High industrial growth rate expected in second half

VNGOP – According to the National Center for Socio-economic Information and Forecast (NCSIF), industry continues to gain a high growth rate in the third and fourth quarters of 2007, greatly contributing to the country's GDP growth.

July 13, 2007 7:14 AM GMT+7

Crude oil is now Việt Nam's major export - Illustration photo

In the first half of 2007, industrial production value reached over VND 270 trillion, equivalent to 49.38 percent of the yearly plan. According to the NCSIF, an estimated increase of VND 153.2 trillion will be made in the third quarter. The Ministry of Industry also expected that industrial export turnover this year will be US$ 35.5 billion, increasing by 17.1 percent against 2006.

The major industrial exports in the last two quarters are still crude oil (including natural gas), textiles, garments and footwear. Export of crude oil is estimated to reach 16.1 million tons; textiles and garments US$ 7 billion; and footwear US$ 4 billion.

Apart from those products, in the third quarter of 2007, some sectors will see an increase in export value, such as mechanics, shipbuilding, transformers, and electric motors. These products are expected to earn US$ 10 billion, going up by over 50 percent compared to 2006. It is predicted that information technology will develop vigorously. A US$ 1 billion project invested by Intel in the Hồ Chí Minh City hi-tech park helps to bring about a good driving force for foreign businesses to invest in Việt Nam.

By Phương Uyên