Vietnam Posts GDP Growth of 7.84 per cent in Jan-September

Vietnam’s gross domestic product (GDP) in the first nine months of 2006 is estimated at VND674.84 trillion (US$42.2 billion), seeing a growth of 7.84 per cent from a year earlier, reported the government's General Statistics Office (GSO).

 

Such a growth rate in the reviewed period is quite high; however, it is still below the government’s target of 8 per cent for the whole year and also lower than the 8.1 per cent rise in the same period last year.

 

In January-September, the industrial and construction sector registered the highest growth among three main sectors. Its production value reached VND280.1 trillion ($17.5 billion), posting a growth of 9.85 per cent on year and accounting for 41.5 per cent of the GDP.

 

The services sector, which generated a value of VND259.3 trillion ($16.2 billion), witnessed an increase of 8.03 per cent on year and contributing to 38.4 per cent of the GDP.

 

The agro-forestry-fishery sector saw the slowest growth rate at 3.32 per cent on year in the period. It posted a production value of VND135.5 trillion ($8.5 billion), or 20.1 per cent of the country’s GDP.

 

Among the sub-sectors, the processing industry recorded the highest growth at 12.1 per cent on year, followed by the hotel-restaurant at 11.14 per cent and the power-gas-water supply at 11.1 per cent. The forestry sector saw the slowest growth at 1.11 per cent.

 

The realized investment capital reached VND287.8 trillion ($18 billion) in the first nine months, representing 76.4 per cent of the annual plan, of which VND140.5 trillion from state-owned sector, VND102.7 trillion from non-state sector and VND44.6 trillion from foreign-invested sector.

 

The registered foreign direct investment (FDI) capital reached $3.85 billion, a rise of 47.7 per cent from a year earlier.

 

Total retail sales of goods and services were VND418.5 trillion ($26.2 billion), increasing 20.4 per cent from the same period of 2005.

 

National export revenue was reported at $29.4 billion, up 24.2 per cent on year, while import spending was $32.57 billion, up 19.3 per cent.

 

The consumer price index rose 5.1 per cent in the first nine months, lower than the GDP growth rate in the period.

 

This year, Vietnam targets economic growth at 8 per cent, lower than that of 8.4 per cent last year, in 2005.