Vietnam’s economic situation for November and eleven months of 2004

1. Agriculture, forestry and fishery production

To 15/11, 1426.8 thousand hectares of winter crop were harvested, equalling 95.8% of the same period last year. Of which, provinces in the North harvested 1140.4 thousand hectares, accounted for 92% of the cultivated area and equalled 95% of last year’ same period, and provinces in the South 286.4 thousand hectares, 33% and 99%. According to preliminary estimation, rice productivity increases by 400 kilograms/ha for provinces in the Red River Delta and over 300 kilograms/ha for provinces in the North Centre.

Together with soon harvest of rice crop, provinces in the South also took time in cultivating 334.6 thousand hectares of winter-spring rice, equalling 68.4% of last year’ same period, of which the Mekong Delta region achieved 333.1 thousand hectares, equalling 69.2%. Long lasting drought has affected on the agricultural production in South provinces: up to mid-November, there were 209,000 affected hectares of which 114,000 hectares suffered a dead loss. Privately, the Mekong Delta region had 42.5 thousand drought-affected hectares, of which dead loss hectares were 13,800 of newly cultivated winter-spring crop mainly.

Forestry

November’s forest production increases considerably compared with last year’ same period: wood-cut production by 101.6%; centralised forestation area by 103.8%; forest cared area by 105.9%; scattered plants by 125%; reforestation area by 103.6%.

Fishery

November’s fishing production is estimated at reaching 285,000 tons, increasing by 8.1% against last year’ same period, of which aquaculture 986,400 tons and 12.5%, catching production 183,550 tons and 3.6% respectively.

2. Industrial production

November’s industrial production value is estimated at reaching 31.1 thousand billions VND, increasing by 17.1% against lat year’ same period, of which state-owned enterprises 11.5 thousand billions VND and by 11.2% (enterprises under central government management increase by 12% and under local government management by 9.2%); non-state enterprises 9000 billion VND and 25.5%; foreign invested enterprises 10.6 thousand billion VND and 17.3% respectively (petroleum and gas 5.4%, and other 21.2%). November’s production has a greater increased rate than that of ten previous months because main products still maintain high increased rates, like pure coal, natural gas, processed sea food, sugar, papers and boards, fertilisers, rolled steal, electric motors… that all have an increased rate of more than 20% against last November, and this has played a decisive role in the general increased rate of the industry.

Generally for 11 months, the value of industrial production is estimated at 321.100 billion VND, increasing by 15.8% against last year’ same period, of which state-owned enterprises increase by  12.3% (enterprises under central government by 14.4%; under local governments by 7.8%); non-state sector by 22% and FDI sector by 15.1% (petroleum and gas by 20.2%, and others by 13.5%).

Besides, the booming up of import prices of raw materials and material inputs for domestic production has affected on the production and consumption of several industrial products: November’s import price of rough steel raised more than 41% against last year’ same period that made November’ steel production increase by only 4.3%, a slow increased rate due to a fast decreased rate in FDI sector (-15.6%). Thus, activities that used steel materials were also affected: electric fans decreased by 0.5%; tool machines by 42.9%; diesel motors by 3%; automobiles by 0.8% (although demand for this in domestic market is high and the item is also affected by Government taxing regulation). Production of cement and construction materials in 11 months increased slowly as compared with previous years: cement 7% only; bricks 11.7% …Besides, raising prices of fibres, cottons and materials for textile and leather & shoes industries together with the blazing hot competition in production scale and technology has slowed the speed of these industries as compared with last year’ same period: ready made clothes increased only 21.7%; knitted garments decreased by 3.2%…

3. Investment

The realisation of construction investment under the state budget for 11 months of 2004 is estimated at 38,011.7 billion VND, accounting for 102.5% of the year’s plan. Investment under central government management is estimated at 14,028.3 billion VND, accounting for 107.8% of the year’s plan, investment under local governments management 23,983.4 billion VND and 99.6% respectively.

FDI: from beginning of the year to 20/11/2004 there were 630 newly licensed projects with total registered fund of 1,984.3 million USD. On average, capital per project is 3.1 million USD. The industry and construction have 431 projects with registered fund of 1,199.4 million USD, accounting for 68.4% of projects and 60.5% of registered fund. The agriculture, forestry and fishery with 86 projects and 347.8 million USD accounts for 13.7% and 17.5% respectively. The services with 113 projects and 437.1 million USD account for 17.9% and 22% respectively.

The south region, with 447 projects and 1,282.7 million USD, accounts for 71% and 64.6%. The North region, with 183 projects and 701.6 million USD, accounts for 29% and 35.4% respectively.

38 countries and territories have projects newly licensed for 11 months, of which Taiwan ranks first in registered fund, with 132 projects and 410.8 million USD, following are South Korea: 142 projects, 318 million USD; Japan: 52 projects, 200.8 million USD; Canada: 11 projects, 154 million USD; UK Virgin Island: 25 projects, 176.7 million USD; Singapore: 43 projects, 113.3 million USD; Hong Kong China: 32 projects, 112.5 million USD; Malaysia: 23 projects, 77.2 million USD; China: 62 projects, 74.4 million USD, the United States: 24 projects, 63.8 million USD.

4. Transportation and communication

Passenger carriage: in 11 months of 2004 reached 875.7 million passengers and 42.1 billion passengers-kilometres, increasing 7% in passengers and 12.7% in passengers-kilometres against last year’ same period: 11% and 8.2% by rail,  7.5% and 8.3% by land, 26.8% and 38.7% by air.

Cargo transport in 11 months: was estimated at 241.2 million tons and 54.8 billion tons-kilometres, increasing by 6.8% in tons and 9.9% in tons-kilometres against last year’ same period: 5.1% and 2.8% by rail; 6.8% and 7.2% by land; 9.6% and 11.3% by sea; 5.8% and 8.5% by river;  and 15.1% and 12.3% by air.

Communication in 11 months: turnover was estimated at 22.5 thousand billion VND, increasing by 18% against last year’ same period, of which turnover from telecommunication took for more than 92%. Total telephone sets were 9.6 million at en November, increasing by 38.5% over last year’ same period, including 5.4 million desk telephones and 4.2 million mobile phones. Internet subscribers were 659,900 and increased by 71.4%.

5. Trade, prices and tourism

11 months’ total retail sales of commodities and services were estimated 339,300 billion VND, increasing by 18.5% over last year’ same period: government sector: 52,700 billion VND and 8.5%; collective sector: 3,300 billion VND and 22.7%; individual sector: 213,900 billion VND (accounted for 63% of the total) and 17.6%; private sector: 61,700 billion VND and 32.6%; FDI sector: 7,700 billion VND and 13.7%. Among industries, trade accounted for 81.1% of the total and increased by 19.8%, hotel and restaurant by 11.3%, service by 15.9% and tourism by  23.1% over last year’ same period.

Consumer prices: After tottering in October, November’s consumer prices continued to increase by 0.2% over last month. This is mainly due to raising prices in transport and communication (1.2%), housing materials (0.5%), garments, hats and footwear (0.2%); family furniture and appliances, and medical products (0.1%). Prices of food and foodstuff did not increase (though prices of food increased by 0.7%, but this were compensated by 0.3% down prices of foodstuff). Educational prices decreased by 0.3%. As compared with December last year, November’s consumer prices increased by 8.8%: food and foodstuff by 14.8% (food 13.1%, foodstuff 16.3%); medical products and health services by 9.0%; housing and building materials by 6.9%; transport and communication by 5.5%, they are main groups that contributed to November’ price raising against last year’s December. Generally, consumer prices increased by 7.6% in 11 months, against last year’ same period.

Gold price: continued raising rapidly due to a raising in world gold market. November’s gold price increased 3.2% over last month and 6.5% over 12/2003, while USD price did not increase over last month and increased 0.3% only over last December.

Export turnover: was estimated at 23.6 billion USD, increasing 29.7% over last year’s same period, 2.15 billion USD per month on average. Export turnover, excluding crude oil was estimated at 18.34 billion USD, increasing by 24.4% over last year’ same period: domestic economic sector 10.55 billion USD and 16.4%; FDI sector 7.79 billion USD and 37% respectively.

11 months’ crude oil exportation increased both quantity and turnover, and it was a favourable item in international market:  exported quantity for 11 months was estimated at 18 million tons, equivalent to 5.26 billion USD, increasing by 15.5% in quantity but 52.3% in turnover. Textile exportation was estimated at 4 billion USD, increasing by 18.6%; footwear 2.35 billion USD and 17.3%; computer and electronic products nearly 1 billion USD and 55.6%; wood products 946 million USD and 87% respectively. Rice exportation was estimated at 3.72 million tons, equivalent to 862 million USD, decreasing 1.2% in quantity but increasing 21.6% in turnover over last year’ period. Rubber and cashew nuts were also benefited items.

11 months’ import turnover was estimated at 28.06 billion USD, increasing by 23.2% over last year’ same period: domestic economic sector 18.22 billion USD and 23%; FDI sector 9.84 billion USD and 23.5% respectively. Import turnover for main items serving domestic production (petroleum, steel, plastics and cotton) increased in both quantity and turnover. Besides that, there were some items that have their turnover increase but their quantity decrease, i.e. fertiliser, paper, textile fibre and wheat. Exportation of equipment and machines valued at 4.6 billion USD, decreasing by 5.9% over last year ‘same period. Trade deficits were estimated at 4.46 billion USD, equalling 18.9% of export turnover.

Foreign visitors to Vietnam in November were estimated at 275,600, approximately equal to last November, of which number of persons coming for tourist, entertaining and business purposes was lower than last November. Visitors coming from China and Laos decreased rapidly (from China 26.4% and from Laos 64.8%).

Generally for 11 months, foreign visitors were estimated at 2.64 million, increasing by 23.9% over last year’ same period: for tourist purpose 1.43 million, increasing by 33.2%; for business purpose 471,900 and 11.9%; for meeting relatives purpose 421,000 and 22.1%; for other purposes 322,700 and 9.1% respectively.

Tags: Vietnam economic statistics, Vietnam economic statistics 2004, Vietnam's economic situation