Vietnam’s 2011 gdp growth at 5.89%

Vietnam’s 2011 Gross Domestic Product (GDP) growth is estimated at 5.89%, lower than the growth level of 6.78% in 2010, the General Statistics Offices (GSO) said.

In the year, Vietnam recorded growth rates of 5.57% in Q1, 5.68% in Q2, 6.07% in Q3 and 6.10% in Q4.

The GDP growth of the agriculture, forestry and aquatic products is 4% (0.66 point of the country’s GDP), the industrial and construction sector by 5.53% (2.32%) and service sector at 6.99% (2.91%).

The country’s GDP growth in 2011 is lower than earlier target at 7-7.5% set by the Congress in December 2010, and also lower than the Government’s GDP adjustment rate of 6% in June 2011.

However, GSO believed that the 2011 GDP growth rate at 5.89% is reasonable in amid economic difficulties when Vietnam focused on inflation control and macro-economic stabilization.

In 2011, Vietnam prioritized fighting inflation, hence, it applied tight monetary policy. In the year, credit growth rate at 12-13%, M2 growth rate at 10%.

Source TEI/StoxPlus

Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011, Vietnam GDP 2011

Posted by VBN on Dec 29 2011. Filed under Economy News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry