Vietnam Economy Likely to Grow 7% in 2006-2010, Ministry Says
Vietnam’s economy is estimated to have grown 7% on average in the 2006-2010 period, compared to the targeted expansion of between 7.5% and 8%, the Ministry of Planning and Investment (MPI) said in a review.
Industrial sector will represent 40.3% of the country’s gross domestic product this year, followed by services sector with 38.9%.
The agriculture, forestry and fisheries sector, meanwhile, is expected to contribute 19.9% to the GDP, the ministry said, adding that the country has recorded an unsustainable growth so far as a result of extensive expansion and low investment efficiency.
The MPI earlier predicted Vietnam’s GPD to rise between 7% and 7.5% on-year to $112 billion in 2011, driven by the strong growth of the services sector.
In 2010, Vietnam’s economy is projected to grow 6.5%, or even up 6.7%, compared to a slow expansion of 5.32% in 2009. (Banking Review)
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