Mass fish deaths cost 0.3pct of GDP

31-Dec-2016 Intellasia | The Saigon Times | 6:00 AM Print This Post

April’s mass fish deaths on the central coast have cost 0.3 percent of Vietnam’s gross domestic product (GDP), said prime minister Nguyen Xuan Phuc at his teleconference with local governments on December 28.

The country has struggled with devastating disasters this year, such as floods in central provinces, as well as low competitiveness, a weak banking system, huge losses at State-owned enterprises’ projects, poor mining operations, and drought- and salination-hit agriculture, the prime minister said.

In his opening remarks at the teleconference on the implementation of the National Assembly (NA) resolution on social-economic tasks and State budget estimates for 2017, PM Phuc described this meeting as vital as it would look into achievements in 2016, identify weaknesses, and discuss ways to carry out the social-economic, security and diplomacy plans for 2017.

This year has seen an impressive rise in startups. Data shows there have been 110,100 startups with total registered capital of VND981 trillion, the highest levels ever.

Foreign direct investment approvals have grown 9 percent from 2015.

The service sector has achieved growth of nearly 7 percent. Although the goal of eight million international visitors is set for 2018, the tourism sector has already lured more than 10 million foreign tourists this year, an all-time high.

Phuc said mining and agriculture had been seriously hampered by natural disasters, leaving a negative effect on the economy’s performance this year.

The decline in oil extraction this year is equivalent to 0.5 percent of GDP. Agriculture has incurred huge damages.

The Ministry of Planning and Investment agreed that seawater pollution had caused serious damage for marine life, seafood processing facilities, and fishing communities in the four affected provinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue.

In an assessment of the nation’s economic performance in 2016, the ministry noted the economy had generally overcome difficulties and challenges, and its recovery had gained traction.

Growth momentum has been maintained, with the first quarter registering 5.48 percent, the second quarter 5.78 percent, the third quarter 6.56 percent and the fourth quarter 6.68 percent. The 2016 GDP growth is estimated at 6.21 percent, below the targeted 6.7 percent, but above 5.52 percent in the first half of the year.

Disasters, particularly floods, this year have left 253 people dead or missing, 377 wounded, and more than 5,000 houses damaged or washed away, with total damage estimated at nearly VND39 trillion.4


Category: Economy

Print This Post

Comments are closed.