Vietnam’s gross domestic product is estimated to rise to VND1,981 trillion ($104.58 billion) at the end of this year, from nearly $87.6 billion at last year-end, the General Statistics Office (GSO) said.
Of the figure for 2010, the country’s industrial and construction sector accounted for VND814 trillion, the GSO said in a report released.
The service sector and the agricultural, forestry, and fisheries sector followed with VND759.2 trillion and VND407.6 trillion, respectively.
All the figures are based at current prices.
In comparison with the 1994-base year, the local economy grew 6.78% this year, exceeding the National Assembly’s full-year target of 6.5%, the government-run agency said in the same report.
Analysts, however, concerned that strong economic growth may put pressures on the State Bank of Vietnam, the country’s central bank, to hike major interest rates to curb credit growth to prevent possible overheating economy.
Lawrence Wolfe, director of Business Development at HCM City-based DongA Securities Co., was quoted by the Bloomberg as saying that inflation will continue to be a problem if Vietnamese government keeps pushing growth.
Vietnam should aim for a lower and sustainable rate of expansion, he said.
The country’s consumer price index surged to a higher-than-expected level of 11.75% this year.
The National Assembly has set a GDP growth target of between 7% and 7.5% for next year while the consumer price index will be kept below 7%. ($1=VND18,932) (GSO Dec Edition)
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