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Posts Tagged ‘growth’

OSEA2010 boosted as global industry outlook points to steady growth

In Uncategorized on November 20, 2010 at 4:13 pm

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

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

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

APEC looks to rein in imbalances, safeguard growth

In Uncategorized on November 6, 2010 at 7:20 am

IMF downgrades global growth outlook

In Uncategorized on November 5, 2010 at 10:54 am

W.Bank: Rising Asian currencies pose growth risk

In Uncategorized on October 19, 2010 at 4:21 pm

The World Bank warned Tuesday that capital inflows into fast-growing East Asian economies have inflated regional currencies and could threaten growth by making exports less competitive.


“Appreciating exchange rates so far have not crippled the recovery, but further appreciation will bear close watching,” said the World Bank, pointing out that regional currencies are 10-15 percent above pre-2008 crisis levels.

A bank employee counts notes in Hanoi, Vietnam.

“So far, export growth has remained robust, but with continued real appreciation of East Asian currencies this growth could slow,” a report said.


The World Bank report came as fears grow of a “currency war”, in which nations, trying to export their way back to economic health, are seeking to cap or lower their currencies to make their goods more competitive.


The bank urged regional debate at a Hanoi summit this month, saying “the issues need to be discussed in the context of ASEAN and ASEAN+6, where member countries could fashion a common approach to these regional challenges.”

Source: SGGP

UNWTO attracted by the Vietnam tourism’s impressively steady growth

In Uncategorized on October 14, 2010 at 2:39 pm

The number of international visitors to Vietnam in the first months of this year has risen sharply. The country has been put in the list of the top Asian countries with strong tourism performance in the first half of the year by the United Nations World Tourism Organization (UNWTO).

Foreign tourists visit Cu Chi Tunnel in HCM City.

Vietnam reached the growth rate of more than 30 percent in the low season. The UNWTO has highly appreciated the quick recovery of Vietnam after the global financial crisis in 2009.

According to the National Statistics Department, the number of international tourists was 383,500 in September, a year-on-year increase of 26 percent.

The total number of foreign visitors in the first months of the year was more than 3.7 million, up 34 percent from last year.

China and ASEAN countries are in the list of Vietnam’s top ten tourism markets.

The country expects to receive 5 million international travelers in 2010 and 5.5 million in 2011.

In addition, Vietnam National Administration of Tourism (VNAT) and the Tourism Authority of Thailand (TAT) have recently signed a cooperation agreement targeting at around 1 million visitors to the two countries from now until 2015 in the HCM City’s International Travel Expo 2010 last week.

Until the July, 240,000 Vietnamese visited Thailand while over 120,000 tourists from Thailand visited Vietnam.

Source: SGGP

Economic growth remains high

In Uncategorized on October 13, 2010 at 3:55 am




Economic growth remains high


QĐND – Saturday, October 02, 2010, 20:19 (GMT+7)


All economic sectors have achieved high growth and many exports have improved and are likely to meet their targets a month ahead of schedule.

High growth in all fields


The General Statistics Office (GSO) under the Ministry of Planning and Investment (MoPI) says that, over the past nine months, all sectors have achieved higher growth than the period before. Economic growth increased from 5.83 percent in the first quarter to 6.4 percent in the second, and 7.16 percent in the third.


Despite the impacts of droughts and storms, agricultural production still rose by 4.6 percent compared to the same period last year and epidemics were controlled.


According to the MoPI, industrial production value increased by 13.8 percent to nearly VND 574,000 billion, a year-on-year increase of 200 percent, making it the sector with the highest growth.


Processing and manufacturing accounted for 89.4 percent of the industry’s total production value, reaching a 14.7 percent growth rate, 6 percent higher than the previous period.


Some major products achieved high growth of 16.4-121.2 percent, including powdered milk, sport shoes, glass, trucks, chemical paint and cement.


Nguyen Thanh Bien, deputy Minister of Industry and Trade, said at a meeting on October 1 that in the reviewed period the sector made up two-thirds of the country’s total export value with US$35 billion, a year-on-year increase of 33.3 percent.


To maintain growth in the three remaining months, the industry must accelerate the production of products with high consumer demand to balance supply and demand as well as to fulfill targets set for industrial production and export.


Exports made progress


Mr Bien said that, by the end of September, the country’s exports hit US$51.5 billion, up 20.5 percent compared to the same period last year. Exports in September alone reached US$6.1 billion.


The foreign directed sector’s exports in the first nine months of this year are estimated to hit US$23 billion, up 40.1 percent over the same period last year.


23 out of 26 products achieved high export growth over the past nine months, and 6 of them increased by more than 50 percent. During that time, 13 products earned more than US$1 billion from exports, with garments topping the list at over US$8 billion, up 20.6 percent.


Le Van Dao, vice president of the Vietnam Textile and Garment Association (VTGA), said garment exports surpassed US$1 billion per month over the past three months and the sector will be able to meet its set target of US$10.5 billion in November.


Dao said that garment businesses have orders for the end of this year and even for the beginning of next year. Except for the EU market, exports to major markets, such as the US and Japan have achieved high growth. Thanks to Free Trade Agreement between ASEAN, Japan, and the Republic of Korea, exports to these markets rose sharply, the RoK rose 80 percent and Japan rose 15 percent.


According to a report from the Ministry of Agriculture and Rural Development, agricultural, forestry and seafood exports are estimated to reach US$1.75 billion, bringing their total export value in the first nine months of this year to US$13.93 billion, up 23.3 percent.


Five products exporting more than US$1 billion are seafood, coffee, rubber, wood and particularly, rice. Vietnam has exported 5.6 million tonnes of rice, earning US$2.59 billion, up 12.3 percent in volume and 15.2 percent in value.


The export price of rice in September declined slightly compared to the previous month, however, it is nearly equal to that of Thailand.


As a result of price hikes, rubber exports rose significantly. In nine months, 531,000 tonnes of rubber have been exported, bringing in US$1.45 billion, up 10.9 percent in volume but nearly 200 percent in value.


Seafood exports reached US$3.5 billion in the reviewed period, leading the agricultural industry in exports and raking third in the list of products with the highest export values after garments and crude oil.


Forestry exports still gained positive results with an estimated export value of US$320 million in September, bringing the total value over nine months to US$2.6 billion.


Although coffee exports still faces difficulties, the country shipped 925,000 tonnes of coffee in the reviewed period, earning US1.23 billion, up 4.2 percent in volume and 0.9 percent in value.


Mineral products, such as coal and crude oil declined sharply. In nine months nearly 14.7 million tonnes of coal worth US$1.16 billion were exported, down 17 percent in volume but up 16.2 percent in value, while 6.08 million tonnes or US$3.67 billion worth of crude oil was exported, down 44.3 percent in volume and 22.2 percent in value.


Import-export targets to be fulfilled a month ahead


According to the GSO, imports in September are estimated to reach US$7.15 billion, bringing the total import value for the first nine months to US$60.08 billion, up 22.7 percent compared to the same period last year.


More than US$1 billion of 13 products were imported, including machinery, equipment, tools, petroleum, steel, cotton, electronics, computers and components.


The trade deficit in September was US$1.05 billion, bringing the nine month total to US$8.6 billion, accounting for 16.7 percent of total export value.


Exports have experienced strong growth since the beginning of this year, 1.6 percent in the first quarter and 17 percent in the first six months of this year. It is estimated they will triple the amount in the set plan.


It is expected that import-export value will meet the set target a month ahead of the schedule. The Government’s target for a trade deficit not over 20 percent will probably be achieved.


However, the MoIT still asked its member units and businesses to continue accelerate production to ensure the balance of supply and demand for essential commodities to meet domestic consumption and exports.


They must step up investment and capital disbursement for projects so Vietnam will less dependent on imported materials.


In addition, departments must pour more investment into projects, especially electrical projects or projects to improve the production capacity of exports.


Source: VOV


 


 


 


 


 


 


Source: QDND

Germany posts record growth in second quarter

In Uncategorized on August 13, 2010 at 11:22 am

FRANKFURT (AFP) – Germany posted its best quarterly growth since reunification in 1990 on Friday, with one economist saying it was “in a league of its own” as other leading nations showed signs of slowing down.


The German economy, Europe’s biggest, thundered ahead at a rate of 2.2 percent in the second quarter from the previous three-month period, and 4.1 percent from the second quarter of 2009, the national statistics office said.

(AFP file) Construction cranes work in Berlin, 2007.

“The recovery of the German economy, which lost momentum at the turn of 2009/2010, is really back on track,” the Destatis office said. “Such quarter-on-quarter growth has never been recorded before in reunified Germany.”


Elsewhere, major economies in North America and Asia are showing signs of slowing down while the 16-nation eurozone might see better than expected figures in the third quarter too.


ING senior economist Carsten Brzeski said Germany was “playing in a league of its own.”


Destatis also revised the first quarter growth figure higher to 0.5 percent from an initial estimation of 0.2 percent, the rate seen at the end of 2009.


After suffering its worst post-war recession in 2009, “we are now experiencing XL growth,” Economy Minister Rainer Bruederle said.


Analysts polled by Dow Jones Newswires had forecast a second-quarter rise of 1.4 percent and an annualised gain of 2.6 percent.


The record figure is especially notable as fears grow that the United States and now China, the Asian powerhouse, are showing distinct signs of slowing, raising questions about the overall global recovery.


But while Germany normally relies on exports to underpin growth — it is the second biggest exporter worldwide after China — “household and government final consumption expenditure contributed to GDP growth, too,” Destatis said.


“Structurally in a much better shape than many other industrialized countries, it was just a matter of time before the German economy would pick up further speed,” Brzeski said.


UniCredit counterpart Alexander Koch said Germany had “put the pedal to the metal” in the second quarter, and added that “the massive rebound in the spring GDP figures impressively confirms the revival of the German business model.”


Barclays Capital senior economist Julian Callow said the latest figures put Germany “on track to grow around three percent or even slightly more for this calendar year, significantly stronger than our prior estimate.”


For the full eurozone, European Central Bank president Jean-Claude Trichet said last week: “We consider that both the second quarter and probably the third quarter are likely to be better than we had anticipated.”

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Source: SGGP