Illustrative image (Source: VNA) Hanoi (VNA) – Manufacturing andprocessing were the major contributor to Vietnam’s gross domestic product (GDP)growth of 7.08 percent in 2018, the highest level in 11 years, according to theGeneral Statistics Office (GSO).
The sector posted an increase of 12.98percent, much higher than the annual rates from 2012 to 2016.
The agro-forestry-fisheries sector grew by3.76 percent, industry-construction 8.85 percent and services 7.03 percent.
GSO Director General Nguyen Bich Lam saidthe result showed the economy has escaped its reliance on the exploitation ofmineral and natural resources, given that 2018 marked the third consecutiveyear that mining contracted, down 3.11 percent.
To maintain the momentum for manufacturingand processing, Lam suggested attracting foreign direct investment, especially frominvestors boasting modern technology, governance and high competitiveness whilestrengthening ties between foreign-invested and domestic firms, particularlythose in manufacturing and processing.
The GSO reported that industrial productionincreased by 10 percent annually in 2018.
Several industries boasted highermanufacturing output, including coke (fuel) and refined petrol up 65 percent,metallurgy up 25 percent, medicine and pharmaceuticals up 20 percent, motorisedvehicle manufacturing up 16 percent and paper production up 14 percent.
Some sectors reported lower growth such asrubber and plastics up by only 3.3 percent and waste collection and treatment up3 percent.-VNA
The sector posted an increase of 12.98percent, much higher than the annual rates from 2012 to 2016.
The agro-forestry-fisheries sector grew by3.76 percent, industry-construction 8.85 percent and services 7.03 percent.
GSO Director General Nguyen Bich Lam saidthe result showed the economy has escaped its reliance on the exploitation ofmineral and natural resources, given that 2018 marked the third consecutiveyear that mining contracted, down 3.11 percent.
To maintain the momentum for manufacturingand processing, Lam suggested attracting foreign direct investment, especially frominvestors boasting modern technology, governance and high competitiveness whilestrengthening ties between foreign-invested and domestic firms, particularlythose in manufacturing and processing.
The GSO reported that industrial productionincreased by 10 percent annually in 2018.
Several industries boasted highermanufacturing output, including coke (fuel) and refined petrol up 65 percent,metallurgy up 25 percent, medicine and pharmaceuticals up 20 percent, motorisedvehicle manufacturing up 16 percent and paper production up 14 percent.
Some sectors reported lower growth such asrubber and plastics up by only 3.3 percent and waste collection and treatment up3 percent.-VNA
VNA
