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Economy grows 6.52 percent amid global crisis

In Uncategorized on September 30, 2008 at 6:53 pm

Hanoi (VNA) – A cabinet meeting was wrapped up on September 30 with a report showing that Vietnam ’s GDP has continued to grow despite the global economic crisis while the consumer price index hit a 17- month low in September.

The two-day regular meeting, chaired by Prime Minister Nguyen Tan Dung, heard Minister of Planning and Investment Vo Hong Phuc report that the gross domestic product grew 6.52 percent in the first nine months of the year . He said the rate was slower than the same period last year, but showed encouraging signs in the wake of the world’s adverse financial developments.

The service sector posted a growth rate of 7.23 percent and export revenues continued their rapid growth, recording a 39 percent year-on-year increase to 48.6 billion USD despite tough competition for market share.

The top ten list of hard currency earners in the first nine months of the year include crude oil with 8.8 billion USD in export revenues and apparel with 6.83 billion USD.

Trade deficits have been gradually reduced, a fact highlighted by the September figure which hit a nine-month low at 500 million USD.

Foreign direct investments in the past nine months have increased five-fold compared to the same period last year, with FDI disbursement increasing by 37 percent.

Progress has also been made in the agricultural sector as the paddy production output is expected to reach 38.6 million tonnes this year, representing a year-on-year increase of 2.6 million tonnes.

As a result, by mid September tax revenues met 90.5 percent of the yearly target, reaching 292.3 trillion VND.

Most worthy of note was a CPI growth rate of just 0.18 percent in September, the lowest rate for 17 months.

However, cabinet members admitted that it will be difficult to achieve the GDP growth target of 7 percent for the entire 2008 as to do so, the national economy would need to record a growth of 8.1 percent in the fourth quarter.

The Government’s monetary polices, which aim to control inflation, would also have an adverse impact on the economy to some extent.

Experts also warned of complex developments relating to the CPI in the remaining quarter due to the year-end shopping season which usually hikes prices.

The Prime Minister therefore called for greater efforts to curb inflation as the year’s top priority, while stabilising the macro economy, ensuring social welfare and maintaining economic growth.

He instructed relevant agencies to tackle problems on investment supply for production and businesses, with emphasis placed on medium and small-sized enterprises by allowing them preferential tax and bank loan interest rates.

Dung ordered due punishment of any attempt at goods speculation, production of fakes or trade fraud.–

Nine month GDP growth rate at 6.52 percent

In Uncategorized on September 26, 2008 at 1:19 pm

Hanoi (VNA) – Vietnam achieved a GDP growth rate of 6.52 percent in the first nine months of the year, according to the Ministry of Planning and Investment (MPI).

At a meeting held in Hanoi on Sept 26 to review September’s production performance, the MPI added that the country’s GDP grew at a rate of 6.55 percent in the third quarter, lower than the figure recorded in the first quarter (9.38 percent), but higher than that in the second quarter (5.38 percent).

Another positive sign of the country’s economic picture over the first nine months of 2008 is the development of the agro-forestry-fishery sector despite the impact of natural disasters, epidemics and price hikes, with a production value growth of 5.43 percent, a 1.2 percent year-on-year increase.

The sector posted a growth rate of 3.57 percent, a rise of 0.55 percent over the last year.

During the 9-month period, exports totalled 48.6 billion USD, a year-on-year increase of 39 percent, while trade deficit stood at 15.8 billion USD, equal to 32.6 percent of the total earnings, which led to a trade deficit forecast of 19 billion USD for the whole year.

The country’s consumer price index (CPI) saw a 0.18 percent increase in September, the lowest rise since the beginning of the year.

State budget collections in the period fulfilled 90.5 percent of the year’s estimation, while budget spending was calculated at 78 percent.

During this period, the country attracted 57.12 billion USD in FDI, a five-fold increase on the same period last year.

According to the MPI Deputy Minister Cao Viet Sinh, it will be difficult to achieve the years’ target GDP growth rate of 7 percent.-