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Roundup: Vietnam's industrial production forecast to rise 8 pct in 2017

Xinhua, November 23, 2016 Adjust font size:

Vietnam's Ministry of Industry and Trade has forecast an 8-percent rise in industrial production in 2017, the same growth rate as in 2016.

In a report on the direction and solutions for the industrial sector next year, the ministry said these calculations are based on research reports on global economic growth in 2017, announced by international organizations till date, according to local Sai Gon Giai Phong (Sai Gon Liberation) online newspaper on Wednesday.

It also forecast a 6-7 percent increase in exports in 2017. The proportion of trade deficit against Vietnam's total trade turnover will be maintained at less than 5 percent.

Meanwhile, the total revenue from retail sales of goods and services is expected to rise by around 10 percent next year, said the ministry.

The country is expected to produce 99 billion kWh of electricity in 2017, up 12.7 percent against this year.

In 2017, the oil and gas sector is expected to exploit around 14.8 million tons of crude oil, down 12.9 percent year-on-year while the output of gas will rise by 10.8 percent to 11.3 billion cubic meters.

At the same time, output of the coal industry is expected to remain unchanged at 38.3 million tons in 2017. However, this sector, as well as the engineering industry, will be affected because of low global price, said the ministry.

Among the heavy industries, the steel sector is expected to have an output of 5.6 million tons of raw steel, up 16.6 percent, while that of rolled steel is forecast to rise 18 percent to 5.84 million tons.

The textile-garment and footwear industries are also expected to have more opportunities in 2017, as a number of new free trade agreements will take effect, said the ministry, while expressing its concern that domestic small and medium-sized firms will face more challenges at the same time.

It is expected that as many as 342 million pairs of footwear will be produced in 2017, up 5.8 percent year-on-year, with localization rate of 60-65 percent.

Fierce competition has also been forecast for the beer-alcohol-beverage industry due to the presence of more foreign brands in the country, said the ministry. Next year, Vietnam is estimated to produce 3.92 billion liters of beer, up 8.2 percent against 2016. Endit