THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Economy grows 5.89% in 2011
VGP - Việt Nam is estimated to post a GDP growth rate of 5.89% in 2011 amid economic difficulties, the General Statistics Office (GSO) announced on December 29.
December 29, 2011 9:47 AM GMT+7
The country’s economy grew 5.57% in the first quarter, 5.68% in the second, 6.07% in the third and 6.1% in the fourth, Mr. Đỗ Thức, GSO Director General, reported at a press conference in Hà Nội introducing socioeconomic statistics in 2011.
Agriculture, forestry and seafood together posted a growth rate of 4%, contributing a 0.66 percentage point to GDP growth; industry and construction, 5.53%, a 2.32 percentage point; and service, 6.99%, a 2.91 percentage point. The agricultural, forestry and seafood production value rose 5.2% in 2011.
Total paddy rice output this year is estimated at 42.3 million tons, 2.3 million tons higher than last year, and the biggest hike in the last decade.
Total investment sourced from society in 2011 is estimated at VND 877,900 billion, up 5.7% against 2010, or 34.6% of the GDP. Specifically, the investment from the State budget is estimated at VND 178,000 billion, up 6.7%.
Trade deficit is estimated to stand at US$9.5 billion, or 9.9% of the total export turnover, showing the lowest level ever over the past 5 years. State budget overspending accounts for 4.9% of GDP, much lower than the set target of 5.3%. Total outstanding loan grew 12%.
Total state budget collection is estimated at VND 674,500 billion in 2011, up 20.6% over 2010. Total goods retail sales and consumer service revenues are estimated to reach over VND 2,004 trillion, up 24.2%.
The GSO estimated that the number of phone subscribers is 11.8 million this year, down 12.9% against last year. By the end of December, it had had 4.2 million broadband Internet subscribers, up 16.1%.
IPP rises 6.8%
According to the GSO, the Index of Industrial Production (IPP) in 2011 grew 6.8% against 2010. Pottery and porcelain production surged 139.3%; sugar production, 33.7%; shipbuilding and repair industry, 28.4%; automobile and motorbike production, 19.6%; dairy production, 15.8%; garment production, 13.3%; textile production, 11.6%; and seafood processing, 11.3%...
High IPP in the year was seen in animal feed production (up 10.9%); electricity production and distribution (10.3%); fertilizer production (9.5%); cigarette production (9.3%); and footwear production (8.3%).
Agriculture, forestry and seafood together posted a growth rate of 4%, contributing a 0.66 percentage point to GDP growth; industry and construction, 5.53%, a 2.32 percentage point; and service, 6.99%, a 2.91 percentage point. The agricultural, forestry and seafood production value rose 5.2% in 2011.
Total paddy rice output this year is estimated at 42.3 million tons, 2.3 million tons higher than last year, and the biggest hike in the last decade.
Total investment sourced from society in 2011 is estimated at VND 877,900 billion, up 5.7% against 2010, or 34.6% of the GDP. Specifically, the investment from the State budget is estimated at VND 178,000 billion, up 6.7%.
Trade deficit is estimated to stand at US$9.5 billion, or 9.9% of the total export turnover, showing the lowest level ever over the past 5 years. State budget overspending accounts for 4.9% of GDP, much lower than the set target of 5.3%. Total outstanding loan grew 12%.
Total state budget collection is estimated at VND 674,500 billion in 2011, up 20.6% over 2010. Total goods retail sales and consumer service revenues are estimated to reach over VND 2,004 trillion, up 24.2%.
The GSO estimated that the number of phone subscribers is 11.8 million this year, down 12.9% against last year. By the end of December, it had had 4.2 million broadband Internet subscribers, up 16.1%.
IPP rises 6.8%
According to the GSO, the Index of Industrial Production (IPP) in 2011 grew 6.8% against 2010. Pottery and porcelain production surged 139.3%; sugar production, 33.7%; shipbuilding and repair industry, 28.4%; automobile and motorbike production, 19.6%; dairy production, 15.8%; garment production, 13.3%; textile production, 11.6%; and seafood processing, 11.3%...
High IPP in the year was seen in animal feed production (up 10.9%); electricity production and distribution (10.3%); fertilizer production (9.5%); cigarette production (9.3%); and footwear production (8.3%).
By Ngọc Vân