Vietnam economic statistics in theo first half of 2010

RESTORATION OF THE ECONOMIC GROWTH

Gross Domestic Products (GDP) Growth

GDP in 1st Quarter of 2010 rose by 5.83% as against the same period in 2009, and in 2nd quarter it was estimated increasing by 6.4% as against the same period last year and equaling 109.8% of 1st quarter’s growth. Generally in 6 months, GDP increased by 6.16% as against in the same period last year and for all the three sectors. The agriculture, forestry and fishery rose by 3.31%, contributed 0.59 point percent; the industry and construction by 6.50%, contributed 2.63 points percent; and the service by 7.05%, contributed 2.94 points percent to the general growth.

Agriculture, forestry and fishery

The production value of this sector at 1994 constant prices in 1st half of 2010 was estimated at 103.4 trillion VND, increasing by 5.3% as against in the same period last year, of which the agriculture gained 75.9 trillion VND, rose by 5.4%; the forestry: 3.4 trillion VND rose by 4% and the fishery 24.1 trillion VND rose by 5.3%.

Agriculture

The cultivated area of winter-spring rice of the country in 2010 was estimated at 3,086,100 ha, increased by 25,400 ha compared to last year ‘same crop; the productivity was 6,220 kg/ha, rose by 110 kg/ha; the yield was 19.2 million tons, rose by 495,000 tons.

The reaping for other spring crops was basically completed, of which the yield for maize was 2.3 million tons, increasing by 12.1%; sweet potato: 837,500 tons, rising by 12.9%; soybean: 164,400 tons, up by 121.9% as compared to the same crops last year. Together with the winter-spring crop harvest, to the middle of June 6, provinces over the country sowed summer rice seeds for 1,940,400 ha, equal to 95.7% of the same period last year.

According to the animal husbandry survey results at 01/4/2010, the country had 2.9 million buffalos, rose by 0.5%; 6 million oxen, decreased by 1.4%; 27.3 million pigs, rose by 3.1%; and 277.4 million fowls, up by 8.1% as against the same period last year. Feeding products in 6 months increased considerably as the epidemic diseases had been timely controlled, of which pork (live weight) gained 1.79 million tons, rose by 4.7%; fowl meat (live weight) 330,700 tons, up by 17%; 3,278.8 million eggs, up by 7.1%.

Forestry

The concentrated forest area over the country in 6 months was estimated increasing by 4% compared to the same period last year; dispersed planted trees rose by 0.1%; the forest area under care by 6.6%; the replantation area by 6.3%; and wood-cut production by 6%. In 6 months, there were 7,384.2 ha of forest burnt and damaged, of which 6,348 ha were burnt, 4.5 times higher than in the same period in 2009 and 1,006.2 ha were destroyed, equal to 84.2% of those in the same period last year.

Fishery

The total estimated fishing production in 6 months was estimated at 2,429,800 tons, rising by 4.9% as against in the same period last year, of which there were 1,883,800 tons of fish, up by 4.8%; 204,9000 tons of shrimp, up by 5.8%.

The aquaculture area in 6 months was 972,500 ha, going up by 3.2% compared to the same period last year, of which 312,000 ha were for fish, up by 8%; 623,500 ha for shrimp, up by 3%. Due to increase in the farming area, the aquaculture production in 6 months had a considerable growth, estimating at 1,206,700 tons, up by 5.2% compared to that in the same period last year.

The catching production in 6 months was estimated at 1,223,100 tons, increasing by 4.7% as against in the same period last year, of which sea catching gained 1,143,700 tons, up by 5.7%.

Industry

The industrial production value (at 1994 constant prices) in 6 months of 2010 was estimated increasing by 13.6% as against in the same period last year, of which the manufacturing rose by 14.7%; the mining decreased by 4%; the electricity, gas and water rose by15.7%.

The increase in the production value of the electricity, gas and water in 6 months was mainly due to high growth of 15.5% of power generated (in the same period in 2009 it was 7.9%). The mining’s production value in 6 months decreased by 4% compared to that in the same period in 2009, which was mainly due to decrease in the crude oil production (16.2% reduced) and low growth (5.4%) of coal production. Overcoming difficulties in production in 6 months of 2010, the manufacturing continuously had a considerable growth; many main products had higher growths.

Service

Retailed sales of consumer goods and services

The total retailed sales of consumer goods and services in months of 2010 at current prices were at an estimate of increasing by 26.7% as against in the same period last year; if the factor of high price was excluded the growth was 16.4%. Of the total, the trade rose by 27.6%; the hotel and restaurant by 22.1%; the service by 23.9%; and the tourism by 32.6%.

Carriage of passengers and cargos

Passenger carriage in 6 months of 2010 was estimated rising by 13.4% by the volume carried and by 15.6% by the volume-traffic carried as against in the same period in 2009. Of which, the central transport rose by 11.4% and 14.4%; the local transport by 13.9% and 15.9%. The land was estimated increasing by 14.2% by the volume carried and 14% by the volume-traffic carried; the river by 2.9% and 0.6%; the aviation by 29.7% and 26.9%; the sea by 4.2% and 5.5%; the rail by 4.4% and 6.1% respectively as against in the same period in 2009.

The volume of cargos carried in 6 months of 2010 was estimated increasing by 11.4% by the volume carried and 9.4% by the volume-traffic carried as against in the same period in 2009, of which the land rose by 12.1% and 12.2%; the river by 5.1% and 1.8%; the sea by 21% and 10%; the rail decreased by 0.8% but rose by 2.7% respectively.

Communication

As estimated, there were 22.8 million new telephone subscribers in 6 months of 2010, rose by 12.2% as against in the same period last year, including 707,700 desk telephone subscribers, decreasing by 58.7% and 22.1 million mobile phone subscribers, up by 18.7%. To end of June 2010, the number of telephone subscribers over the country was at an estimate of 151 million, up by 48.5% as against in the same period last year, including 17.5 million desk telephone subscribers, up by 10.7% and 133.5 million mobile phone subscribers, up by 55.4%.

To the end of June 2010 the number of internet subscribers over the country was 3.4 million, rose by 33.5% compared to the same period last year. Total net income of the postal and telecommunication service in 6 months was estimated at 56.1 trillion VND, rose by 33.7% compared to the same period last year.

International visitors to Viet Nam

International visitors to Viet Nam in 6 months of 2010 were at an estimate of 2,510,500, rose by 32.6% as against in the same period last year. Of which, visitors coming for tourist purposes were 1,595,200, increasing by 40.3%; for business purposes: 502,000, up by 44.6%; for visiting relatives: 288,900, up by 2.9%. There was a rapid increase in visitors from various countries coming to Viet Nam.

RESULTS OF STABILISING MACROECONOMY, IMPROVING QUALITY OF THE GROWTH AND PREVENTING INFLATION FROM RETURNING

Investment and development

The social realized investment capital in 6 months of 2010 at current prices was estimated at 390.1 trillion VND, rose by 13.4% as against in the same period last year, of which capital from the state sector was 166.8 trillion VND, up by 17.8%; the non-state sector: 120 trillion VND, up by 9%; the FDI sector: 103.3 trillion VND, up by 11.8%. Of the state investment, the realized investment capital from the state budget in 6 months of 2010 was estimated at 63 trillion VND, equaling 50.4% of the yearly estimate.

The attracted FDI from 1/1-20/6/2010 gained 8.4 billion USD, equal to 80.9% of that in the same period in 2009. Of which, the registered capital of 438 newly licensed projects was 7.9 billion USD; the additional registered capital of 121 times of projects licensed from previous years was 525 million USD. Realized FDI in 6 months of 2010 was estimated at 5.4 billion USD, rose by 5.9% as against in the same period in 2009. Among fields having FDI, the manufacturing took 34% of the total registered capital in 6 beginning months of 2010; the electricity, gas and water occupied 25.5%; the real estate business got 21.2%.

Government revenues and expenditures

As estimated, total Government revenues from beginning of the year to 15/6/2010 was equal to 47.8% of the yearly estimate, of which domestic revenues accounted for 47.4%; revenues from crude oil was equal to 41.3%; revenues from import-export: 53.6%. Total Government revenues in 6 months were estimated increasing by 21.6% compared to those in the same period last year and equaling to 52.5% of the yearly estimate.

As estimated, total Government expenditures from beginning of the year to 15/6/2010 was equal to 42.8% of the yearly estimate, of which spending for investment and development accounted for 45.5%; for economic and social development, national defense and security: 42.8%; for paying debts and aids: 46.9%. Total Government expenditures in 6 months were estimated increasing by 21.3% compared to those in the same period last year and equaling to 46.9% of the yearly estimate. The overspending in 6 months was estimated equaling to 11.2% of the total spending and 25.6% of the overspending estimate defined by the NA and made up by loan sources in and out of the country according to current regulations.

Trade balance

Exports

The export turnovers in 6 beginning months were estimated at 32.1 billion USD, rose by 15.7% compared to those in the same period last year (if the exportation of gold and gold products was excluded, the growth was 22.4%). Of which, the domestic economic sector gained USD 14.9 billion, rose by 5.7%; the FDI sector (including crude oil): USD 17.2 billion, rising by 26.2%. If the cost factor was excluded, the export value in 6 months rose by 5.4%. The structure of export turnovers in 1st half of 2010 had changes compared to that in the same period last year. The proportion of heavy industrial goods increased from 29.2% to 30.2%; the proportion of light industrial and handicraft goods rose from 37.7% to 43.3%; while the proportion of agricultural and forestry goods slightly decreased.

The United States was still Viet Nam’s biggest export market with estimated export turnovers in 6 months of 6.2 billion USD, rose by 22% compared to the same period last year; next came to ASEAN with 5.3 billion USD, up by 21%; EU: 4.8 billion USD, up by 5.9%; Japan 3.5 billion USD, up by 31%; China 2.8 billion USD, up by 44%; Republic of Korea 1.2 billion USD, up by 35%.

Imports

The general import turnover in six months was at an estimate of USD 38.9 billion, showing a rise of 29.4% as compared to the same period in 2009 (if the price rising factor was excluded, it rose by 8.7%), of which the domestic economic sector gained USD 22.7 billion, rose by18.3%; and the FDI sector with USD 16.2 billion rose by 48.9%. Of the total import turnovers, consumer goods accounted for 7.2%, reduced as compared to the rate 9.7% in the same period in 2009; raw materials rose from 61% to 65.2% and accounted for 81.5% of the import growth in 6 months; machinery and equipment slightly went down from 29.4% to 27%.

The import value in 6 months from main import markets increased compared to the same period last year, of which import from China valued 9.1 billion USD, up by 34%; from ASEAN: 7.8 billion USD, up by 20.4%; from Japan 4 billion USD, up by 31%; from EU 2.9 billion USD, up by 20.4%; from Taiwan 3.2 billion USD, up by 11%.

The trade deficit in 6 beginning months was estimated at 6.7 billion USD, equal to 20.9% of the total export value, of which the import surplus came mainly from Chinese market with over 6 billion USD. If the export of gold and gold products was not considered, the import surplus in 6 beginning months was 8.1 billion USD, equal to 26.2% of the total export value.

Results of keeping inflation from returning

CPI in 6/2010 rose 0.22% compared to the previous month. Groups of goods and services having higher growth than the general rate were: drinks and tobacco by 0.62%; postal and communication service by 0.49%; family appliances by 0.48%; catering service by 0.37% (grain food reduced by 0.83%; foodstuff rose by 0.71%); culture, entertainment, tourist by 0.36%; textile, hats, shoes and sandals by 0.33%. Groups of goods and services having lower or decreased CPI compared to the general rate were: medicine and health care by 0.21%; education by 0.09%; housing and building materials by 0.01%; and transport decreased by 0.7%.

CPI in 6/2010 rose by 8.69% compared to the same period last year and by 4.78% compared to 12/2009. Average CPI in 6 months rose by 8.75% compared to that in the same period in 2009.

2009 was considered a successful year for the Government in guiding to prevent high inflation from returning by keeping a fair inflation rate, so the CPI in each month of first and second quarters increased by 0.44% on average. Entering 2010, although the CPI in first quarter had a symbol of rising again with an average growth per month of 1.35%, but in second quarter the average growth per month decreased to 0.21%, equal to 15.6% of the average growth per month in first quarter of 2010 and a half of that in second quarter of 2009. This showed that the Government’s policies to stabilise prices have initially proved their effects

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