Vietnam’s economic situation for the 11 months of 2006

1. Output of agriculture, forestry and fishery

Winter rice crop: As of 15/11/2006, provinces in the North reaped 1165 thousand hectares of winter-rice, accounting for over 97% of  the cultivated area and equaling 96,5% of last year same period; the South completed 303,7 thousand hectares, accounting for 40% of  the cultivated area, equaling 114% of last year same period. According to preliminary estimation, winter-rice crop productivity and yield in the North increased against same period last year.

Summer-autumn rice crop: As of mid November, provinces in the South have basically completed reaping of summer-autumn rice crop, of which provinces in Mekong River Delta harvested 1.9 million ha, equaling 97,3% of the sowed area. According to preliminary estimate, the summer-autumn rice productivity in the Mekong River Delta gained 7.8 million tons, falling by 990 thousand tons against 2005’ same rice crop.

Animal husbandry: Animal meat live weight raised, the foot and mouth disease was controlled and the livestock was increasing a bit, especially the number of cattle’s’ heads;   the number of pig heads was estimated increasing by 3-5% against same period last year.

Forestry: Generally for 11 months, the country’s new concentrated forestation areas were at179.8 thousand ha, rising by 2.9%; the number of dispersed plants at 190.4 million, equaling 99,2%; wood cut production increased by 0,1% over same period last year.

Fishery: Production of fishery for 11 months of 2006 was estimated at 3380.4 thousand tons, increasing by 7.9% as compared with last year same period, of which farmed products were 1527.4 thousand tons, increasing by 18%; caught products: 1853.0 thousand tons, rising by 0,8%.

2. Industrial output

The industrial production value for 11 months of 2006 at 1994 constant prices estimated at VND 443.6 trillion, increasing by 16.9% against same period last year, of which the state sector rose by 9.4%; the non-state sector by 23%; the FDI sector by 19% (petroleum  and gas decreased by 5.3%, others rose by 25,5%).

Main branches with high proportions in the industrial value and sustainable growth rates have played a decisive part in the high rate of the industry as a whole: coal; foodstuffs and drinks; leather and products; wooden products; rubber and plastic products, etc….

Provinces/cities of large industrial scales had higher rates like: Hải Phòng rose by 17.1%; VÄ©nh Phúc by 23,5%; Hà Tây by 22.7%; Hải DÆ°Æ¡ng by 23%; HÆ°ng Yên by 28,2%; Quảng Ninh by 18,3%; Bình DÆ°Æ¡ng by 23.4%; Đồng Nai by 21.2%; Cần ThÆ¡ by 22.2%….

3. Investment

Capital construction investment under the concentrated State budget in 11 months in 2006 estimated at VND 56.6 trillion accounting for 100.9% of the year plan. Central investment was VND 16.7 trillion, bằng, equaling 95.9%, local investment: VND 39.9 trillion, equaling 103.2% of the year plan.

Foreign direct investment: from 1st January to 20/11/2006, there have been 734 granted license projects with a total capital registered USD 6.15 billion, USD 8.4 million per new licensed project on average. In addition, there were 439 projects funded with more capital of USD 2.12 billion, making the total capital in 11 months to USD 8.3 billion, (new and additional funds both).

4. Trade, prices and services

Total retail sales of consumer goods and services for 11 months of 2006 were at VND 523.4 trillion (at current market prices), increasing by 20.7% against same period last year. Of which the state sector gained VND 65.7 trillion, increasing by 9,1%; the collective  sector VND 5.1 trillion, rising by 20.6%; the individual sector VND 326.9 trillion, increasing by 22.1%; the private sector VND 112.2 trillion and by  24.3%; and the FDI sector VND 13.5 trillion and by 20.8% respectively.

Consumer prices in 11/2006 rose by 0,6% against last month, increasing 0.4 point percent to the rate 0.2% in October, mainly due to high costs of eating and catering services, especially, prices of food rose by 3,8% against last month.

As compared with December 2005, consumer prices in 11/2006 rose by 6% and for all ten commodity and service groups, of which, the eating and catering services had a highest rate of+7,2%; the housing, construction materials, family appliances; textile, hats and footwear rose more than 5%; other groups comonly rose from 3.4% – 4.1%.

Gold prices in 11/2006 rose again by 1,7% against last month (after experiencing a falldown in September and November); gold prices increased by 23.2% against December last year and 32.4% against last November, 37.4% for 11 months on average. US dollar prices rose by 0.2% against 10/2006 and thus by 1% against last December and by 1.1% against last November. On average, US dollar prices rose by 0.9% for 11 months.

As estimated, total trade turnovers for 11 months were at USD 77.04 billion, increasing by 22.5% against same period last year, of which, export rose by 23.7% and import by 21.4%. For last months of the year, import tends to increase and export to decrease. Thus, the import increased rate for 11 months was only 2.3 points percent lower than the export increased rate; 11 months’ trade deficits were USD 4.49 billion, slightly increasing to the amount of USD 4.26 billion of same period last year, but as compared of export turnovers, the rate was 12.4% ( the rate in same period last year was 14.5%).

As estimated, export turnovers for 11 months gained USD 36,28 billion, equaling 96.1 % of 2006 year plan, of which the domestic economic sector gained USD15.25 billion, increasing by 21.8% over same period last year; the FDI sector (excluding crude oil) USD13.28 billion, rising by 32.3%; crude oil USD 7.75 billion, rising by 14.5%. Textile stands the second among main export items, with estimated earnings of USD 5.41 billion for 11 months, increasing by 25.1% over same period last year and contributing 15.6% to the total increased rate. Big markets like United States,EU and Japan still were major markets importing textiles from Viet Nam. Footgear exportation earned  USD 3.2 billion, rising19.3% over same period last year, of which, November’s export turnovers earned USD 300 million, USD 24 million higher than last month; Export to EU and the United States increased rapidly and took great proportions of 77%. Seafood exports earned USD 3.1 billion, increasing by 24.6% and 0.1% bejond the year plan;  markets having highest increased rates on importing from Viet Nam were EU, Japan and the United States with a total value of USD 1.8 billion. Exprtation of electronic equipment and computers gained USD 1.6 billion, increasing by 22.7%. Additionally, other export items had high increased rates like coal 39.9%; electric cables 39%; coffee 38.1%; plastics 38%; children toys 51.3%. However, some items gained lower turnovers than same period last year, such as  rice earned USD 1.3 bellion, falling by 7.1%; cachew nuts USD 466 million, decreasing by 17.2%; bycycles and spare parts  USD 107 million, decreasing by 18.1%.

As estimated, import turnovers in   11 months of 2006 were at USD 40.76 billion, increasing by 21.4% against same period last year and equaling 95.9% of 2006 year plan. Of which, the domestic economic sector gained USD 25.8 billion, rising by 21.9%; the FDI sector USD14.9 billion, increasing by 20.4%. Items having largest import values were equipment, machines and supplies with USD 5.9 billion, increasing by 24.2%. This was rather high due to an increase in both domestic demands foreign investors. Petroleum imports were USD 5.4 billion, increasing by 18.2% over same period last year, mainly due to booming import costs in 11 months of this year against same period last year (while the import quantity decreased by 3.7%); fabrics imports were USD 2.7 billion, rising by 23.2%… Looking on the import quantity, some items increased higher than same period last year such as  textile yarns 61.8%; papers 28%; cotton 20.5%; wheat 3.2%; motor-bykes in CKD form 36,9%. However, some others decreased in import quantity like petroleum, crude steel, urea fertilizer and automobiles in CKD form.

International visitors to Viet Nam: As of 15/11/2006 there were 3.26 million visitors, increasing by 2.5% against same period last year. which arrivals for tourism were 1.87 million, taking a highest proportion (57.4%) and increasing by only 0.4%; 521 thousand for business purposes, rising by 16.1%; visiting relatives: 515.5 thousand, increasing by 11%; and 351.3 thousand for other purposes, falling by 12.6%.

Communication: New telephone subscribers in 11/2006 were at 1.8 million, taking new subscribers for 11 months of 2006 to 9.9 million, of which, 3.7 subscribers were from VNPT. To the end of 11/2006 there have been  25.7 million telephone subscribers, of which subscribers from VNPT accounted for  65.3% with 16.8 subscribers (7.5 million desk telephone and cityphone subscribers, and 9.3 million mobil phone subscribers).

New internet subscribers in 11/2006 were at 75 thousand, taking the number of internet subscribers for 11 months of this year to nearly 1.1 million. As of the end of November, there have been  4 million internet subscribers, increasing by 49.1% against same period last year, of which, 1.66 million subscribers were from VNPT.

Total communication turnovers for 11 months of 2006 were at VND 33.6 trillion (VNPT earned VND 31.3 trillion, of which, telecommunication earned VND 28.6 trillion; post: VND 1.3 trillion; others: VND 0.5 trillion.

5. Government revenues and expenditures

As estimated, total revenues from beginning of the year to 15/11/2006 accounted for 86.8% of the year plan. Of which, 82.5% were from domestic revenues (86.3% from state sector revenues; 67.5% from FDI sector (excluding crude oil); 87.2% from taxes on economic activities in non-state sector; 86.2% from income taxes levied on people earning high income; 72.7% from petroleum fees; thu phí, and 105.5% from other fees). Revenues from crude oil equal 96.4%; from export-import activities: 84.8%; from foreign aids: 100%.

Total expenditures from beginning of the year to 15/11/2006 accounted for 85.1% of the year plan . Of which, development & investment expenditures were 81.3% (capital construction investment 80.6%); payments to debts and aids 91.4%; current expenditures 90.4% and expenditures for new salary scheme 70.1%.

Tags: Vietnam economic 2006, Vietnam economic statistics, Vietnam's economy situation