Vietnam grows despite slowdown in Asia

According to media reports, Vietnam’s economy grew 6.21% in 2016 and became the fastest growing economy in the world despite the slowdown in Asia. The data from General Statistics Office showed that the country’s GDP was up by 6.68% in Q4 year-on-year and 6.56% quarter-on-quarter. Manufacturing also increased by 13.61% in Q4 on a yearly basis, posting the fastest increase recorded this year.

The data also showed that the country’s retail sales, exports and imports rose by 10.2%, 8.6% and 4.6% respectively in 2016. Foreign investment also hit a record in 2016 with an increase of 9% to reach $15.8 billion.

Vietnam is increasing its market share in exports and challenging China. Economists predict that the country will continue to grow in 2017 as well in line with the ongoing and increasing investments of foreign companies, which seek to benefit from competitive labor and low costs in the country, the reports revealed.