Vietnam’s economy is estimated to have expanded 6.23 per cent this year to VND1,478.695 trillion (US$89.618 billion), the slowest pace since 1999 and much lower than 8.5 per cent last year due to high inflation and curbed credit growth amid the global crisis, the government-run General Statistics Office said on December 31, 2008.
The industry and construction production value is estimated to have reached VND590.075 trillion (US$35.762 billion), up 24.04 per cent on year and accounted for up to 39.91 per cent of the GDP pie, the GSO reported.
The services sector was worth VND563.454 trillion (US$34.148 billion), up 29.18 per cent on year and representing 38.10 per cent of the GDP value.
The total production value by the agricultural sector hit VND325.166 trillion (US$17.707 billion) 40.4 per cent on year and making up for 21.99 per cent of the GDP during the year, the GSO added.
Vietnam reportedly invested up to VND580 trillion, or 39 per cent of its GDP value to achieve GDP growth of 6.23 per cent and inflation still up 22.97 per cent on year.
To cool down overheated growth, the government of Vietnam has taken stabilization measures including capping credit growth at 21 per cent to 22 per cent, driven by loans for private sector with 35 per cent-37 per cent growth, credits for exporters up 34 per cent to 36 per cent, loans for agricultural and rural areas up more than 30 per cent.
The total payments of the entire economy have soared 16 per cent to 17 per cent, the State Bank of Vietnam, and non-performing loans are low at 3.5 per cent, the State Bank of Vietnam, the country’s central bank, has said.
The Asean country has attracted US$64 billion of FDI, a record level so far, nearly triple of the figure in 2007, and of which over US$11 billion has been disbursed.
Vietnam is estimated to have welcomed 4.253 million international arrivals this year, slightly up 0.6 per cent on year.
The World Bank has forecast that Vietnam’s economy will grow 6.5 per cent next year while IMF has cut outlook to 5 per cent. (GSO December 2008)
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