Vietnam Records GDP Growth of 8.4 per cent in 2005

11:00:49 AM | 12/29/2005

Vietnam recorded gross domestic product (GDP) growth of 8.4 per cent this year, up from 7.79 per cent in 2004, reported the General Statistics Office (GSO).

This is the highest economic growth rate in the past seven years since 1996 when the country scored growth of 9.3 per cent.

According to the GSO, this year’s GDP reached VND837.858 trillion (US$53 billion), bringing per capital income in Vietnam to VND10 million, or more than US$636, per year.

The industry and construction sector registered the highest growth of 10.6 per cent over 2004 with gross value of VND343.807 trillion (US$21.76 billion), equivalent to 41 per cent of GDP.

The service sector followed with a growth rate of 8.5 per cent on-year to reach VND319.003 trillion (US$20.2 billion), making up 38.1 per cent of GDP.

The agro-forestry-fisheries sector increased by 4 per cent on-year to attain the value of VND175.048 trillion (US$11.1 billion), accounting for 20.9 per cent of GDP.

In the last five years, contribution of the agricultural sector to GDP has fallen gradually from year to year. Meanwhile, the construction and industrial sector and services have risen.

Vietnam earlier this year targeted economic growth of 8.5 per cent, but the goal was down as the country has experienced many difficulties such as high world oil prices, the bird flu pandemic, droughts, storms, and rising material prices.

In last four years, Vietnam reached an average GDP growth rate of 7.5 per cent.

The government sets economic growth of 8 per cent in 2006.

* Sectoral contribution to national GDP in 2001-2005:

	2001	2002	2003	2004	2005
Agro-forestry-fisheries sector ( per cent)	23.24	23.03	22.54	21.81	20.89
Industrial and construction sector ( per cent)	38.13	38.49	39.47	40.21	41.03
Indusrty ( per cent)	32.33	32.6	33.42	33.98	34.68
Service sector ( per cent)	36.63	38.48	37.99	37.98	38.08