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Vietnam’s nine-month GDP surges 4.59 percent

In Vietnam Economy on September 29, 2009 at 1:53 pm

Vietnam’s economy is beginning to show signs of recovery, as its GDP for the first nine months of the year increased by 4.59 percent compared with the same period last year.

According to figures announced by the Ministry of Planning and Investment at a working session in Hanoi on September 28, the biggest rise was recorded in the service sector with 5.91 percent, followed by industry and construction, at 4.48 percent and agriculture, forestry and fisheries, at 1.57 percent.

Although the percentages were still lower than those of the same period last year, they are catalysts giving impetus to boost the country’s GDP to 5-5.2 percent for the whole of 2009.

The economic rebound can also be seen in the GDP’s growth of 3.11 percent in the first quarter, 4.46 percent, the second quarter and 5.76 percent, the third quarter.

Those figures partly reflect the joint efforts made by ministries, relevant agencies and local authorities nationwide as well as the drastic measures implemented by the Vietnamese government, according to the delegates attending the session.

However, they also warned that further efforts are needed to keep a close eye on price hikes and the trade deficit which are showing signs of recurrence, and to improve people’s quality of life, which is being undermined by natural disasters and pandemics.

Vice Minister of Planning and Investment Cao Viet Sinh urged ministries, relevant agencies and local authorities in areas with robust export earnings to try to find new export markets to keep exports from dropping in the remaining months of the year. In the January-September period, export value was only US$41.7 billion, down US$6.5 billion from a year ago.

He also called on them to soon make public their market forecasts and the measures they plan to put in place to tightly monitor price hikes and accelerate the disbursement of capital.

Source: SGGP

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