quarter of this year was higher than the growth rate of the first quarter of 2012-2014[1], but lower than the growth of 6.12% of the same period in 2015 and the growth of 5.48% of the same period in 2016.

In the agriculture, forestry and fishery sector, the agricultural activities showed positive changes with an increase of 1.38% compared to the same period last year (in the first quarter of 2016, the agricultural activities decreased by 2.69%), contributing 0.12 percentage points to the overall growth rate; the forestry activities increased by 4.94%, contributing 0.03 percentage points; the fishery activities grew 3.50%, contributing 0.09 percentage points.

In industry and construction sector, the industry activities increased by 3.85% compared to the same period last year, the lowest level since 2011[2], of which the mining activities declined sharply by 90% compared to the same period last year, reducing 0.76 percentage points of overall growth; the manufacturing activities increased by 8.30% (significantly lower than the growth of 9.70% of the same period in 2015 and the growth of 8.94% of the same period in 2016), contributing 1.46 percentage points. The construction activities increased by 6.10%, lower than the rate of 8.60% in the same period in 2016, contributing 0.30 percentage points.

In the service sector, the contribution of some economic activities with  large proportion to the overall growth rate as follows: the wholesale and retail increased by 7.38% compared to the same period last year, contributing 0.77 percentage points to overall growth rate; the accommodation and catering services expanded 6.03%, contributing 0.25 percentage points; the finance, banking and insurance activities increased by 7.76%, contributing 0.31 percentage points; real estate business continued to improve, gaining 3.72%, contributing 0.23 percentage points.

Regarding economic structure in the first quarter of this year, the agriculture, forestry and fishery sector accounted for 11.19%; the industry and construction sector made up 34.06%; the service sector represented 43.99%; the products taxes less subsidies on production comprised for 10.76% (The corresponding structure of the same period in 2016 was: 11.42%; 34.37%; 43.54%; 10.67%).

From the expenditure approach of GDP in the first quarter, final consumption increased by 6.73% over the same period in 2016, contributing 7.25 percentage points to the overall growth (in which final consumption of households contributed 6.65 percentage points); gross capital formation grew 8.50%, contributing 2.27 percentage points; The balance of trade was deficit, reducing 4.42 percentage points of the overall growth rate.

 

The growth rate of gross domestic products

Quarter I of years 2015, 2016 and 2017

 

 

 

  Growth rate in comparison with Quarter I of the previous years (%) Contribution of sectors to the overall growth of quarter 1 in 2017
(Percentage points)
QI/ 2015 QI/2016 QI/ 2017
Total 6.12 5.48 5.10 5.10
Agriculture, forestry and fishery 2.25 -1.31 2.03 0.24
Industry and construction 8.74 7.16 4.17 1.46
Service 5.68 5.98 6.52 2.65
products taxes less subsidies on production 4.51 6.05 6.00 0.75
  1. Agriculture, forestry and fishery

Gross output of agricultural, forestry and fishery production in the first quarter at constant prices 2010 was estimated at 181.9 trillion VND, an increase of 1.98%, in comparison with that of over the same period last year, including: Agriculture reached 138, 4 trillion VND, an increase of 1.41%; forestry reached 6.7 trillion VND, a rise of 5.04%; fishery production reached 36.8 trillion VND, an increase of 3.59%.

      a. Agriculture

As of middle of March, the country cultivated 3,040.9 thousand hectares of winter-spring paddy, an equal to 100.6%, in comparison with that of over the same period last year. Provinces in the North cultivated 1,114.3 thousand hectares, an equal to 101, 3%; Southern provinces cultivated 1,926.6 thousand hectares, an equal to 100.3%, of which Mekong River Delta reached 1,538 thousand hectares, an equal to 98.9%. Progress of cultivating winter-spring paddy in Mekong Delta this year recorded lower. In comparison with that of  over the same period[3], in addition, it was affected of saline intrusion in the previous year (soil was not renovated, authorities recommended farmers restricting cultivation  in areas of land that was not conducted salt washing, and due to late summer-autumn and autumn-winter paddy that caused an un availability to cultivate. Some localities recorded a decrease in winter-spring paddy area this year, in comparison with that of over the previous winter-spring crop: Tra Vinh by 8.8 thousand hectares; An Giang by 3 thousand hectares; Tien Giang by 2.5 thousand hectares; Kien Giang by 2.3 thousand hectares. So far, Mekong Delta areas recorded 934.9 thousand hectares of winter-spring paddy for harvest, made up 61% of cultivated area and equaled to 86.6% of over the same period last year; Yield was estimated at 63.6 quintals/ha, a decrease of 0.6 quintals/hectare. Production of winter-spring paddy in the whole Mekong Delta areas was estimated at 9.9 million tons, a decrease of 125 thousand tons, in comparison with that of over the previous winter-spring crop.

At the same time, Mekong Delta provinces basically completed the harvest of the 2016-2017 paddies. According to preliminary reports of localities, total cultivated area of ​​the whole region reached over 151 thousand hectares, an equal to 73.1% of over the same period last year due to the effects of drought, saltwater intrusion and difficulties in irrigation water sources. In some localities, area of ​​cultivated areas decreased significantly: Tra Vinh by 23.6 thousand hectares; Ben Tre by 16.7 thousand ha; Kien Giang by 12.7 thousand hectares. Yield of winter paddy in the whole area was estimated at 40.2 quintals / hectare, an increase of 0.8 quintals / hectare, in comparison with that of over the same period last year; production was estimated at 606.6 thousand tons, a decline of 207.1 thousand tons.

Crops cultivation recorded lower than that of over the same period last year, mainly due to winter crops witnessed low economic efficiency and unfavorable weather. As of mid-March, localities in the country cultivated 341.4 thousand hectares of maize, an equal to 98.3% of over the same period last year; sweet potatoes reached 65.9 thousand hectares, an equal to 95.5%; groundnut reached 106.2 thousand hectares, an equal to 84.5%; soybean reached 24.9 thousand hectares, an equal to 73%; vegetables and beans reached 531.2 thousand hectares, an equal to 102.5%.

Cattle and poultry husbandry witnessed a stability due to both being affected by the cold wave, extreme cold weather as it was in previous years, and there was no longer recorded a widespread of epidemics. Buffalo population in March was estimated to decrease by 0.1%, in comparison with that of over the same period last year; cattle population increased by 1.5% -2.2%; pig increased by 1.5% -2.0%; poultry increased by 3.2% -3.8%. Production of buffalo living weight in the first 3 months of the year increased by 0.2%, in comparison with that of over the same period last year; production of beef living weight increased by 3.6%; production of pig living weight increased 4.3%;  production of poultry live-weight increased by 5.3%.

As of March 26, 2017, there was no longer recorded blue ear pig disease and foot and mouth disease. The outbreak of avian influenza was not yet over 21 days in Ha Tinh, Quang Tri, Can Tho and Hau Giang.

       b. Forestry

The beginning of the year recorded favorable weather for forestation and forest tending. Area of ​​concentrated forests in the first 3 months of the year was estimated at 28.5 thousand hectares, a growth of 7.5% of over the same period last year, of which Yen Bai reached 6.5 thousand hectares, a rise of 15.2%; Quang Ngai reached 3.8 thousand hectares, an increase of 14.9%; Thua Thien – Hue reached 1.9 thousand hectares, an increase of 28.7%; Phu Tho reached 1.8 thousand hectares, an increase of 51.9%. Number of scattered trees was estimated at 16.1 million, an increase of 1.9% of  over the same period last year; wood production reached 1,684 thousand m3, an increase of 5.4%, of which Thanh Hoa reached 134.6 thousand m3, a growth of 16%; Phu Tho reached 128.9 thousand m3, a growth of 18%; Particularly, in the Central Highlands provinces, production of  wood decreased by 27%, in comparison with that of over the same period last year due to the policy of closing natural forests. Production of firewood was estimated at 7.8 million ste, an increase of 1.3%, in comparison with that of over the same period in 2016.

In the first quarter, area of ​​damaged forest was 200.4 hectares, a decrease of 76% of over the same period last year, of which forest fire area recorded 97.7 hectares,  a drop of 86.5%; area of ​​deforested was 102.7 hectares, an increase of 5.8%.

      c. Fishery

Fishery production in the first 3 months was estimated at 1,320.8 thousand tons, an increase of 2.9% of over the same period last year, of which fish reached 978.6 thousand tons, an increase of 3.4%; shrimp reached 131.5 thousand tons, a growth of 5.3%. Aquaculture production in 3 months was estimated at 566.8 thousand tons, an increase of 2.1% of over the same period last year, of which fish reached 401.6 thousand tons, an increase of 1.5%; shrimp reached 97.8 thousand tons, an increase of 6.9%.

Pegasus farming recorded low because of challenges faced in the previous year; so many households still “stop farming”. In addition, Chinese traders focused on purchasing “pangasius breeds” in the last months of 2016, although the price of pangasius in the first quarter this year increased significantly but still lacked supply. Pegasus production was estimated at 209.3 thousand tons, a decrease of 1.2%, in comparison with that of over the same period last year, of which Dong Thap reached 79.8 thousand tons, an increase of 0.4%; An Giang reached 69.6 thousand tons, a decline of 1.5%; Ben Tre reached 39.4 thousand tons, a decline of 2.3%.

Shrimp farming recorded advantages, price of raw shrimp in the Mekong Delta increased sharply[4] due to an increase in purchasing demand of export shrimp of processing factories. Black tiger shrimp production was estimated at 39.3 thousand tons, a rise of 2.8% of over the same period last year; Production of white leg shrimp reached 37.5 thousand tons, an increase of 14.9% due to the farming area in the last months of 2016 recorded good.

Fishery production in the first 3 months of the year was estimated at 754.1 thousand tons, an increase of 3.5% of over the same period last year, of which fish reached 577 thousand tons, an increase of 4.8%; shrimp reached 33.7 thousand tons, a rise of 1%. The weather in the first months of the year recorded favorable for marine catching, production of marine catching in the first quarter was estimated at 720 thousand tons, an increase of 3.7% of over the same period last year, of which fish reached 553, 4 thousand tons, an increase of 5%; shrimp reached 31.2 thousand tons, an increase of 2.5%.

  1. Industrial production

The index of industrial production (IIP) in March was estimated to increase by 5.5%, in comparison with that of over the same period last year, of which quarrying and mining increased by7.5%; manufacturing rose by 8.9%; electricity supply and distribution increased by 11.3%; water supply, sewerage and waste treatment increased by 8.5%.

Generally, in the first quarter of 2017, the index of industrial production increased by 4.1%, in comparison with that of over the same period last year, which recorded a lower growth rate in comparison with that of over the same period in recent years[5]. In industries, manufacturing recorded a growth rate of 8.3%, occupied 5.9 percentage points of the overall growth rate; electricity supply and distribution increased by 9.4%, made up 0.6 percentage points; water supply, sewerage and waste treatment rose by 7.2%, occupied 0.1 percentage points; quarrying and mining declined by 11.4% that caused a decrease of 2.5 percentage point of the overall growth rate[6].

In terms of industrial products, the production index of intermediate products for production process increased by 0.8%, in comparison with that of over the same period last year; products for final consumption increased by 6.6%; products of production materials increased by 9.2% (tools for production increased by 5.4%; construction materials increased by 9.9%); Consumer products for the residents increased by 2.7%.

In second digit industries, some industries recorded a high growth rate of the index of industrial production in the first quarter this year, in comparison with that of over the same period last year: Metal production rose by 43.4%; production of products from prefabricated metals increased by 14.3%; production of paper, paper products and costume production increased by 11.6%; the weaving industry increased by 11.4%. Some industries recorded a low growth rate or decreased such as: production of electronic, increased by 5.6%; production and food processing increased by 4.4% (of which sugar decreased by 6.5%); production of drugs, pharmaceutical chemicals and pharmaceuticals increased by 2.3%; mining and quarrying increased by 1.6%; production of tobacco increased by 1.4%; production of electronic, computer and optical products decreased by 1% (due to Samsung electronics manufacturing plants in Bac Ninh cut down production of smart phones and tablets to prepare for new products); production of leather and related leather products  dropped 1.4%; production of furniture’s (beds, wardrobes, tables and chairs) declined by 3.6%; coal mining  recorded a drop of 5.5%; crude oil and natural gas declined by 13.6%.

In the first quarter this year, number of major industrial products recorded a significant growth rate of over the same period in 2016: Televisions increased by 43.3%; rolled steel increased by 32.2%; crude steel increased by 23.2%; urea fertilizer increased by 18.5%; fresh milk increased by 12.7%; chemical paint rose by 12.1%. Some products recorded high growth rate: fishery and processing rose by 0.2%; assembled automobiles increased by 10%; electricity production and garment products recorded a growth of by 9.5%. Some products recorded a low growth rate or decreased, in comparison with that of over the same period: aquatic food and cement both recorded an increase of 5.4%; cigarettes rose by 1.5%; fabrics made from natural fibers increased by 1.1%. Some products recorded fell as follows: motorcycles by 0.6%; footwear by l 1.6%; natural gas by 3.9%; coal by 5.6%; sugar by 7.4%; mobile phones by 8.2%; natural gas by 8.9%; crude oil by 14.9%.

In comparison with the same period last year, in the first quarter, the IIP of some localities which possessed a big size increased as follows: Hai Phong by 17.2%; Thai Nguyen by 12.5%; Da Nang by 10.6%; Hai Duong by 9.3%; Quang Nam by 7.9%; Binh Duong 7.2%; Dong Nai by 6.3%; Ho Chi Minh City by 6%; Hanoi by 5.9%; Can Tho 4.6%. Some localities recorded fell as follows: Quang Ninh by 3.3%; Ba Ria – Vung Tau by 5.8%; Bac Ninh by 7.2%; Quang Ngai by 11.7%.

The index of industrial shipment of manufacturing industry in February 2017 increased by 2.2%, in comparison with that of over the previous month and made up 26.3% of over the same period last year. In two beginning months of the year, index of industrial shipment of manufacturing industry increased by 7.9% compared with that of over the same period last year. Some industries recorded a sharp increase of index of industrial shipment in 2-months of over the same period last year: Metal production increased by 17.3%; chemical production and chemical products rose by 15.7%; automobiles production increased by 14.6%; production of other motor vehicles increased by 14.2%; textile production rose by 13.9%; electronic production increased by 12.2%; production of paper and paper products rose by 11.4%. Some industries recorded low increase or decreased in the index of industrial shipment: Beverage production increased by 5.1%; food and foodstuff production grew up 2.8%; tobacco production rose by 1.2%; production of medicines, pharmaceutical chemicals and pharmaceuticals rose by 0.1%; production of furniture’s (beds, wardrobes, tables and chairs) decreased by 7.5%.

The index of inventory of manufacturing as of 1/3/2017 increased by 12.5%, in comparison with that of over the same period in 2016, of which some industries recorded a low or decreased in the index of inventory: Textile rose by 6.9%; metal production increased by 5.2%; production of medicines, pharmaceutical chemicals and pharmaceuticals rose by 4.5%; electronic production rose by 2.3%; costume production by 0.4%; chemicals and chemical production declined by 10.1%; tobacco production decreased by 26.5%; production of other transport vehicle decreased by 42.6%. Some industries recorded a high increase of the index of inventory compared with the overall growth: Motor vehicle production increased by 89.1%; production of electronic, computers and optical products rose by 79.6%; paper and paper production increased by 51.5%; beverage production grew up 50.8%; production of other products from non-metallic minerals increased by 35.2%; furniture production (beds, wardrobes, tables and chairs) increased by 29.3%; production of rubber and plastic products increased by 28.1%.

The overall rate of inventory of manufacturing in the first two months in 2017 recorded 74.3%, of which some industries recorded high inventory rates: Production of medicines, pharmaceutical chemicals and pharmaceuticals recorded 113.4%; production products from prefabricated metals (except machinery and devices) recorded 111.5%; production of chemicals and chemical products reached 102.8%.

Number of employees working in industrial enterprises as of 1/3/2017 increased by 2.2%, in comparison with that of over the same period last year, of which employee working in state-owned enterprises decreased by 1.7%; non-state enterprises decreased by 0.1%; FDI enterprises increased by 4.4%. At this time, number of employees working in the mining and quarrying decreased by 4.8% compared with that of over the same period last year; manufacturing increased by 2.7%; electricity supply and distribution rose by 1.3%; water supply, sewerage and waste treatment  rose by 1.1%.

Employees in industrial enterprises as of 1/3/2017 compared with that of over the same period last year of some localities recorded increased as follows: Hai Phong by 15.9%; Da Nang and Vinh Phuc by 6.6%; Binh Duong by 4.9%; Hai Duong by 3.9%; Dong Nai by 1.2%; Can Tho and Quang Nam both increased by 0.9%; Ho Chi Minh City by 0.2%; Quang Ngai declined by 5.4%; Ba Ria – Vung Tau decreased by 9.6%.

  1. Operation of enterprises

      a. Enterprises registration status[7]

In March, there were 12,027 newly established enterprises in the whole country with a registered capital of 118.7 trillion VND, an increase of 120% in number of enterprises and 90.6% in registered capital compared to the previous month[8] (average registration capital of an enterprise reached 9.9 billion VND, a decline of 13.2%); the total number of registered employees in the month of the newly established enterprises was 125 thousand VND, went up 99.9%.

In the month, there were 1,294 re-operated enterprises, went down 46.4% over the previous month; 4,590 temporarily ceased enterprises (including: 1,406 enterprises ceased for a certain period of time and 3,184 enterprises temporarily ceased without registration or awaited dissolution), rose by 39.5%; 744 enterprises completed dissolution procedures, reduced 20.9%.

Generally for the first quarter of this year, there were 26,478 newly registered enterprises with a total registered capital of 271.2 trillion VND, an increase of 11.4% in number of enterprises and 45.8% in registered capital compared to the same period in 2016[9]; the average registered capital of a newly established enterprise achieved 10.2 billion VND, an upturn of 30.9%. If including 325.4 trillion VND of enterprises that recorded upward adjustment of capital, the total additional registered capital in the economy in the first quarter of 2017 was 596.6 trillion VND. The total number of registered employees of newly established enterprises in the first quarter was 291.5 thousand persons, equaling 90.5% of the same period last year. In the first 3 months, there were 9,271 re-operated enterprises, a reduction of 1.1% compared to the same period last year, bringing the total number of newly registered enterprises and re-operated enterprises in the first quarter of this year more than 35.7 thousand enterprises.

Some economic activities witnessed an increased in the new established enterprises and registered capital in the first quarter over the same period last year, as follows: the real estate activities increased by 55% in number of enterprises and 31.1% in registered capital; education and training an upturn of  28% and 79.7%; financial, banking and insurance activities rose by 26.3% and 50.1%; science, technology, consulting services, designing, advertisement and other went up 15.8% and 21.9%; employment services, travel, renting and leasing of machinery, equipment and other support services a growth of 14.8% and 136.7%; manufacturing going up by 11.1% and 75.6%; accommodation and catering services a rise of 7.8% and 123.6%; information and communication climbing by 6.2% and 67.2%… Some economic activities saw an increase in the number of newly established enterprises but the registered capital decreased, such as: electricity, water and gas supply increased by 32.5% (registered capital gained a drop of 40.8%); agriculture, forestry and fishery achieved a growth of 16.4% (registered capital reduced 17.7%); transportation and  storage increased by 2.1% (registered capital a fall of 18.6%).

In the first quarter of this year, some economic regions recorded an increased in the newly registered enterprises, of which: Northern Midlands and Mountains areas reached 1,150 enterprises, went up 27.6% over the same period last year (registered capital of 15,744 billion VND, an upturn of 14.8%); Red River Delta had 7,886 enterprises, an increase of 16.4% (registered capital of 61,985 billion VND, climbing by 18%); The Southeast had 11,179 enterprises, rising by 10.4% (registered capital of 127,948 billion VND, rising by 50.2%); The Central Highlands was 698 enterprises, going up by 9.6% (registered capital of 8,408 billion VND, an increase of 124%); Mekong River Delta was 2,016 enterprises, an upturn of 7.9% (registered capital of 16,747 billion VND, up 30.2%); North Central and Central Coast areas gained 3,549 enterprises, a surge 2.6% (registered capital of 40,405 billion VND, jumping up 125.2%).

The number of enterprises completed dissolution procedures in the first 3 months of 2017 was 3,268 enterprises, rose by 12% compared to the same period last year (the same period in 2016 increased by 13.8%), of which: 3,008 enterprises with capital size of less than 10 billion VND, accounting for 92%. By kinds of enterprise, the total number of enterprises completed dissolution procedures, there were 1,269 one-member limited liability companies (making up 38.8%); 993 two-member limited liability companies (accounting for 30.4%); 594 private enterprises (sharing 18.2%) and 412 joint stock companies (forming 12.6%).

The number of temporarily ceased enterprises in the first 3 months was 20,636 enterprises, rising by 3% compared to the same period last year, including 9.942 enterprises ceased for a certain period of time, a rise of 23.9% and 10,694 enterprises temporarily ceased without registration or awaited dissolution, reducing 11%.

The total number of enterprises ceased for a certain period of time, there were 3,994 one-member limited liability companies (sharing 40.2%); 3,264 two-member limited liability companies (making up 32.8%); 1,672 joint stock companies (accounting for 16.8%); 1,010 private enterprises (representing 10.2%) and 2 partnerships companies. For enterprises temporarily ceased without registration or awaited dissolution, there were 4,647 one-member limited liability companies (accounting for 43.5%); 3,070 two-member limited liability companies (making up 28.7%); 2,160 joint stock companies (sharing 20.2%) and 817 private enterprises (constituted 7.6%). By economic activities, the number of enterprises temporarily ceased without registration or awaited dissolution of most economic activities decreased compared to the same period last year, of which some economic activities continuously declined sharply: agriculture, forestry and fishing a drop of 46.7%; entertainment and recreation a cut down of 41.5%; accommodation and catering services a fall of 33.6%; transportation and storage a fall of 30.4%; mining a declining of 27.3%.

         b. Business trends of enterprises

The results on business trends survey of the manufacturing enterprises in the first quarter of 2017 showed that: 33.7% of enterprises assessed that the business production situation in the first quarter of this year was better than the previous quarter; 24.5% of enterprises faced difficulties and 41.8% of enterprises said that the business production situation was stable. In terms of expected outcome of the second quarter compared to the first quarter of this year, 57.8% of enterprises presented that the trend would get better; 9.8% of enterprises forecasted that it would be more difficult and 32.4% of enterprises said that the business production situation would be stable.

Among the main factors affecting business production situation of enterprises in the first quarter of this year, 56.2% of enterprises said that the high competitiveness of domestic goods was the most influential factor to the operation enterprises; 44.2% of enterprises said that demand of domestic market was low; 34.5% of enterprises stated financial difficulties; 31.2% of enterprises blame for not recruiting qualified workers; 27% of enterprises said that high interest rates and 22.9% of enterprises believed that high competitiveness of imported goods was an important factor.

Regarding production volume, 35.2% of enterprises pointed out production volume of enterprises in the first quarter of this year increased compared to the previous quarter; 25.6% of enterprises reported that the production volume decrease and 39.2% of enterprises considered stable. For the trend in the second quarter, there were 58.2% of enterprises forecasted an increase in production volume compared to the first quarter; 8.3% of enterprises projected a decrease and 33.5% enterprises predicted a stability.

Regarding orders of goods, there were 31% of enterprises had more orders for the first quarter of this year than the previous quarter; 22.9% of enterprises had fewer orders and 46.1% of enterprises recorded stable orders. For the trend of second quarter was better than first quarter with 51.2% of enterprises expected an increase in orders; 8.7% of enterprises expected a decrease in orders and 40.1% of enterprises expected to have stable orders.

Regarding export orders, there were 27% of enterprises confirmed more export orders in the first quarter of this year compared to the previous quarter; 19.8% of enterprises experience fewer export orders and 53.2% of enterprises kept export orders stable. Trends in the second quarter compared to the first quarter, 38.8% of enterprises expected to have an increase in export orders; 9.3% of enterprises expected to decrease and 51.9% of enterprises expected to be stable.

Regarding cost of production, 28.3% of enterprises confirmed costs of production per unit of product in the first quarter of this year increased compared to the previous quarter; 7.5% of enterprises recorded a decrease in the cost and 64.2% of enterprises predicted the cost were stable. For the trend in the second quarter of 2017, 20.6% of enterprises expected an increase in cost of production compared to the first quarter; 9.6% of enterprises believed a decrease in the cost and 69.8% of enterprises expected cost of production stable.

Regarding selling price, 18.2% of enterprises predicted an increase in selling price in the first quarter of this year; 8% of recorded the selling price was lower and 73.8% of enterprises had stable selling prices. Expected selling price of products in the second quarter compared to the first quarter, there were 18.8% of enterprises forecasted higher selling price; 6.1% of enterprises predicted lower selling prices and 75.1% of enterprises forecasted selling prices stable.

Regarding product inventory, there were 19.4% of enterprises with inventory in the first quarter of this year increased compared to the previous quarter; 28.9% of enterprises had a decreased in inventory and 51.7% of enterprises remain stable. Trends in the second quarter compared to the first quarter, 14.4% of enterprises forecasted an increase in inventory; 32.3% of enterprises predicted a decreased in inventory and 53.4% ​​of enterprises expected to remain stable.

Regarding input inventory, there were 17.8% of enterprises said that input inventory increased in the first quarter of 2017; 27.5% of enterprises said that it was reduced and 54.7% of enterprises said that they remained unchanged. Expected that in the second quarter compared to the first quarter, there were 13.9% of enterprises predicting an increase in input inventory; 31.3% forecasted a decrease in input inventory and 54.8% of enterprises believed that it would remain unchanged in input inventory.

Regarding labor use, 16.1% of enterprises affirmed that the labor size increased in the first quarter of this year compared to the previous quarter; 13.5% of enterprises confirmed to decrease and 70.4% of enterprises said that they kept stable. Expected that in the second quarter compared to the first quarter, there were 22.2% of enterprises predicted an increase of labor size; 6.4% of enterprises forecasted a decrease and 71.4% of enterprises would stabilize labor size.

  1. Service operation

     a. Retail sales of consumer goods and services

Gross retail sales of consumer goods and services in March were estimated at 312.5 trillion VND, up 11.7% over the same period last year, of which: retail sales of goods reached 235.1 trillion VND, an increase of 11.1%; revenue from accommodation and catering services gained 38.2 trillion VND, an increase of 18%; tourism and travelling service revenue reached 2.2 trillion, going up by 2.5%; revenue from other services achieved 37 trillion VND, a rise of 10%.

Generally for the first quarter of 2017, gross retail sales of consumer goods and services were estimated at 921.1 trillion VND, an increase of 9.2% compared to the same period last year, if excluding price factor, the growth rate was 6.2% (lower than the increase of 7.5% in the first quarter of 2016). By economic activities, retail sales of goods in the first quarter were estimated at 689.5 trillion VND, accounting for 74.9% of the total and increasing by 9.8% compared to the same period last year, of which food and foodstuff increased by 10.4%; garment increased by 8.8%; vehicles rose by 8.2%; household appliances, tools and equipment expanded by 7.3%; cultural and educational items increased by 3.4%.

Revenue from accommodation and catering services in the first quarter was estimated at 114 trillion VND, accounting for 12.4% of the total and increasing by 8.9% over the same period last year, of which some provinces achieved a good increase in revenue as follows: Dong Nai by 12.2%; Ba Ria – Vung Tau by 11.8%; Lam Dong by 10.9%; Binh Duong by 10.3%; Hai Phong by 9.8%; Hanoi by 9%; Ho Chi Minh City by 6.4%.

Tourism and travelling service revenue in the first quarter was estimated at 7.6 trillion VND, accounting for 0.8% of the total and increasing by 9.9% over the same period last year, of which revenue of some provinces witnessed a good increase such as: Quang Ninh by 14.9%; Ho Chi Minh City by 12.5%; Binh Thuan by 10.9%; Hanoi by 5.3%. Some provinces saw much lower revenue: Dak Nong decreased by 19.1%; Lao Cai declined by 18.9%; Quang Binh reduced by 15.6%; Lai Chau went down by 13.7%; Phu Tho fell by 12.6%.

Revenue from other services in the first quarter was estimated at 110 trillion VND, accounting for 11.9% of the total and increasing by 5.9% compared to the same period in 2016, in which some provinces saw a good increase in revenue, particularly: Binh Dinh by 13.5%; Nghe An by 11%; Hung Yen by 9.6%; Quang Tri by 9.4%; Ca Mau by 8.2%; Ha Giang by 7.6%; Can Tho by 7.5%; Hanoi by 5.2%.

         b. Transportation and telecommunication

Passenger transport in March was estimated at 325.3 million passengers, an increase of 8.7% over the same period last year and 14.7 billion passengers-kilometers, an increase of 10.1%. In the first 3 months, passenger transport reached 969.9 million passengers, an increase of 8.7% over the same period last year and 44.1 billion passengers-kilometers, an increase of 9.4%, of which passengers carried by roadways reached 913.2 million passengers, an increase of 9% and 29.9 billion passengers-kilometers, an increase of 7%; seaways reached 1.6 million passengers, up 6.8% and 81.8 million passengers.km, up 4.1%; airways achieved quite good with 10.5 million passengers, increasing by 14.1% and 12.4 billion passengers-kilometers, increasing by 17.9%. Railway transport reached 2.4 million passengers, down 10.8% over the same period last year and 1 billion passengers.km, down 8.5%.

Freight carriage in March was estimated at 116.2 million tons, up 14% over the same period last year and 21.8 billion tons-kilometers, up 9.6%. Generally for 3 months, freight carriage reached 350.1 million tons, up 14.7% over the same period last year and 64.4 billion tons.km, up 6.7%, of which domestic transport reached 341.9 million tons, up 15.1% and 31.3 billion tons.km, up 12.2%; foreign transport reached 8.2 million tons, up 1.5% and 33.1 billion tons.km, up 1.9%. By kinds of transport, roadways reached 272.6 million tons, up 15.5% over the same period last year and 16.9 billion tons.km, up 12.1%; inland waterways reached 59.4 million tons, up 12.6% and 12.7 billion tons.km, up 15.8%; seaway achieved 16.7 million tons, up 11.2% and 33.8 billion tons.km, up 1.3%; railways gained 1.3 million tons, decreased by 1.2% and 0.8 billion tons-kilometers, grew by 1%.

Revenue from telecommunications activities in the first quarter of 2017 was estimated at 96.4 trillion VND, up 6.7% over the same period last year. By the end of March 2017, the total number of telephone subscribers was estimated at 129.5 million, an increase of 1.9% compared to the same period last year, of which mobile subscribers were 120.6 million, a reduction of 0.6%; fixed broadband Internet subscribers were estimated at 9.5 million, going up by 18.8%.

        c. Foreign visitors to Vietnam

Foreign visitors to Vietnam in March were estimated at 1,005.8 thousand, increasing by 21.1% over the same period last year (being the 3rd consecutive month from the beginning of the year receiving over 1 million visitors), of which visitors from Asia increased by 24.5%; from Europe increased by 18.1%; from Americas expanded by 6%; from Africa increased by 21.1%.

Generally for the first quarter of 2017, foreign visitors to the country were estimated at 3,212.5 thousand, increasing by 29% compared to the same period last year, of which visitors arrived by airways reached 2,631.6 thousand, increasing by 32.5%; by roadways reached 468.8 thousand, an increase of 7.6%; by seaways reached 112.1 thousand, a rise of 66.2%.

In the first quarter, foreign visitors to the country from Asia reached 2,291.6 thousand, an increase of 34.4% compared to the same period last year, of which visitors from major markets increased: China reached 949.2 thousand turns of people, an increase of 63.5%; South Korea 527.5 thousand, an increase of 29.2%; Japan 201.6 thousand, going up by 4.8%; Taiwan 150.1 thousand, ring by 22.4%; Malaysia 113.1 thousand, an increase of 19.9%; Thailand 78.6 thousand, an increase of 17.7%; Singapore 62.9 thousand, an expansion of 6%.

Visitors from Europe were estimated at 559.5 thousand, increasing by 23.6% over the same period last year, of which: visitors from the Russian Federation 175.5 thousand, an increase of 61.3%; United Kingdom 75 thousand, an increase of 9.2%; France 74.9 thousand, up 10.8%; Germany 61.9 thousand, up 13.2%; Sweden 21 thousand, an increase of 26.6%; Netherlands 18 thousand, up 20.4%; Italy 17 thousand, an increase of 13.5%.

Visitors from the Americas reached 247.7 thousand, an increase of 10.8% compared to the same period last year, of which visitors from the United States reached 179.7 thousand, an increase of 9.1%. Visitors from Australia reached 104.9 thousand, an increase of 3.5% compared to the same period in 2016, of which visitors from Australia reached 95.2 thousand, an increase of 3.4%. Visitors from Africa reached 8.8 thousand, an increase of 36.9% compared to the same period in 2016.

      II. MACROECONOMICS STABILIZATION AND INFLATION CONTROL

  1. Banking and insurance activities

As of 20th March, 2017, the total payment facilities increased by 2.88% compared to the end of 2016 (same period in 2017 was a rise of 3.08%). Capital mobilization of commercial banks increased by 2.43% (same period in 2016 was an increase of 2.26%). Credit growth in the first 3 months sharply surged the most in the last 6 years, reaching 2.81%[10], showing that the capital absorption capacity of enterprises was relatively good and the interest income of banks improved positively.

The mobilizing interest rates showed quite stably. The mobilizing interest rate of VND was popular at 0.8% -1% per year for less-than-1-month term deposits; at 4.5% -5.4% per year for 1-month-to-less-than-6-month term deposits; at 5.4% -6.5%  per year for 6-month-to-less-than-12 month term deposits; at 6.4% -7.2% per year for over -12 month term. The lending interest rate of VND for priority business sectors was at 6% – 7% per year. The lending interest rate for normal business sectors was at 6.8% – 9% per year for short-term; at 9.3% -11% per year for medium and long term. The lending interest rate for reliable customers was at 4% – 5% per year for short-term.

Insurance market in the first 3 months maintained a positive growth. Insurance revenue in the first quarter of 2017 was estimated to increase by 20% compared to the same period in 2016, of which revenue of life insurance premium rose 29%; non-life insurance premiums increased by 15%.

  1. Construction, investment

      a. Construction

The construction production in the first quarter of 2017 at current prices was estimated at 225.8 trillion VND, including: State sector reached 17.1 trillion VND, accounting for 7.6%; non-state sector achieved 196.8 trillion VND, accounting for 87.1%; FDI sector gained 11.9 trillion VND, making up 5.3%. In the total production value, the value of production and construction of housing projects reached 91.6 trillion VND, sharing 40.5%; non-residential buildings gained 37.2 trillion VND, comprising 16.5%; civil engineering works witnessed 72 trillion VND, representing 31.9%; specialized construction activities reached 25 trillion VND, accounting for 11.1%.

The construction production in the first quarter of this year at constant 2010 price was estimated to increase by 6.1% over the same period last year, of which: the State sector rose 6.7%; non-state sector increased by 7%; FDI sector decreased by 7.1%. In the total production value, the value of housing construction expanded 10.7%; non-residential buildings increased by 0.4%; civil engineering projects rose 3%; specialized construction activities increased by 8.7%.

         b. Development Investment

The realized investment in the first quarter of this year at current prices was estimated at 297.8 trillion VND, a rise of 8.6% over the same period last year and an equivalent to 32% of GDP, including: stage budget capital achieved 99.9 trillion VND, accounting for 33.5% of the total capital and going up 4.9% over the same period last year; non-state sector gained 117.4 trillion VND, accounting for 39.4% and rising 13.8%; foreign direct investment sector witnessed 80.5 trillion VND, comprising 27.1% and climbing up 6.2%.

The growth rate of the realized investment

first quarters of 2015-2017 in comparison with same periods of the previous year

%

Quarter 1          2015 Quarter 1
2016		 Quarter 1 2017
Total 109.7 110.9 108.6
State sector 107.7 105.9 104.9
Non-State sector 111.4 114.5 113.8
FDI sector 110.2 112.8 106.2

 

In the investment of the State sector, the capital from the State budget in the first quarter was estimated at 45.4 trillion VND, equaling 15.6% of the yearly plan and increasing by 5.3% over the same period last year, including:

– The capital under central management reached 9.7 trillion VND, equaling 14.3% of the yearly plan and going up 1.6% over the same period last year, of which the realized investment of Ministry of Transportation recorded 4,925 billion VND, equaling 15.7% and up 36.3%; Ministry of Health 625 billion VND, equaling 12.2% and jumping up 20.2%; Ministry of Agriculture and Rural Development 595 billion VND, equaling 14.3% and decreasing by 32.4%; Ministry of Education and Training 85 billion VND, equaling 15.3% and going down 68.7%; Ministry of Construction 78 billion VND, equaling 16.1% and falling 44.1%; Ministry of Culture, Sports and Tourism 75 billion VND, equaling 12.9% and reducing 13.9%; Ministry of Natural Resources and Environment 55 billion VND, equaling 12.5% ​​and decreasing by 56.1%; Ministry of Industry and Trade 37 billion VND, equaling 14.9% and reducing 47.5%; Ministry of Science and Technology 13 billion VND, equaling 14.6% and decreasing by 59.4%; Ministry of Information and Communications 12 billion VND, equaling 13.2% and falling 41.7%.

– The capital under local management at 35.7 trillion VND, equaling 16% of the yearly plan and jumping up 6.4% compared to the same period in 2016, of which: State budget capital at the provincial level reached 24.6 trillion VND, equaling 14.9% of the yearly plan and going up 2.1%; State budget capital at district level achieved 9,178 billion VND, equaling 18.3% and increasing by 18.5%; State budget capital at commune level reached 1,931 billion VND, equaling 22.9% and rising 12.1%. The realized investment from the State budget of some provinces and cities directly under the Central Government was as follows: Ha Noi reached 5,595 billion VND, equaling 17.3% of the yearly plan and up 2.8% over the same period last year; Ho Chi Minh city 2,578 billion VND, equaling 7.6% and going up 11.1%; Nghe An 1,373 billion VND, equaling 21.2% and increasing by 11.7%; Vinh Phuc 1,226 billion VND, equaling 20.4% and rising 42.4%; Ba Ria – Vung Tau 1,053 billion VND, equaling to 20% and going down 16.1%; Thanh Hoa 982 billion VND, equaling 20.5% and falling 1%; Kien Giang 927 billion VND, equaling 24% and decreasing by 1.9%; Binh Duong 793 billion VND, equaling 11.1% and going up 10.1%; Quang Nam 791 billion VND, equaling 18.7% and increasing by 19.3%.

Foreign direct investment from the beginning of the year to 20th March, 2017 attracted 493 newly licensed projects with registered capital of 2,917.2 million USD, an increase of 4.2% in number of projects and a rise of 6.5% of registered capital compared to the same period in 2016. Besides, 223 projects which were licensed in previous years registered to adjustment investment capital with an additional capital of 3,940 million USD[11].

In the first 3 months of 2017, there were 1,077 turns of capital contributions and shares purchase of foreign investors with a total capital contribution of 852.9 million USD. Thus, the total registered capital of newly granted projects, additional capital and investment in the form of capital contribution and share purchase in the first 3 months reached 7,710.1 million USD, an increase of 77.6% compared to in the same period last year. The realized FDI capital in the first 3 months was estimated at 3,620 million USD, a rise of 3.4% compared to the same period in 2016.

In the first 3 months of this year, the manufacturing activity attracted the largest foreign direct investment with the registered capital of newly licensed projects of 2,179.7 million USD, accounting for 74.7% total newly registered capital; real estate activities gained 311 million USD, comprising 10.7%; the other sectors reached 426.5 million USD, accounting for 14.6%. If including additional registered capital of projects licensed in the previous years and capital contribution and share purchase, the total foreign direct investment in manufacturing activity in the first 3 months of the year achieved 6,545.6 million USD, making up 84.9% of the total registered capital; the real estate activities reached 343.7 million USD, representing 4.5%; the other sectors recorded 820.8 million USD, accounting for 10.6%.

In the whole country, 42 provinces and cities directly under the Central Government had newly licensed foreign direct investment projects in the first 3 months of the year, of which Binh Duong had the largest registered capital with 800.4 million USD, accounting for 27.4% of the total newly registered capital; followed by Binh Phuoc with 280.8 million USD, making up 9.6%; Tay Ninh 275 million USD, sharing 9.4%; Bac Giang 178.2 million USD, representing 6.1%; Ho Chi Minh city 133.2 million USD, comprising 4.6%; Dong Nai 125.1 million USD, accounting for 4.3%; Nghe An 122.2 million USD, making up 4.2%; Bac Ninh 116 million USD, sharing 4%; Ba Ria – Vung Tau 112.5 million USD, representing 3.9%; Ha Noi 101.5 million USD, accounting for 3.5%; Hai Duong 97.5 million USD, making up 3.3%; Quang Nam 76.6 million USD, representing 2.6%[12].

Among 38 countries and territories with newly licensed investment projects in Viet Nam in the first 3 months of this year, South Korea ranked the top with 931.3 million USD, accounting for 31.9% of total newly registered capital; followed by China 683.9 million USD, making up 23.4%; Singapore 446.3 million USD, sharing 15.3%; Japan 218.3 million USD, representing 7.5%; British Vigin Islands 125 million USD, accounting for 4.3%[13].

  1. State budget revenue and expenditure

The state budget revenue from the beginning of the year to 15th March, 2017 was estimated at 216.7 trillion VND, equaling 17.9% of the yearly estimate, of which domestic revenue was 175.5 trillion VND, equaling 17.7%; revenue from crude oil was 9 trillion VND, equaling 23.4%; budget balance revenue from import and export gained 32.2 trillion VND, equaling 17.9%. In domestic revenue, land use fee reached 18.9 trillion VND, equaling 29.7% of the yearly estimate; personal income tax was 17.2 trillion VND, equaling 21.3%; taxes on trade and non-state services achieved 38.3 trillion VND, equaling 19.7%; tax on FDI enterprises (excluding crude oil) witnessed 36.8 trillion VND, equaling 18.3%; environmental protection tax was 6.3 trillion VND, equaling 14%; tax on state-owned enterprises was 33 trillion VND, equaling 11.5%.

The state budget expenditure from the beginning of the year to 15th March, 2017 was estimated at 229.1 trillion VND, equaling 16.5% of the yearly estimate, of which expenditure for development investment was 32.6 trillion VND, equaling 9.1%; recurrent expenditure 173.2 trillion VND, equaling 19.3%; interest payment was 23 trillion VND, equaling 23.2%. Principal payment from the beginning of the year to 15th March, 2017 was estimated at 38.4 trillion VND, equaling 23.4% of the yearly estimate.

  1. Export and import of goods and services

      a. Exports of goods

The export turnover of goods in February 2017 reached 13,106 million USD, 106 million USD higher than the estimated figure, of which electronic goods, computers and their parts were 118 million USD higher; iron and steel was 71 million USD higher; wood and wooden products were 54 million USD higher; coffee was 39 million USD higher; cashew nuts were 32 million USD higher; phones and their parts were 140 million USD lower; textiles and garments were 113 million USD lower than estimated.

Export turnover in March was estimated at 16.30 billion USD, increased by 24.4% over the previous month, of which the domestic economic sector gained 4.59 billion USD, rose by 27.6%; FDI sector (including crude oil) attained 11.71 billion USD, jumped up by 23.1%. A number of export products increased sharply compared to the previous month: Cashew nuts soared by 90.9% (volume surged up by 85.5%); pepper expanded by 79.8% (Volume jumped up by 97.7%); textiles grew by 51.4%; wood and wooden products rose by 47.5%; fishery products went up by 33.8%; vegetables increased by 33.6%. Compared to the same period last year, export turnover in March edged up by 8%, of which the domestic economic sector augmented by 9.4%; FDI sector (including crude oil) increased by 7.4%. Export turnover of some products increased significantly: Electronic goods, computers and their parts soared by 40.4%; footwear went up by 14.5%; textiles and garments climbed up by 13.4%.

In the first quarter of this year, export turnover was estimated at 43.7 billion USD, edged up by 12.8% over the same period last year, of which the domestic economic sector was 12.3 billion USD, increased by 12.1%; FDI sector (including crude oil) reached 31.4 billion USD, augmented by 13%. If excluding the price factor, export turnover in the first quarter increased by 6.7% year on year.

Export turnover of some main products and agricultural products in the first quarter of this year increased highly compared to the same period last year: textiles and garments reached 5.6 billion USD, climbed up by 10.2%; electronic goods, computers and their parts gained 5.3 billion USD, edged up by 42.3%; footwear made up 3.1 billion USD, expanded by 10.5%; machinery, instrument and accessory amounted to 2.8 billion USD, jumped up by 34.6%; wood and wooden products attained 1.7 billion USD, went up by 14.4%; vehicles and spare parts achieved 1.7 billion USD, rose by 21%; coffee reached 1.1 billion USD, grew by 30.7%; vegetables and fruits reached 671 million USD, jumped up by 24.3%; crude oil gained 650 million USD, went up by 29.7% (volume decreased by 15.8%); cashew nuts attained 520 million USD, expanded by 18% (volume reduced by 2.9%). However, there were some products having declined export turnover: Phones and their parts reached 7.4 billion USD, edged down by 10.7%; rice gained 524 million USD, fell by 23.3% (volume dropped 23.9%); pepper reached 315 million USD, decreased by 13.9% (volume rose by 12.3%); cassava and cassava products attained 309 million USD, went down by 1.3% (volume grew by 5%). The large proportion of main export products still belonged to FDI sector with 97.3% of the turnover of electronic goods, computers and their parts; 91.9% of turnover of machinery, instrument and accessory; 60.1% of textile and garment turnover.

The structure of export groups in the first quarter of this year did not changed much compared to the same period last year: The group of heavy industrial and mineral products was estimated at 20.5 billion USD, went up by 12.3% over the same period last year and accounted for 46.9% of total export turnover (a decline of 0.2 percentage points compared to the same period in 2016), of which phones and their parts gained 7.4 billion USD, edged down by 10.7% and shared 16.9%. The group of light industry and handicraft reached nearly 17 billion USD, rose by 14.2% and represented 38.8% (a growth of 0.5 percentage points). The group of agricultural and forestry products attained nearly 4.8 billion USD, increased by 11.8% and contributed 10.9% (a reduction of 0.1 percentage points). Fishery products made up 1.5 billion, grew by 6% and accounted for 3.4% (a fall of 0.2 percentage points).

Regarding the exported goods market in the first 3 months, the United States was Vietnam’s largest export market with 8.7 billion USD, climbed up by 4.1% year on year, of which textile and garment products increased by 10.7%; footwear rose by 12.5%; wood and wooden products grew by 13%. The following was the EU with 7.9 billion USD, increased by 4.2%, of which electronic goods, computers and their parts climbed up by 3.2%; textile went up by 10.7%; footwear augmented by 14%. China amounted to 6 billion USD, surged up by 43.3%, of which textile fiber increased by 26%; vegetables and fruits jumped up by 28.9%; cameras, camcorders and their parts soared by 103.4%; electronic goods, computers and their parts increased by 115.5%. ASEAN market achieved 4.9 billion, went up by 21.8%, of which phones and their parts rose by 5.6%; iron and steel grew by 69.4%; electronic goods, computers and their parts soared by 100.6%. Japan made up 3.7 billion USD, grew by 15.4%. South Korea gained 3 billion USD, went up by 24.1%.

         b. Imports of goods

Import turnover in February 2017 reached 15,150 million USD, 950 million USD higher than estimated figure, of which electronic goods, computers and their parts were 287 million USD higher; machinery, instrument and accessory were 110 million USD higher; plastic was 80 million USD higher; iron and steel were 78 million USD higher; both animal feed, raw materials and phone and their parts were 55 million USD higher; materials for textile and garment and footwear were 51 million USD higher; automobile was 50 million USD higher than estimated.

Import turnover in March 2017 was estimated at 17.40 billion USD, went up by 14.9% over the previous month, of which the domestic economic sector gained 6.90 billion USD, climbed up by 14.3%; FDI sector attained 10.50 billion USD, jumped up by 15.2%. Import turnover of some products highly increased, such as: Fabric by 30%; chemical products by 26.2%; textile and garment materials and footwear by 19.7%; plastic products by 17.4%; plastics by 15.8%; phones and their parts by 15.1%; machinery, instrument and accessory by 11.5%. Compared to the same period last year, import turnover in March increased by 21%, of which the domestic economic sector rose by 21.4%; FDI sector grew by 20.7%. Import turnover of some products for domestic production and processing highly increased compared to the same period last year, particularly: Iron and steel by 39.5%; machinery, instrument and accessory by 24.2%; electronic goods, computers and their parts by 9.6%.

Generally, the import turnover of the first quarter of this year reached 45.6 billion USD, went up by 22.4% over the same period last year, of which the domestic economic sector imported 18.4 billion USD, increased by 24.4 %; FDI sector reached 27.2 billion USD, rose by 21.1%. If excluding price factor, import turnover in the first quarter of 2017 increased by 19.9% year on year.

In the first quarter of this year, import turnover of most products increased compared to the same period last year, particularly: machinery, instrument and accessory reached 7.6 billion USD, jumped up by 28.3%; electronic goods, computers and their parts gained 7.3 billion USD, climbed up by 15%; phones and their parts attained 2.9 billion USD, went up by 20.7%; iron and steel achieved 2.4 billion USD, surged up by 45.4% (volume reduced by 5.3%); fabric reached 2.3 billion USD, went up by 5.5%; plastics achieved 1.7 billion USD, jumped up by 33.2%; petroleum gained 1.4 billion USD, soared by 56.6% (volume decreased by 4.3%); metals made up 1.3 billion USD, climbed up by 23.9%; plastic products amounted to 1.2 billion USD, increased by 17.2%; chemical products reached 998 million USD, jumped up by 24.3%; animal feed and raw materials attained 932 million USD, augmented by 38.2%; chemicals reached 905 million USD, went up by 35.1%; cotton gained 586 million USD, surged up by 43.9%; wood and wooden products reached 530 million USD, jumped up by 26.1%.

Regarding imported goods structure in the first quarter, the group of capital goods was estimated at 42 billion USD, climbed up by 22.7% and accounted for 92% of total import turnover (a rise of 0.2 percentage points over the same period in 2016), of which machinery, instrument and accessory reached 18.8 billion USD, went up by 22.5% and shared 41.1% (a growth of 0.1 percentage points); the group of raw materials and fuel made up 23.2 billion USD, increased by 22.7% and represented 50.9% (a rise of 0.1 percentage points). Consumer goods were estimated at 3.7 billion USD, went up by 19.7% and accounted for 8% (a decline of 0.2 percentage points).

Regarding the imported goods market in the first quarter of this year, China was still the largest import market of Vietnam with a turnover of 11.9 billion USD, went up by 12.3% compared to the same period in 2016[14], of which import turnover of some products for production and processing increased, such as: Phones and their parts by 5.5%; machinery, instrument and accessory by 23.6%; electronic goods, computers and their parts grew by 25.4%. South Korea attained 9.3 billion USD, jumped up by 36.1%, of which electronic goods, computers and their parts climbed up by 16.1%; phones and their parts expanded by 20.9%; machinery, instrument and accessory soared by 84.2%. ASEAN reached 6.3 billion USD, went up by 17.7%, of which plastic material increased by 15.1%; petroleum edged up by 26.1%; completely built-up (CBU) cars surged up by 76.1%; electronic goods, computers and their parts and household electrical appliances decreased by 14.3%. Japan made up 3.9 billion USD, jumped up by 23.3%, of which electronic goods, computers and their parts augmented by 15.3%; iron and steel increased by 20.1%; machinery, instrument and accessory grew by 23.2%. EU reached 2.9 billion USD, edged up by 28.7%, of which machinery, instrument and accessory rose by 6.7%; pharmaceuticals went up by 16.8%; chemical products expanded by 19.4%. The United States gained 2.3 billion USD, jumped up by 32.1%.

The trade balance of goods in February witnessed a trade deficit of 2 billion USD[15]; trade deficit in March was estimated at 1.1 billion USD. In the first quarter of 2017, the trade deficit was 1.90 billion USD, of which the domestic economic sector saw a trade deficit of 6.06 billion USD; the FDI sector (including crude oil) witnessed a trade surplus of 4.16 billion USD.

        c. Import and export of services

Services export turnover in the first quarter of 2017 was estimated at 3.3 billion USD, went up by 9.3% over the same period last year, of which tourism reached 2.2 billion USD, accounted for 68% of total turnover and increased by 9.3%; transport attained 625 million USD, shared 19.1% and edged up by 7.4%. Services import turnover was estimated at 3.8 billion USD, rose by 2.2% compared to the same period last year, of which transport reached 1.8 billion USD, accounted for 47.6% of total turnover and fell by 2.7%; tourism made up 1.1 billion USD, contributed 27.8% and increased by 13.3%. Service trade deficit in the first quarter was 500 million USD, equaled 15.2% of service export turnover.

  1. Price indexes

     a. Consumer price index

Consumer price index (CPI) in March 2017 increased by 0.21% over the previous month, of which price indexes of 8 out of 11 groups of goods and services increased: The highest increase belonged to medicine and health care services with 7.51% (health care service grew by 9.86%) because there were 13 provinces and cities directly under the Central Government[16] adjusting the price of health care services stage 2 according to the Joint Circular No. 37/2015/TTLT-BYT-BTC dated 29/10/2015 of the Ministry of Health and the Ministry of Finance (leading to a CPI increase of about 0.38%). Education group expanded by 0.75% (education service increased by 0.87%) because in the month, Thanh Hoa province implemented the roadmap to increase tuition fees according to Decree No. 86/2015/ND-CP dated 02/10/2015 of the Government. Housing and construction materials edged up by 0.5% (prices of construction materials increased by 0.53%; price of running water for household rose by 0.43%; electricity prices grew by 0.26%). Transport increased by 0.39% mainly due to the impact of the increase in petroleum and oil price as of 18/2/2017[17] (making overall CPI increase by about 0.04%). Group of household appliances edged up by 0.06%; culture, entertainment and tourism went up by 0.04%; postal services and telecommunications increased by 0.03%. Price indexes of remaining groups of goods and services decreased, such as: Food and catering services declined by 0.87% (food increased by 0.16%; foodstuff decreased by 1.22%); garments, hats and shoes reduced by 0.12%; beverage and cigarettes fell by 0.02%.

The average consumer price index in the first quarter of this year increased by 4.96% compared to the same period in 2016, higher than the figure of the same period in the last 3 years[18]. CPI in the first quarter of this year rose due to the following main reasons: (i) Local authorities adjusted health service prices and implemented the tuition increase roadmap[19]; (ii) The first two months of this year coincided with the Lunar New Year so that the demand for food and foodstuff increased[20]; (iii) Fuel prices in the world market in the first 3 months of 2017 increased sharply, making the average petrol price in the first quarter increase by 34.92% over the same period, contributed 1.45% to the overall CPI growth.

Consumer price index in March 2017 grew by 0.90% compared to December 2016 and increased by 4.65% compared to the same period last year.

Core inflation in March 2017 remained unchanged over the previous month and increased by 1.60% compared to the same period last year. The average core inflation in the first 3 months of 2017 went up by 1.66% compared to the average of the same period in 2016.

       b. Gold and US dollar price index

Domestic gold prices fluctuated according to world gold prices. Gold price index in March 2017 decreased by 0.28% compared to the previous month; increased by 1.98% compared to December 2016 and rose by 5.00% over the same period last year. The US dollar price index in March 2017 grew by 0.41% compared to the previous month; increased by 0.26% over December 2016 and increased by 1.92% over the same period in 2016.

      c. Producer price index

The producer price index for agriculture, forestry and fishery in the first quarter of 2017 increased by 1.41% compared to the previous quarter and by 5.13% compared to the same period last year, of which the producer price index for agriculture increased by 0.31% and by 4.63%; the producer price index for forestry increased by 2.83% and by 4.28%; the producer price index for fishery increased by 4.67% and by 6.53%. The the producer price index for industry in the first quarter expanded by 0.34% against the previous quarter and by 1.96% over the same period last year, of which the producer price index for mineral products increased by 6.65% and by 18.88%; manufacturing products decreased by 0.33% and increased by 0.16% respectively; electricity, gas, hot water, steam and air conditioning increased by 2.51% and by 2.84%; clean water, wastewater treatment increased by 0.68% and declined 0.36%.

Input producer price index in the first quarter of 2017 increased by 1.18% compared to the previous quarter and by 0.66% over the same period last year, of which the input producer price index for agriculture, forestry and fishery decreased by 0.12% and increased by 1.98%; the input producer price index for manufacturing increased by 1.13% and by 0.39%; the input producer price index for construction increased by 1.90% and by 3.74%.

The transport and storage service price index in the first quarter increased by 1.63% compared to the previous quarter and rose by 0.85% over the same period last year, of which the price of railway and roadway services increased by 0.97% and reduced by 1.74%; inland waterway service prices decreased by 0.06% and increased by 0.33%; airway services increased by 7.65% and by 2.69%.

The producer price index for service in the first quarter of 2017 increased by 1.36% compared to the previous quarter and expanded by 3.72% over the same period last year, of which the producer price index of some economic activities was as follows: accommodation and catering services increased by 1.28% and by 2.75%; information and communication expanded by 0.24% and by 0.37%; education and training increased by 1.61% and by 6.35%; human health and social work activities increased by 6.79% and by 36.26%.

        d. Import and export price index

Merchandise export price index in the first quarter of 2017 increased by 1.58% compared to the previous quarter and expanded by 5.71% compared to the same period last year, of which the export price index of vegetables and fruits decreased by 1.76% and increased by 0.35%; fishery products increased by 2.12% and by 7.23%; coffee rose by 5.73% and by 22.8%; crude oil went up by 4.40% and by 53.14%; rubber increased by 16.39% and by 46.05%.

Merchandise import price index of the first quarter increased by 1.45% compared to the previous quarter and increased by 3.23% compared to the same period last year, of which the import price index of liquefied gas increased by 24.6% and by 29.12%; petroleum rose by 5.22% and by 38.9%; rubber increased by 9% and by 28.97%; iron and steel rose by 6.83% and by 6.65%.

Merchandise term of trade[21] in the first quarter increased by 0.12% compared with the previous quarter and increased by 2.40% compared to the same period last year, of which merchandise term of trade of gasoline increased by 2.87% and by 2.95%; rubber increased by 6.78% and by 13.24%; computers, electronic products, phones and components decreased by 0.15% and by 3.23%; wood and wood products increased by 0.67% and by 2.78%.

      III. SOCIAL ISSUES

  1. Labor, employment

The labor force aged 15 and over in the whole country as of April 1, 2017 was estimated at 54.5 million persons, an increase of 104.9 thousand persons compared to the same period in 2016, including: male laborers 28.0 million persons, accounting for 51.4%; female workers 26.5 million persons, accounting for 48.6%. By area, the labor force aged 15 and over in urban areas was 18.1 million, accounting for 33.2%; the rate in rural areas was 36.4 million persons, accounting for 66.8%. As of this time point, the labor force in the working age was estimated at 47.9 million persons, an increase of 212.5 thousand persons compared to the same period last year, of which male workers were 25.8 million, accounting for 53.9%; female workers were 22.1 million persons, accounting for 46.1%. The labor force in the working age in urban areas was 16.3 million persons, representing 34.0%; the figure for rural areas was 31.6 million persons, making 66.0%.

The employed workers aged 15 and over in the first quarter were estimated at 53.4 million persons, including 21.7 million persons working in agriculture, forestry and fishery, accounting for 40.6% of the total; the industry and construction were 13.6 million persons, accounting for 25.5%; the services was 18.1 million persons, making up 33.9%.

The unemployment rate of workers in the first quarter of 2017 was estimated at 2.30% (that in Quarter I/2016 was 2.25%), of which urban areas was 3.21% (that in Quarter I/2016 was 3.08%); the figure for rural areas was 1.82% (that in the first quarter of 2016 was 1.83%). The unemployment rate of youth (aged 15-24 years) in the first quarter of 2017 was estimated at 6.96%, of which the urban area was 10.90%; and the rural area was 5.57%.

The underemployment rate of workers in the first quarter was estimated at 1.74%, of which the urban underemployment rate was 0.80%; the rural underemployment rate was 2.25% (the underemployment rate in the first quarter of 2016 was 1.76%, 0.70% and 2.29%, respectively).

Percentage of employment in the informal economy in non-agricultural activities[22] in Quarter I/2017 was estimated at 55.5%, of which the rate in urban areas was 47.2%; and that in rural areas was 63.0% (this rate in the first quarter of 2016 was 55.7%, 47.0%; and 63.7%, respectively)

  1. Living standards and social security

People’s life in the first months of 2017 was generally stable; food shortage among farmers witnessed a significant decrease compared to that in the same period in 2016. According to preliminary report of the provinces, the whole country had 76.3 thousand households suffering from food shortage, a reduction of 26% against the same period last year, equivalent to 312.3 thousand hungry persons, a fall of 25.3%. Only in March, there were 3.2 thousand households suffering from food shortage, reducing by 68.9% compared to the same period last year, equivalent to 13.6 thousand hungry persons, falling by 68%. In order to overcome hungry situation, at the beginning of the year, all authority levels, sectors and organizations from the central to the local supported hunger households with 11.2 thousand tons of food and about 1.1 billion VND.

The work of social security was concerned by the authorities at all levels. According to preliminary report, the total fund mobilized from the central budget, provinces, cities and organizations and individuals for social security and poverty reduction activities in the first 3 months of 2017 was 3,775 billion VND, including: 2,119 billion VND as gifts supporting beneficiaries of social welfare; 1,297 billion VND was used to support poor households and 359 billion VND used for hunger-relief and other social reliefs. Besides, there were 9.4 million free health insurance cards, medical examination books/cards donated to beneficiaries of social welfare in the whole country.

  1. Education and Training

By the end of March 2017, 63 provinces and cities under central authority have been recognized for gaining universal pre-school education for five-year-old children[23]; and level 1 of the illiteracy eradication programs, in which 12 provinces and cities were recognized to meet the standard of primary compulsory education level 3[24].

In 2016, vocational training enrolled over 2.1 thousand students, reached 96.5% over the plan, of which there were 238.7 thousand college and secondary students, gained 95.5%; short-term training and vocational training for at least 3 months enrolled 1.8 thousand persons, achieved 96.6% of the plan, including 500 thousand rural workers were supported with vocational training under the Project of vocational training for rural workers by 2020 according to the Prime Minister’s Decision No. 1956 / QD-TTg.

In the whole system of vocational education[25] there were 1,989 vocational education establishments in Viet Nam, including 219 colleges; 303 professional secondary schools; 190 vocational colleges, 280 vocational secondary school and 997 continuing education centers.

  1. Epidemic diseases and food poisoning

In March 2017, the whole country witnessed 1.7 thousand cases of hand, foot and mouth disease; 4.2 thousand cases of hemorrhagic (2 deaths);
44 cases of typhoid; 29 cases of viral encephalitis; 5 cases of meningococcal meningitis and 3 cases of Zika virus infection. Generally, for 3 months of 2017, the whole country witnessed nearly 6.3 thousand cases of hand, foot and mouth disease; 14.1 thousand cases of hemorrhagic fever (2 deaths); 87 cases of typhoid; 73 cases of viral encephalitis; 10 cases of meningococcal meningitis and 16 cases of Zika virus infection. Remarkably, in the earlier months of 2017, whooping cough epidemic tended to be complicated and there was a risk of outbreaks in the Northern provinces due to cold weather and high humidity. The cases occurred mainly in children under 3 months of age because they had not been vaccinated against the disease. As of mid-March, the whole country witnessed 114 cases of whooping cough, of which 5 deaths.

As of 17 March 2017, the total number of alive HIV-infected persons over the country was 215.9 thousand persons and the number of cases turned to AIDS was 88.5 thousand persons; the number of persons died of HIV/AIDS nationwide was 90.3 thousand persons.

In the month, there were 8 food poisoning cases, poisoned 245 persons, of which 2 deaths. From 18 December 2016 to 17 March 2017, there were 21 severe food poisoning cases, poisoned 641 persons, of which 15 deaths. Remarkably since the beginning of the year, there were dozens of alcohol poisoning cases (methanol) across the country with hundreds of victims such as serious methanol poisoning in Lai Chau on 13 February left more than 80 persons hospitalized, of which 9 deaths; poisoning in Ha Giang caused 86 persons hospitalized; The alcohol poisoning case in Hanoi on 9 March left 7 students in critical condition, etc. The Central Steering Committee for Intergovernmental Hygiene and Food Safety issued a Plan for the implementation of the “Food Safety Month” in 2017 (15 April to 15 May 2017) with the theme “Production, sales and consumption of safe fresh food; Control alcohol, prevent alcohol poisoning”.

  1. Culture and Sport

Cultural activities during the first 3 months of 2017 focused on celebrating Great Holidays, major events of the country and celebrating the Party and the Dinh Dau Lunar New Year. Many events were organized on a large scale and receive actively response of many people. The festival “Spring colors in all regions of the country” at Vietnam National Village for Ethnic Culture and Tourism; The program “Spring of love” in Ho Chi Minh City; ” Spring flower street” in Da Nang and Ho Chi Minh City; The events were organized solemnly, safely, economically and effectively; attracted attention and participation of people. Festival management focused on promoting the advantage of folk festivals and in line with cultural traditions; strengthening supervision and determined to address those festivals that violated the regulation and failure in ensuring security and environmental sanitation.

Physical training and mass sport activities continued to be strengthened with several activities as follows a day of Olympic for people’s health; Sports Games at all levels; implementation of a program on coordination of sports and physical training with ministries, line ministries regarding Plan for safe swimming, prevention of child drowning accidents in 2017; preparation for relay race supporting SEA Games 29, Para Games 9.

Regarding high performance sports, Viet Nam Sport Delegation won 18 gold medals, 17 silver medals and 10 bronze medals in international tournaments. From the beginning of the year, the sports sector focused on preparing forces to attend international tournaments such as SEA Games 29, Para Games 9, Asian Winter Games, Asian Indoor and Martial Arts Games, Asian Young Sports Congress, and also preparing for international sports tournaments held in Viet Nam.

  1. Traffic accidents

In March (from 16 February to 15 March), there were 1,347 traffic accidents in the whole country, including 652 traffic accidents from less serious to more and 695 traffic collisions, causing 544 deaths, 423 injuries and 752 slight injuries. Compared to the same period last year, the number of traffic accidents in March decreased by 1.5% (the number of traffic accidents from less serious to more decreased by 5.9% and the number of traffic collisions increased by 3.1%. ); the number of deaths declined 9.8%; the number of injured people rose 15.6% and the number of slight injuries decreased by 4.7%.

Generally for the first 3 months of 2017, there were 4,812 traffic accidents occurred nationwide, including 2,451 traffic accidents from less serious to more and 2,361 traffic collisions, causing 2,114 deaths, 1,032 injuries and 2,803 slight injuries. Compared to the same period last year, the number of traffic accidents in the first 3 months of this year decreased by 3.5% (the number of traffic accidents from less serious to more reduced by 2.9%; the number of traffic collisions decreased by 4.1%); the number of deaths decreased by 3.6%; the number of injuries diminished 36.9% and the number of slight injuries went down 2.9%. On average, there were 53 traffic accidents occurred per day in the first 3 months of 2017 nationwide, including 27 traffic accidents from less serious to more, 26 traffic collisions, caused 23 deaths, 11 injuries and 31 slight injuries.

Although the situation of traffic accidents recently improved, the number of railway accidents tended to rise in many localities across the country, alerting potential risks to the type of traffic that considered as safety. In the first 3 months of 2017, there were 43 railway traffic accidents nationwide, causing 37 deaths and 18 injuries. The accidents occurred mainly at the intersection of railway and residential roads, of which some serious accidents causing great losses of people and property such as: the accident in Thua – Thien Hue on 20 February caused 3 deaths, 4 injuries, at the same time 1 locomotive, 4 railroad cars and more than 100 m of railway were damaged; the accident in Dong Nai on 24 February caused 2 deaths, etc. Besides the main reason due to the lack of awareness of traffic participants, incomplete and non-synchronous investment in transport infrastructure also contributed significantly to this situation. In the upcoming period, the Ministry of Transport and related agencies should strengthen measures to reduce traffic accidents, especially at the intersection between roads and railways.

  1. Damages caused by natural disasters 

In the first 3 months of 2017, high tide, tornadoes and hail affected production and people’s life in some localities. According to preliminary reports, natural disasters injured 6 people; 2.9 thousand houses were flooded, damaged and ripped roof off; 3.2 thousand hectares of paddy, 845 hectares of crops, 260 hectares of industrial crops, 360 hectares of forest trees, fruit trees and 326 hectares of aquaculture areas were damaged. Total losses in the first 3 months were estimated at over 57 billion VND.

The current situation of saltwater intrusion in the Mekong Delta region was generally lower than the average of many years, which did not affect agricultural production and people’s life. However, from the end of March onwards it was forecasted that saltwater intrusion was still likely to increase and maintain at a high level. Therefore, localities should actively operate fresh water source for agricultural production and people’s life; regularly monitor salinity, rationally operate irrigational works to ensure drainage, prevent salinity and bring fresh water back.

  1. Environment protection, fire and explosion prevention

In March 2017, 792 cases of violating regulations on environmental protection were found by authorities, of which 656 cases were addressed with a total fine of more than 12.6 billion VND. In the first 3 months of the year, 4,022 cases of violating regulations on environmental protection in the whole country were found, of which 3,427 cases were addressed with a total fine of nearly 40 billion VND.

In recent times, the number of fires and explosions was on the rise and took place in a complicated and unpredictable manner. In March 2017, there were 408 cases of fire and explosion nationwide, causing 13 deaths and 33 injuries, with an estimated loss of VND 275 billion. In the first 3 months of 2017, in the whole country, there were 1,293 fire and explosion cases, causing 33 deaths and 69 injuries, with an estimated damage of 684 billion VND. Compared to the same period last year, the number of fire and explosion cases increased by 37.7%, the death toll increased by 2.5 times, the number of injured people declined 13.8% and the estimated damage expanded 34.2%. Fire and explosion cases were concentrated mainly in residential areas, industrial zones, rented premises for business, of which some cases were serious such as: the fire at night market in Dong Xoai town (Binh Phuoc) on 15 February caused 3 deaths; the fire in Thu Dau Mot city (Binh Duong) on 26 February caused 4 deaths; the fire in Binh Tan District (Ho Chi Minh City) on 12 March caused 4 deaths and most recently the fire in Tra Noc Industrial Zone (Can Tho) on 23 March caused huge losses in property.

In general, Vietnamese socio-economy in the first quarter of 2017 witnessed positive factors such as export, attraction of international visitors and foreign direct investment obtained good results; business environment continued to improve; the fields of labor, employment, social security were paid attention to and achieved certain results; poverty in farmers decreased sharply in both number of households and number of people compared to the same period last year. However, the economy still faced many difficulties and challenges: the growth rate showed signs of slowing down, which was lower than the growth of the same period in the last 2 years. Growth of the manufacturing was quite low; agricultural production was still affected by saltwater intrusion from previous years; disbursement progress of investment was comparatively slow; life of a part of population was still in difficult situation.

The year 2017 has a very important meaning, a key year in implementing the 5-year socio-economic development plan for 2016-2020. Besides the favorable factors, it was forecasted that Vietnamese economy encountered many difficulties and challenges, including: low quality of growth and labor productivity; major balances of the economy was not really solid; inflation still had the potential to increase; the situation of weather, drought, saltwater intrusion still complicated, affecting agricultural production and people’s life. In order to well implement the socio-economic development goals and targets in 2017, in the coming time, all levels, ministries/agencies and localities should continue to implement synchronously and effectively the solutions set out in Resolution No. 01/NQ-CP dated 1st January, 2017 of the Government on major tasks and solutions to steer and direct the implementation of the 2017 socio-economic development plan and state budget estimates, and other directions of the Prime Minister, which focused on the following main contents:

Firstly, to continue to manage actively and flexibly the monetary policy, closely coordinate with fiscal policies and other macroeconomic policies to control inflation, contributing to macroeconomic stability and economic growth. Appropriate credit growth was associated with improving the quality of credit efficiency, while focusing on priority areas such as agriculture, rural areas, export, supporting industries, small and medium enterprises, and high-tech enterprises, start-up support.

Secondly, to strictly implement the State Budget Law and fiscal discipline. To nurture the State budget revenue source, and ensure proper, full and timely collection of the budget revenue. To strengthen measures to prevent losses, tax arrears and trade frauds. To take effective measures to prevent price transfer of FDI enterprises in all forms. To closely supervise expenditures from the State budget, thrift practice and anti-waste. To calculate and adjust prices of goods managed by the State following a roadmap at a reasonable time to ensure inflation control targets in 2017.

Thirdly, the Government should have appropriate solutions to mobilize public investment for the construction of a synchronous infrastructure system – one of three breakthroughs identified in the 2011-2020 socio-economic development strategy. To well implement the public investment plan in 2017; regularly monitor, urge and timely guide ministries, agencies and localities addressing difficulties and obstacles to speed up the disbursement of public investment. To strengthen inspection and examination to ensure the use of this capital was for the right purpose, effectiveness, thrift, and anti-waste.

Fourthly, to boost the restructuring of the agricultural sector in the direction of promoting the transfer and application of science and technology and advanced processes into production, towards clean and environmentally friendly agriculture production. To quickly change the structure of high-value crops and animals in accordance with the advantages of each region, market demand and climate change adaptation. Functional agencies should regularly monitor and update the weather situation, especially droughts, saltwater intrusion, epidemics, from which information and directing in time for people to actively respond and prevent damage.

Fifth, to issue policies promoting domestic demand; strengthening the competitiveness of domestic goods over imported goods. To develop domestic distribution and retail system to limit foreign acquisition of supermarket network which bring goods into Vietnam market. To enhance trade promotion, develop export markets, including traditional markets and markets with high potential purchasing power, markets that have signed free trade agreements (FTA). To take advantage of market expansion under the ASEAN Economic Community (AEC).

Sixthly, to effectively implement social security policies and national target programs for sustainable poverty reduction. To well implement ad-hoc assistance to ensure that people get stuck in risks and natural disasters are timely supported to overcome difficulties and stabilize their lives./.

GENERAL STATISTICS OFFICE

[1] GDP growth in the first quarter of 2012, 2013 and 2014 was: 4.75%, 4.76% and 5.06%, respectively

[2] Growth rate of industry sector of some years 2011, 2012, 2013; 2014; 2015 and 2016 was 9.16%; 7.86%; 4.43% 4.17%; 9,27%; and 6,92%, respectively

[3] Cultivated area of winter-spring paddy in 2017 in  Mekong River Delta decreased compared to that in  2016, 2015 and 2014, respectively  was 17.5 thousand hectares; 24.3 thousand hectares; 24.2 thousand hectares.

[4]  Shrimp prices increased  at about 5,000-20,000 VND / kg.

[5] Quarter I: 2012 increased by 5.9%; 2013 increased by 5%; 2014 increased by 5.3%; 2015 increased 9.3% and in 2016 increased 7.4%.

[6] The index of industrial production in the first quarter of 2016 increased by 7.4%  of over the same period last year, of which: The mining an quarrying fell 0.6%; manufacturing rose by 9.4%; electricity supply and distribution rose  by 12.4%; water supply, sewarage and waste treatment increased by 8.8%.

[7] Source: National business registration information system, Ministry of Planning and Investment.

[8] Compared to the same period last year, the number of enterprises increased by 21.9%; the registered capital rose by 45.7%.

[9] In the first quarter of 2016, the number of newly registered enterprises increased by 24.8% over the same period last year; the registered capital went up 67.2%; the average registered capital of an enterprise rose by 34.5%.

[10]

[11] Of which: SamSung Display Vietnam project adjusted to increase investment capital by 2.5 billion USD in Bac Ninh; Coca-Cola Vietnam Beverage Project in Ha Noi adjusted to increase the investment capital by 319.8 million USD

[12] In addition, at the Investment Promotion Conference of Quang Nam Province in 2017, the People’s Committee of Quang Nam Province granted investment policy decisions, investment registration certificates, investment research agreements to some sectors and fields strong in Quang Nam province for 32 investment projects with a total registered capital of 15.8 billion USD.

[13] For ASEAN countries in the first quarter of this year, 50 newly licensed projects in Viet Nam with a total registered capital of 605.1 million USD; 30 projects of capital adjusted   investment capital with total additional capital of 367.3 million USD; there were 116 capital contributions, shares of foreign investors from ASEAN countries with a total capital contribution of 169.7 million USD.

[14] Trade deficit from China in the first quarter of 2017 was 5.9 billion USD, went down by 8.1% compared to the same period in 2016.

[15] Trade deficit in February was estimated at 1.2 billion USD.

[16] Including: Phu Tho, Binh Dinh, Hai Phong, Hung Yen, Vinh Phuc, Ninh Thuan, Khanh Hoa, Ninh Binh, Ba Ria – Vung Tau, Can Tho, Binh Phuoc, Dong Nai and Tay Ninh.

[17] Although there were two adjustments in petroleum price as of 06/3/2017 and 21/3/2017.

[18] Average CPI in the first quarter compared with the same period in some years was as follows: in 2014 increased by 4.83%; in 2015 rose by 0.74%; in 2016 grew by 1.25%.

[19] Prices of health care services increased by 68.63%, made the CPI of the first quarter increase by 2.66% compared to the same period last year; education service prices rose by 11.80%, made the CPI of education group increase by 10.20%.

[20] On average, in the first quarter of 2017, the price index of food and catering services increased by 0.99% compared to the same period in 2016, contributing 0.36% to the overall CPI increase.

[21] Merchandise export price index compared to merchandise import price index

[22] Employment in the informal economy in non-agricultural activities include those who do not work in agriculture, forestry and fisheries and belong to one of the following three groups: (i) family labor in who are not entitled to salary; (ii) owners  or cooperative members of establishments without business registration and(iii) wage earners in the formal sector who are not entitled to enter into a labor contract or to be entered into a labor contract with definite term but not paid compulsory social insurance by employers.

[23]Only Ninh Thuan province has not yet been recognized for gaining universal pre-school education for five-year-old children.

[24]According to the Government Decree No. 20/2014/ND-CP dated March 24, 2014 on education universalization, illiteracy eradication and Circular No. 07/2016/TT-BGDT dated March 22, 2016 of the Ministry of Education and Training on regulations on guaranteed conditions and accredited contents, procedures and procedures to achieve universal education standards, illiteracy elimination.

[25] According to Resolution No. 76/NQ-CP dated September 3, 2016 of the Government, the Ministry of Labor, War Invalids and Social Affairs is the state management agency for vocational education, the Ministry of Education and Training only manages the with pedagogical schools. Accordingly, 201 colleges and 303 professional secondary schools were handed over to the Ministry of Labor, War Invalids and Social Affairs, and from 2017, these colleges and professional secondary schools will enroll students according to the regulations set by the Ministry. Labor, Invalids and Social Affairs issued in accordance with the Law on Vocational Education.

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