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Vietnam's GDP expected to expand 6.21 pct in 2016, failing to meet yearly target: official

Xinhua, December 28, 2016 Adjust font size:

Vietnam's gross domestic product (GDP) is expected to expand 6.21 percent year-on-year in 2016 and fail to meet the set target of 6.7 percent, said the General Statistics Office (GSO) head Nguyen Bich Lam on Wednesday.

Lam made the remark at a press conference held in Vietnam's capital Hanoi on Wednesday.

Accordingly, the GDP growth hit 5.48 percent in the first quarter, 5.78 percent in the second quarter, 6.56 percent in the third and 6.68 percent in the fourth quarter of this year.

The GSO chief said this year's GDP growth stays lower than that of 6.68 percent in 2015 and the set target of 6.7 percent.

However, amid unfavorable conditions of the world economy, decreasing global price and trade as well as domestic difficulties in terms of weather and marine environment, the 6.21-percent GDP growth is "a success, affirming the correctness, promptness of measures and solutions issued by the government," said Lam.

Among the 6.21-percent growth of the entire economy, the agro-forestry-fishery is forecast to hike 1.36 percent, the lowest rise since 2011, contributing 0.22 percentage points to the GDP growth.

The construction and industry sector is likely to grow 7.57 percent, lower than that of 9.64 percent of last year, while the services go up 6.98 percent, contributing 2.59 percentage points and 2.67 percentage points to Vietnamese economic growth in 2016, respectively.

Explaining the slight increase of agro-forestry-fishery sector, the GSO said in 2016, the country saw difficulties resulting from climate change and weather extremes including cold spell, drought, saline intrusion, marine environmental incident and flooding.

In late 2015, Vietnam's National Assembly (NA) targeted the country's GDP expansion at 6.7 percent in 2016. Endite