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GDP goes up by 7.87% in first half 2007

VNGOP – According to the General Statistic Office, Vietnam saw a sustainable socio-economic development in the first six months of 2007.

July 02, 2007 7:07 AM GMT+7
 

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A high economic growth gained

The total GDP increased by 7.87 percent in the first half of 2007 (7.69 percent in the first quarter and 8 percent next quarter). A growth of 2.67 percent was obtained in agriculture, forestry and fishery; while industry and construction 9.88 percent and services 8.41 percent.

The growth in industry and construction was higher than that of 2006 because processing industries were promoted. In services, a considerable growth was made, higher than that over the recent years.

For the first six months of 2007, the total State budget collection was estimated to go up by 14.5  percent against the same period of 2006, accounting for 46.1 percent of the annual estminate. The total State expenditure increased by 18.7 percent compared to the same period last year, accounting for 45.8 percent of the whole year estimate.

Industrial production value was estimated to rise by 16.9 percent in the first six months against the same period of 2006, in which the State sector increased by 8.5 percent, non-State sector 20.5 percent and foreign-invested sector 19.3 percent.  The production value of processing industries accounted for a significant percentage (going up by 18.8 percent), greatly contributing to the industrial growth. Some major industrial products, such as rolled steel, beer, pesticides, tiles, machine-tools, electric motors, transformers, assembled automobiles and motorbikes, increased rapidly.

FDI reached US$ 4.8 billion

Up to June 22, 2007, 484 new FDI projects were licensed, with a registered capital of US$ 3.93 billion. Nearly US$ 870 million were added for 199 licensed projects, increasing the total FDI capital to US$ 4.8 billion. Among newly-licensed projects, industrial and construction ones accounted for 57 percent of the total registered capital; services 40.9 percent and agriculture, forestry and fishery 2.1 percent.

Price went up slowly than economic growth

The total retail of goods and services in the first half reached VND 335.6 trillion, increasing by 22.9 percent against the same period of last year. Compared to the first six months of 2006, the consumtion price went up by 7 percent on average, lower than the economic growth.

Import and export reached US$ 49.69 billion, increasing by 25.2 percent compared to the same period of 2006 (export increased by 19.4 percent and import 30.4 percent). Trade gap in the first half of the year was US$ 4.78 billion, accounting for 21.3 percent of export turnover.

There were 2.11 million of turns of foreign visitors, especially tourists, to Vietnam in the first six months, going up by 14.7 percent gainst the same period of last year.

About 8.9 million new telephone subsribers were registered during the first two quarters, raising the total telephone subsription to 36.4 million by late June.

 

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People's life stabilized

According to the General Statistics Office, people's life were stabilized in early 2007. The monthly income of a laborer in the State sector was VND 1.9 million on average. The number of hungry households was reduced by 25.4 percent and hungry population by 30.6 percent against the same period of 2006.

Some challenges

However, there remained some unsolved challenges, especially traffic safety. In the first five months of 2007, the number of traffic accidents went up by 0.4 percent compared to the same period of last year; deaths up 6.7 percent; injured down 1.8 percent. On average, there were 43 traffic accidents per day during the first five months, killing 39 people and injuring 33.

Human influenza A (H5N1) outbreaked again after 17 months under control. In June 2007, 5 new cases were reported, raising the number of infected cased since December 26, 2003 to 98, including 43 deaths.

Thirty two localities throughout the country were affected by natural disasters. According to a brief report, natural calamities caused 22 deaths, 119 lost and injured. The total property damage was estimated to be VND 95.1 billion.

To fulfill the annual growth target, urgent measures need to be taken to overcome challenges. At the same time, it is necessary to improve educational quality and human resource to meet the requirements of economic development, industrialization and modernization.

By Hoàng Nguyên Hồ