3:26:42 PM | 7/8/2005
Vietnam will likely achieve a GDP growth rate of 7.7 per cent in the first six months of this year, the Ministry of Planning and Investment (MPI) said on June 16.
During a national planning and investment conference held yesterday in northern Vinh Phuc province, the MPI estimated the GDP growth rate at 7.8 per cent in the second quarter and 7.5-7.7 per cent for the first half of the year.
The six-month rate, which is around 1 per cent below the yearly target, is attributed to the slowdown in production and sales of key industrial products since the beginning of the year, the ministry said.
However, based on good export performance this year, the country can still reach the GDP growth of over 8 per cent for the whole year, compared to 7.69 per cent achieved in 2004, the ministry said.
MPI experts also expected Vietnam could join the World Trade Organization before the year ends and said the entry would help the country boost tourism, investment and trade in the next year. The country’s GDP would, therefore, grow even faster at a rate of between 8-8.5 per cent to USUS$54 billion in 2006, they said.
Planning and investment experts from across the country also agreed to set a high annual GDP growth rate of 8-8.5 per cent for the next five years and expected the GDP to reach USUS$85-89 billion in 2010, doubling 2000’s level.
Annual per capita income is also set to increase to USUS$950-1,000 in 2010, helping Vietnam to escape from the group of low-income nations, the conference was told.
In order to realize such goals, the experts projected total development investment of VND1,850-1,960 trillion (USUS$117-124 billion) for the 2006-2010 period and required national export earnings to surge 14-16 per cent annually to reach USUS$59-64 billion in 2010 and total USUS$250 billion in the five-year period.
International agencies such as the World Bank, the International Monetary Fund and UN agencies put Vietnam’s GDP growth rate at between 7-8 per cent annually for the 2005-2006 period.
Vietnamese
