Vietnam's Economy Expands Nearly 8.2 per cent in 2006

Vietnam continued to see a high gross domestic product (GDP) growth rate, estimated at 8.17 per cent in 2006, against 8.4 per cent growth in 2005, reported the Government’s General Statistics Office (GSO).

 

GDP is reported at 973.79 trillion ($60.9 billion) this year, compared to last year’s VND839.2 trillion, bringing per capital income in Vietnam to VND11.6 million (US$725).

 

The industry and construction sector registered the highest growth rate of 10.37 per cent, with gross value of VND404.34 trillion (US$25.3 billion), 41.5 per cent of GDP.

 

The service sector followed with the growth rate at 8.29 per cent, to VND370.77 trillion (US$23.2 billion), accounting for 38.1 per cent of GDP.

 

The agricultural sector expanded by 3.4 per cent from 2005 to VND198.68 trillion (US$12.4 billion), making up 20.4 per cent of GDP.

 

The economic structure sees an increase in the proportion of industry, construction and services, and a reduction in the proportion of agro-forestry and fisheries. Last year, the industrial sector made up 40.97 per cent of GDP, service sector 38.01 per cent and agricultural sector 21.02 per cent of GDP.

 

Vietnam targets average economic growth of 7.5-8 per cent in 2006-2010. The country saw GDP growth of 8.4 per cent percent in 2005, 7.79 per cent in 2004, 7.34 per cent in 2003, 7.08 per cent in 2002, and 6.89 per cent in 2001. (GSO December 2006)