Vietnam’s economic situation for the 11 months of 2007

Output of agriculture, forestry and fishery

Agriculture:

Main agricultural activities of the month were winter-rice harvesting in the country; winter-crops cultivation in provinces in the North and winter-spring rice sowing in provinces in the South. As of mid November, the output achieved as below:

Winter-rice harvest in the country was 1,395.7 thousand ha, equaling 95% against same period last year, of which provinces in the North reaped 1,119.8 thousand hectares of winter-rice, equaling 96.1%, provinces in the South harvested 275.9 thousand hectares, equaling 90.8%. On harvested areas, the average productivity gained 4,350 kg/ha, increasing by 90kg/ha over same period last year. According to preliminary estimate, the yield of winter-rice could gain 8.7 million tons, rising by over 160,000 tons against same period of 2006.

Along with harvesting winter-rice, provinces in the North had 469.9 thousand ha of winter crops under cultivation, equaling 99.1% against same period last year, of which maize was 183.1 thousand ha, equaling 97.7%; sweet potato: 65.2 thousand ha, equaling 86.6%; soy-bean: 69.3 thousand ha, equaling 105.8%; peanut: 9.8 thousand ha, equaling 108.9%; beans and vegetables: 141.2 thousand ha, equaling 100.9%. After reaping summer-autumn and autumn-winter rice, provinces in the South sowed 193.2 thousand ha of winter-spring rice, equaling 78.4% over same period last year.

Forestry:

The area of new concentrated forestation in this month was estimated at 16.6 thousand ha, equaling 100.6% over same period last year, the number of dispersed plants at 8.5 million, falling by 5.9%. Generally for 11 months, the area of new concentrated forestation was 179.9 thousand ha, equaling 100.2% against same period last year; the number of dispersed plants at 181 million, equaling 97.1%. Wood cut production was 2,952.3 thousand m3, equaling 101.6%. The task of forest protecting had been strengthened, but the area of destroyed forest was up to 5.6 thousand ha in 11 months, of which 4.3 thousand ha were fired and 1.3 thousand ha were cut down.

Fishery:

Production of fishery in November was estimated at 389.9 thousand tons, increasing by 17.5 % as compared with last year same period, of which farmed products were 228.5 thousand tons, increasing by 35%, caught products: 161.4 thousand tons, decreasing by 0.6%. Generally for 11 months, total production of fishery gained 3,772.9 thousand tons, rising by 10.3% over same period last year. Of which farmed products were 1,879.1 thousand tons, increasing by 20.3%; caught products: 1,893.8 thousand tons, increasing by 1.8%.

Industrial output

The industrial production value in November was estimated at 1994 constant prices increasing by 17.4% against same period last year and for 11 months rising by 17.0%, of which the state sector rose by 10.4% (central management by 13.4%, local management by 3.5%); the non-state sector by 20.9%; the FDI sector by 18%  (petroleum  and gas decreased by 7.3%, others rose by 23.1%).

For 11 months, many industrial items maintained high growth rate like: tool machines rose by 74.5%; air-conditioner by 56.9%; assembled automobiles by 62.7%; assembled motorbikes by 26.8%; electronic motor by 26.2%; … but crude oil in 11 months only gained 14.2 million tons, falling by 8.5%. Almost localities with large scale of industrial production had higher growth rate than the general rate.

Investment

Capital construction investment under the concentrated State budget in November estimated at VND 9.85 trillion, equaling 10.3% of the year-plan. Of which central management was VND 2.16 trillion, equaling 6.1%; local management was VND 7.69 trillion, equaling 12.8%. Generally for 11 months, capital construction investment under the concentrated State budget gained 86.76 trillion VND, equaling 90.9% of the year-plan. Of which central management was VND 29.58 trillion, equaling 83.6%; local management was VND 57.18 trillion, equaling 95.2%.

Realizing and reimbursing investment for constructions and projects under Government bond achieved lowly, as of end of September of 2007 reimbursed 26.8% against the year-plan.

Foreign direct investment continuously gained extremely good results. From 1st January to 22 November, there have been 1,283 granted license projects with a total capital registered USD 13.4 billion, USD 10.4 million per licensed project on average. In addition, there were 314 projects funded with more capital of 1.64 billion USD; making the total capital in 11 months to over 15 billion USD, (new and additional funds both), rising by 38.4% against same period last year and by 15.7% as compared with the year-plan. Realized foreign direct investment in 11 months of 2007 was estimated at 4.1 billion USD, rising by 13.9% over same period of 2006 and equaling 95.3% of the year-plan.

Foreign direct investment licensed in 11 months mainly focused on industry and construction sector. Of the total 1,283 projects licensed, there were 798 projects with 7.56 billion USD for industry and construction sector, accounting for 62.2% of the projects and 56.4% of the total capital registered; the service sector: 422 projects with 5.66 billion USD, accounting for 32.9% and 42.2%; the agriculture, forestry and fishery sector: 63 projects with 184.6 million USD, accounting for 4.9% and 1.4% respectively.

Trade, prices and services

Total retail sales of consumer goods and services

Total retail sales of consumer goods and services for 11 months of 2007 were at VND 654.9 trillion at current market prices, increasing by 22.9% against same period last year. Of which the state sector gained nearly VND 71 trillion, decreasing by 3.4%; the collective sector VND 6.4 trillion and rising by 18.7%; the individual sector VND 370.3 trillion and 26.3%; the private sector VND 187.5 trillion and 29.7% and the FDI sector VND 19.7 trillion and 21.2% respectively. By business activity, commerce accounted for 80.6% of the total and increased by 21.9% over same period last year; hotel and restaurant for 12% and by 23%; tourism for 1.1% and by 33.5%; service for 6.3% and by 34.7% respectively.

Consumer prices

In November, prices of food and foodstuff, housing and construction materials (including prices of houses for rent, electricity, water, fuel and construction materials) continuously increased highly that was the main factor making the consumer prices increase by 1.23% in November against last month. Of which, prices of foodstuff rose by 2.66%; food by 1.95% (prices of cattle meat increasing by 3.17%, poultry meat by 1.41%); prices of housing and construction materials rose by 1.87%.

Consumer prices in November grew by 9.45% over December of 2006. Notably, average prices of 11 months only rose by 7.92% as compared with the average rate of 11 months of 2006, of which food grew by 14.98%; foodstuff by 9.17%; housing and construction materials by 10.48%; and the others increased from 3% to 6% but prices of post and telecommunication fell by 2.74%.

Gold prices in November increased by 8.9% against last month, by 24.7% against December 2006 and by 28.7% against same period last year. US dollar prices fell by 0.3% against September due to plentiful domestic supply and foreign capital continuously investing to Viet Nam.

Export and import commodity

The export value in November estimated gaining 4.5 billion USD, rising by 31.3% over same period last year. The export value of almost commodities in 11 months both increased highly. For 11 months, besides crude oil there have been some exported items gaining turnovers of over 1 billion USD: textiles: 7.1 billion USD, increasing by 32%; footwear: 3.5 billion USD, rising by 9.5%; fishery: 3.4 billion USD, rising by 11.9%; wood products: 2.1 billion USD, rising by 23.7%; …

As estimated, import turnovers in November were at 5.8 billion USD, rising by 47.7% against last November. Generally for 11 months, import value achieved 54.1 billion USD, rising by 33.1% against same period last year, of which, the domestic economic sector achieved 34.6 billion USD, accounting for 66.5% of the total import value, rising by 34.8%; the FDI sector 19.5 billion USD, accounting for 33.5% and rising by 30.1%. As compared with 11 months of 2006, import value of almost commodities had high growth rate, of which machine, equipment and spare parts were the highest with over 9.2 billion USD, rising by 56.3%; petroleum was 6.5 billion USD, rising by 20%; steel: 4.3 billion USD, rising by 61.5%; fabric: 3.6 billion USD, increasing by 50.4% …

Trade deficit in 11 months was nearly 10.5 billion USD, equaling 24% export value and over 2 times as much as the rate of 11.9% of same period 2006.

International visitors to Viet Nam for the 11 months 2007 were at 3.82 million, increasing by 17.1% over last year same period. Of which arrivals for tourism were 2.35 million, accounting for 61.5% and increasing by 25.4%; for business: 592.2 thousand, accounting for 15.5% and rising by 13.7%; arrivals for visiting relatives: 553 thousand, accounting for 14.5% and rising by 7.3% but other purposes decreased by 7.4%.

Transportation

Passenger carriage in 11 months was estimated at 1,400.8 million and 61.4 billion passengers-kilometers, increasing by 8.5% in passengers and 9% in passengers-kilometers against same period last year. Central management gained 26.2 million, increasing by 4.3% and 18.1 billion passengers-kilometers, rising by 11.1%. Local management achieved 1,374.6 million, rising by 8.6% and 43.3 billion passengers-kilometers, rising by 8%.

Volume of cargos carried in 11 months was estimated at 344.1 million tons and 86.3 billion tons-kilometers, increasing by 8% in tons and 7.2% in tons-kilometers against same period last year. Of which, central management gained 47.4 million tons, increasing by 6.8% and 56.2 billion tons-kilometers, rising by 6.9%; local management: 296.7 million tons, rising by 8.2% and 30.1 billion tons-kilometers, rising by 7.9%.

Traffic accident situation occurred complicatedly. According to the report of National Safe Traffic Committee, in October, in the country there had 1,095 cases of traffic accidents, killing 973 persons and injuring 733 persons. As compared with October of 2006, cases of traffic accidents fell by 9.13%, the dead decreased by 9.07% and the injured by 22.92% but cases of traffic accidents rose by 0.18% and the number of deceased persons grew by 0.21% against last month.

Government revenues and expenditures

As estimated, total revenues from 1/1/2007 to 15/11/2007 were equal to 86.7% of the year estimate. Of which, 88.2% were from domestic revenues; 76.6% from crude oil; 94.3% from trade activities; 108.3% from aids. Among domestic revenues, 79.4% came from the state economic sector; 76.7% from FDI sector (excluding crude oil); 92.5% from taxes on economic activities in non-state sector; 100.8% from income tax on high-income persons; 81.2% from petroleum fees; and 99.6% from other fees.

Total expenditures from 1/1/2007 to 15/11/2007 accounted for 83.2% of the year estimate. Of which, development & investment expenditures were 74.2% (capital construction investment 73.3%). Spending for administrative & public sector, national defense and security, party and public organizations were 87.1% (including spending for salary reform and policy for redundant labor) and payments to debts and aids 93%

Tags: Vietnam economic 2007, Vietnam economic statistics, Vietnam's economy situation