Ministry: Vietnam Jan-Sept GDP Growth at 6.52 per cent Vs 8.16 per cent 2007

Vietnam’s economy is estimated to have expanded 6.52 per cent on year to VND1,016.503 trillion (US$61.6 billion) in the first nine months this year, lower than 8.16 per cent from a year ago, in the context of the global crisis and galloping inflation, the Ministry of Planning and Investment said.

 

Deputy Minister of Planning and Investment Cao Viet Sinh attributed lower GDP growth rate in Jan-Sept of the year to slowing down expansion of the country’s industrial production hurt by high rates of bank loans and higher pressures of imports from WTO commitments finalization.

 

Between Jan and Sept, Vietnam’s industrial production value soared only 7.09 per cent on year to VND405.145 trillion, accounting for 39.86 per cent of GDP value, services sectors grew 7.23 per cent on year to VND391.823 trillion, or 38.55 per cent, and agriculture, forestry and fisheries sectors rose 3.57 per cent on year to VND219.353 trillion, or 21.59 per cent, the General Statistics Office said Monday.

 

GSO also showed that in the first nine months of the year, Vietnam is estimated to have exported US$48.575 billion of goods, up 39 per cent on year and it estimated to have imported US$64.403 billion, up 48.3 per cent, meaning that the Asean country has incurred a trade deficit of US$15.828 billion.

 

In the first nine months of the year, Vietnam is estimated to have invested VND65.752 trillion from state budget, lower than the year’s target of VND67 trillion, GSO showed. The country also licensed 885 FDI projects totaling US$56.2 billion during the period.

 

Vietnam’s budget income reaches 90.5 per cent of the year’s target and budget expenditures accounts for 78 per cent of the target, GSO statistics showed.

 

CPI is estimated to have risen 22.76 per cent on year in the first nine months. By the end of this year, consumer prices are forecast to be lower than 25 per cent, state media said.

 

Meanwhile, the Asian Development Bank forecast that Vietnam’s economy will likely grow 6.5 per cent this year and 6 per cent in 2009 with inflation predicted to hit 25 per cent and 17.5 per cent, respectively. (GSO, VNA, Youth)