Vietnam’s economic situation in November and 11 months of 2005

1. Output of agriculture, forestry and fishery

Harvesting winter rice crop: As of 15 November 2005 the whole country harvested 1424 thousand ha of winter rice crop, equaling 99.8% of last year’s same period, of which provinces in the North: 1180.3 thousand ha, accounting for over 97% of growing areas and equaling 103.5%; provinces in the South: 243.7 thousand ha, accounting for 30% of sowing areas and equaling 85.1%. According to preliminary assessment, the productivity of winter rice crop in the whole country achieved 3,960 kg/ha, decreased by 150 kg/ha over winter rice crop in 2004; the production achieved 8.06 million tons, reduced 579 thousand tons (-6.7%). At the same time, 456 thousand ha of winter crop were cultivated, of which maize covered 178.6 thousand ha, equaling 98.1% against last year’s same period; sweet potato: 74.7 thousand ha, equaling  97.5%; soy bean 56 thousand ha, equaling 121.2%; peanut 6.8 thousand ha, equaling 70.8%; vegetables and bean 127.7 thousand ha, equaling 101.2%.

Avian influenza: As of 18/11, bird flu occurred in 17 provinces covering 62 districts and towns; 114 communes; about 900 thousand poultries were culled. Animal breeding were developing well, especially raising cows for reproduction and beef. The model of pigs’ farmhouses increased quickly in Tay Ninh, Dong Nai, Thanh Hoa and Tuyen Quang provinces.

Forestry: Generally for 11 months, the total areas of concentrated planted forest achieved 177.4 thousand ha, approximately equal to last year’s same period, the number of separated plants was 195.4 million, increased by 3.9%; gross output of wood increased by 0.1%.

Fishery:
In 11 months, production of fishery was estimated at 3,098 thousand tons, increasing by 8% as compared with last year’ same period, of which fish increased by 8.6%; shrimp by 10.8%; caught products by 3.3%.

2. Industrial output

The industrial production value in 11 months increased by 17% against last year’s same period, of which state owned enterprises increased by 8.9%, non-state sector by 24.6% and FDI sector by 19.8%.

Main industrial products still maintained high increased rates against last year’s same period: pure coal increased by 21.9%, processed seafood by 15.2 %, caustic soda (NAOH) 21.7%; fertilizer 31.5%; enameled tile 19.3%; laminated steel 21.6%; machine tools 37.5%, assembled automobiles 28.9%. Beside these high rate items, other main products increased at a common rate of around 10% against same period last year: ready-made garments 13.4%, paper 13.9%, cement 10.4%, electric fan 11%… due to difficulties in production and consuming market. However some items didn’t achieve same level as of last year’ same period: crude oil was 92.2%; liquidized gas 91.8%; diesel motor 78.6%; bicycle 85%…

3. Investment

Capital construction investment under the concentrated State budget in 11 months in 2005 was estimated at 52,249.9 billion VND, 0.6% ahead of the plan for whole 2005, of which central investment gained 19,397.3 billion VND, accounting for 97.5% of the year plan; local investment 32,852.6 billion VND, 2.6% ahead of the year plan. In the total central investment fund for 11 months, the Ministry of Transportation achieved 100.1% of the year plan; the Ministry of Agriculture and Rural Development 112.9% of the year plan; the Ministry of Construction 85.1%; Ministries of Education and Training, and Health only achieved 84% of the year plan both.

Foreign direct investment: from 1^st January to 16^th November 2005 there were 702 newly granted license projects with total capital registered 3.61 billion USD; 5.14 million USD per a project on average.

4. Trade, prices and services

Total retail sales of goods and services for 11 months were estimated at 426.9 trillion VND (at current prices), increasing by 20.3% over last year’ same period, of which the state sector increased by 2.7%; the collective sector by 18.3%; the individual sector accounted for 62.2% of the total and increased by 25.9%; the private sector: 20.1% and by 18% respectively; the FDI sector increased by 16.2%.

November consumer prices rose 0.4% over previous month; 7.6% higher than last December and 8.5% higher than last year’ same period. Compared with previous month, November consumer prices continued rising in all 10 groups of goods and services, from 0.1% to 1.1%. Food and foodstuff price in November went up highly and higher than the common increased rate.

Compared with last December, November consumer prices increased by 7.6%, of which following groups went up rapidly: food & foodstuff and catering service: 9.3%, transport and communication 10.3% (transport rose rapidly meanwhile communication was 90.8% of last December’s rate), housing and construction material 9.2%; other groups increased at a common rate of around 4%; only the culture, sport and entertainment group increased by 2.5%.

November gold prices rose 0.9% over previous month, 3.5% against last December and 8.8 % over same period last year. USD prices were stable and slightly increased only for the three indices: 0.1% over last month; 0.8% over last December and 0.9% over last November.

Eleven months export values gained 29.12 billion USD, 2.65 billion USD each month on average. Compared with same period last year, export turnovers rose 21.5%, equivalent to 5.15 billion USD, of which the domestic economic sector gained 12.35 billion USD and increased by 13.9%, contributing 6.3 points per cent to the increasing rate of 11 months’ export turnovers; crude oil gained 6.77 billion USD, rose 30.3%, contributing 6.6 points per cent; the foreign investment sector (excluding crude oil) 9.99 billion USD and 26.1%, contributing 8.6 points per cent. Of the total, the export values of 7 great turnovers items: crude oil, textiles, footwear, and fishery, electronics and computer, rice and wood products gained 20.22 billion USD and increased by 21.9% over same period last year, contributing 15.2 points percent in 21.5 points percent of export growth.

Total eleven months import values were 33.55 billion USD, increasing by 16.6% against same period last year, of which, the domestic economic sector gained 21.14 billion USD and increased by 12.6%; the foreign invested sector 12.4 billion USD and 24% respectively. The import values of each month on average are 3.05 billion USD. Such a rising is mainly due to high costs or raising costs of imported items. Petroleum import turnovers were estimated at 4.59 billion USD, increased by 43.4%, the import volume only raised 5.1%; imported steel  valued at 2.76 billion USD, rose by 21.7% in values and by 12.3% in quantity; electronics, computer and spare parts 1.54 billion USD, increasing by 29.7%…Additionally, some items and groups went up slowly or even decreased against last year’s same period: machines, equipments, tools and spare parts gained 4.78 billion USD, rose 1.1% only; assembled motor was 90.3%  over same period last year and the quantity was 80.5%; cotton decreased by 15.8%, mainly due to the decreasing of import prices…Eleven months’ trade deficits were 4.43 billion USD, equaling 15.2% of export turnovers, lower than the rate 4.81 billion USD of same period last year, a positive lower proportion as compared with 20.1% of  same period last year.

Passenger carriages in 11 months were estimated to gain 1162.9 million, increased by 6.7% and 48.77 billion passengers.km, increasing by 6.7% and 11.4% against last year’s same period. Freight carriages were estimated at 287.4 million tons, increased by 6.8%, and 72.15 billion tons.km, by 6.5%

International arrivals to Vietnam for 11 months were estimated at 3.14 million, increasing by 18.8% against same period last year, of which visitors coming for tourist purpose were 1.84 million, accounting for 58.6% of the total, and increasing by 28.9%; for visiting relatives 14.8% and 10.4%; for other purposes 12.4% and 20.4% respectively; only visitors coming for business decreased by 5.6%.

5. State budget revenues and expenditures

Total government revenues in 11 months 2005 were estimated increasing by 22.9% against same period last year and 3.1% ahead of the plan for whole year, of which 95.6% came from domestic revenues, 135.3% from crude oil, 91.8% from exports and imports and revenues from foreign aids achieved 100% of the year plan.

Total government expenditures in 11 months were estimated at 95.3% of the year’s budget plan, ensured 96.5% of the current expenditures for the year but expenditures for development only achieved 88%. The Government overspending in 11 months accounted for 74.3% of the tentative rate for the year, of which compensations from domestic loans accounted for 75.2% and foreign loans 24.8%.

Tags: Vietnam economic 2005, Vietnam economic statistics, Vietnam's economy situation