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Posts Tagged ‘GDP’

Hanoi plans to increase its annual GDP growth rate by 12 – 13 percent

In Uncategorized on November 18, 2010 at 1:57 pm

Asia stocks mostly down, Japan gains on GDP report

In Uncategorized on November 15, 2010 at 6:29 am

Vietnam among top movers for per capita GDP growth

In Uncategorized on November 10, 2010 at 2:26 pm

NA sets high target for 2011 GDP growth

In Uncategorized on November 9, 2010 at 12:19 am

Vietnam’s 2010 GDP outstrips target

In Uncategorized on October 13, 2010 at 7:51 am

Vietnam’s GDP growth rate in 2010 is expected to reach 6.7 percent, topping the target of 6.5 percent, the government reported Saturday during the 35th session of the National Assembly (NA)’s Standing Committee.

Workers at a garment company in HCMC. Vietnam’s GDP growth is expected to attain 6.7 percent in 2010 (Photo: SGGP)

The consumer price index (CPI) is possible to be curbed below 8 percent, higher than the NA’s target of 7 percent but much lower than forecast by international organizations in the beginning of the year.

The export-import turnover eyes to rocket by 19 percent, triple the target while the State budget’s expenditure is about to be 5.95 percent, beating the NA’s norm of 6.2 percent.

According to the NA Economics Committee, the government administration has not only presented encouraging achievements in the economic but also in social fields.

Specifically, the poor ratio dropped by 1.8 percent while the lending rate for agriculture and rural development rocketed by 25 percent compared to last year.

Over expenditure and trade deficit

Although obtaining positive achievements, the quality of economic growth is not high, said Ha Van Hien, head of the NA’s Economics Committee.

The import turnover attained its target of 20 percent lower than export turnover, the expected number still tops US$13.5 billion, an increase of 5 percent as against 2009. If not including exports of precious metal and stones, the trade deficit will exceeds 22 percent.

The economics committee thus proposed the general target in 2011 should give priority to macroeconomic stability and economy reconstruction to bolster the growth quality.

In addition, several members of the NA standing committee said that a revise on national goal programs should be launched to end some ineffective ones.

In response, Cao Viet Sinh, Deputy Minister of Planning and Investment, said that the government has selected only 15 of 23 programs proposed by localities to carry out, aiming to obtain millennium goals that Vietnam has undertaken.

In addition, the government would synthetize data on the rate of poor households nationalwide to better measures on poverty alleviation, he said.

Closing the debate, NA Deputy Chairman Nguyen Duc Kien, proposed the government to revise the whole norms to eliminate vague ones.

Over expenditure should be taken to normal level as before the economic crisis and national goal programs should be combined with socioeconomic programs to balance the investment capital from the outset, he said.

Power shortage

According to a statement the government submitted the NA, the electricity consumption demand would rocket by 15 percent next year with the expected GDP of 7.5 percent.

With the current condition of the electricity system, if one power project falls behind schedule or the drought continues, the power blackout will repeat.

It is forecast that the electricity shortage will be worse in 2013 and 2014. As a result, construction of power projects should be hastened right now and the state should have measures to lure private sector in building electricity plants.

NA deputy chairman Huynh Ngoc Son said that the power shortage would be a “hot” issue of the NA.

Source: SGGP

BMI raises VN’s GDP growth forecast to 6 percent

In Uncategorized on August 12, 2010 at 7:23 pm

BMI raises VN’s GDP growth forecast to 6 percent

QĐND – Thursday, August 12, 2010, 20:32 (GMT+7)

With evidence of a consumer boom emerging, the Business Monitor International (BMI) boosted its GDP growth forecast for Vietnam this year to 6.0 percent, up from 4.4 percent earlier.

The BMI is predicting that the growth will come out at a vigorous annual average of 6.2 percent over the next five years.

In the “Vietnam Shipping Report Quarter 4 2010”, the BMI is projecting an increase in volume at the Port of Ho Chi Minh City (also known as SNP, SaigonNewPort), up by 6.2 percent, after the 5.2 percent contraction during the slump last year. At Da Nang Port (DNP) it sees this year’s volume gaining by 2.3 percent. Container throughput will also be in positive territory at both ports, up by 3.5 percent at SNP and by 6.2 percent at DNP (where container volumes are much smaller).

According to the BMI, Vietnam’s total imports and exports would see a recovery this year with 5.4 percent growth, followed by a slightly stronger pick-up in 2011, with 6.2 percent growth. Over the next five years, total foreign trade will expand at an annual average rate of 6.5 percent, the BMI calculated, adding that over this period, exports will grow at an average per annum rate of 7.3 percent, ahead of imports at 5.9 percent.

The BMI’s latest report on Vietnam wrote that though the possibility of the trade deficit and inflation both rising too sharply in the time to come, strong inflows of foreign direct investment would help as a counterweight on the foreign payments front, and also play a role in improving the country’s stretched infrastructure.

The BMI was in the opinion that in the second half of 2010 there are further signs of catch-up investment in Vietnam’s ports after a contract signed in June between the Gemalink Joint Stock Company and the Republic of Korea alliance Dealim-SAMWHA to develop the Gemalink Cai Mep Container Terminal and announcement in October 2009 by Japan’s largest shipping company, Mitsui OSK Line (MOL) of its plan to set up a terminal operation company to build and manage a new container terminal at Cai Mep.

Source: VNA

Photo: vinashinsoutheast

Source: QDND

Japan’s Q3 GDP growth revised down to 1.3 percent

In World on December 9, 2009 at 1:38 pm

TOKYO (AFP) – Japan’s economy grew at a much slower rate than previously thought in the third quarter, fresh data showed Wednesday, as the country struggles to emerge from a crushing recession weighed by a soaring yen.

Businessmen pass a share prices board in Tokyo. (AFP photo)

The world’s number two economy expanded at an annualised rate of 1.3 percent in the July-September quarter, sharply down from the original estimate of 4.8 percent, the Cabinet Office said.

It meant the economy — which early this year emerged from its worst post-war recession — expanded just 0.3 percent in the three months, compared with the initial estimate of 1.2 percent, it said.

The revision came as capital investment, the amount companies spend, was revised down to reveal a contraction of 2.8 percent from an original estimate of 1.6 percent growth, the Cabinet Office said.

Prime Minister Yukio Hatoyama admitted the difficulty of navigating the economy out of deep stagnation and stressed the benefits of a new government stimulus package announced Tuesday.

“As the Japanese people are already feeling, the economy is not necessarily doing fine,” he told reporters. “I would like to take appropriate economic policies going forward.”

His government announced a fresh stimulus package worth 274 billion dollars, with 80 billion dollars in direct spending, that includes environmental programmes, assistance for small businesses and help to local communities.

“If you look at our new economic growth strategies, you will feel that things no longer match the status quo,” Hatoyama said, referring to his centre-left party’s election win that ended decades of conservative rule.

Hatoyama has been criticised as being too slow to act, with the latest package seen as likely to have only a limited effect on the economy.

Private economists on average expected the revised data to show annualised growth of 2.7 percent, with most saying the original estimate was too high.

Japan’s economy has struggled as the yen strengthens against the greenback — with it hitting a 14-year high around 84 to the dollar — hurting exporters by making their products expensive and reducing overseas earnings when converted back into yen.

The government last month declared the nation was in deflation, while consumer spending remained weak.

“The domestic economic sentiment has been terrible,” said Masamichi Adachi, senior economist at JP Morgan Securities.

“The three reasons for the terrible sentiment are the yen’s rise, deflation and mistrust in the government’s policies.”

Source: SGGP Bookmark & Share

US bank sees Vietnam’s GDP growth at 8.2% next year

In Vietnam Economy on December 7, 2009 at 10:20 am

US bank Goldman Sachs has released a report on the Vietnamese economy, forecasting GDP growth to top 5.1 percent in 2009 and rise to 8.2 percent next year.

This undated file photo shows customers shop at a Big C supermarket in Hanoi

The report attributed the country’s economic turnaround since the second quarter to rising domestic demand.
Thanks to the stimulus program and loose monetary policy, the economy has warded off the negative impacts of the global financial crisis rather well, it said.
Though the current fiscal policy would continue in 2010, the budget deficit would not rise sharply as a ratio of GDP, it said.
The bank predicted policymakers would continue with the gradual devaluation of the dong against the US dollar unless the balance of payments situation becomes highly adverse.
It also pointed out some of the challenges the economy has to face now, including inflation, which is trending upward, and the balance of payments situation, which faces a deficit.
But it believed that the Government would be able to keep the deficit under control. 

Source: SGGP Bookmark & Share

City’s GDP growth may reach target, say officials

In Vietnam Economy on October 13, 2009 at 3:04 am

City’s GDP growth may reach target, say officials

QĐND – Monday, October 12, 2009, 21:13 (GMT+7)

Ho Chi Minh City has completed 18 out of 20 of its economic and social targets for the year, Thai Van Re, director of the city’s Department of Planning and Investment, reported at a meeting with a visiting delegation of the National Assembly (NA) Friday.

The two targets that cannot be reached at the current time are economic growth and total export turnover, he said.

However, Mr Re said that the city’s GDP development rate was predicted to reach 10.3 percent in the last three months of the year, which would see an annual growth rate of 7.5 percent.

In the middle of the year, when the economic downturn was rather serious, many provincial and municipal authorities around the country revised economic targets down. However, HCM City authorities did not change their target, with officials seeing signs of recovery and kept it set at 7.5 percent.

The head of the delegation, Tran Hoang Tham said that delegates were worried about unchanged growth rate.

“But attempts, displayed in flexible measures that the city has carried out, have improved its economy,” he said.

According to the deputy chairman of the city, Nguyen Thanh Tai, the local economy is recovering and achieving an initial success after the downturn month by month.

At the meeting, city leaders sent a proposal to the Government and the NA, asking for the city to be allowed to keep excess money from the budget and use it for investment in urban infrastructure and social welfare.

Regarding an urban management mechanism, leaders asked to adapt certain national rules for a city with a population of ten million, as general rules applied to the whole country are not relevant to the problems in Ho Chi Minh City.

The city also asked to have control over its own budget and double the capital spent on public infrastructure.

In addition, the director of the city’s Department of Finance, Dao Thi Huong Lan, suggested the Government cut the city’s expected budget target because the city can not meet the goal of VND133 trillion in 2010, as it will only hit VND128 trillion.

Source: SGGP











Source: QDND Bookmark & Share

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