Vietnam’s economic statistical data, 1st Half of 2008

Unfavorable happenings in the world’s economy in 1^st half of the year 2008 together with natural disasters and diseases occurred in the country have been having negative effects on the country’s social and economic situation. Faced with this, the Party and State has proposed many solutions to curb inflation, stabilize macro-economy, and ensure social security and sustainable growth. Owing to drastic measures taken by the Government and  great efforts made by all levels, branches and localities, the country’s social and economic situation in the first six month period has still maintained a stable growth, many pressing problems have been actively solved.

Based on official data of the 5 beginning months and estimated information for June and for 6 months, the General Statistics Office released briefly socio-economic situation in 1^st half of 2008 as follows:

ECONOMIC SITUATION

Gross domestic products (GDP) in 1^st half of 2008 were estimated increasing by 6.5% against same period last year; of which the agriculture, forestry and fishery sector increased by 3.04%; the industry and construction by 7% and the service by 7.6%.

Government revenues and expenditures

Total government revenues in six beginning months were estimated at 60.6% of the yearly estimate, of which domestic revenue was 56.7%; revenue from crude oil: 64.3%; trade balance revenue: 67.8%. Total government spendings in 6 beginning months were estimated at 51.8% of the yearly estimate, of which spending for investment and development was 45.9% (only for capital construction was 44.9%); for public services sector, Party, associations, defense and salary reform: 52.8%, for  debt and aid payments: 54%.

Agriculture, forestry and fishery

Output values of this sector in the 6 beginning months of 2008 at 1994 constant prices were estimated achieving 93.1 trillion VND, increasing by 4.5% against same period last year; of which agriculture rose by 3.4%; forestry by  0.9% and  fishery by 8.7%.

Agriculture

There were 3,001.7 thousand ha of winter-spring paddy cultivated, rising by 23.4 thousand hectares against same period last year. Rice yield was estimated achieving 5,990 kg per hectare, rising by 290 kg/ha over same crop last year; the productivity was estimated at 18 million tons, rising by 1 million tons against same crop last year.

According to the livestock survey results at 01/4/2008, there were 25.6 million pig heads, falling by 3.1% against same period last year, 6.5 million beeves, rising by 3%, and 228 million poultry heads, rising by 6% over same period last year.

Forestry

Total  area of concentrated forestation in 6 beginning months was estimated at 98.4 thousand ha, rising by 0.6% over same period last year; the areas of separated forestation gained 109.8 million trees, reducing by 0.5%; wood cut production was 1403.2 thousand m³, rising by 1.1%. Generally for six months of the year, there were 3,614 deforested cases, increasing by 24.2% and 1,245 hectares of forest damaged, rising by 105.7%; 228 cases of forest fire, destroying 937 ha, reducing by 61.8% in the number of cases and 74.7% in fired area.

Fishery

Total fishery production in six beginning months of 2008 was estimated at 2,124 thousand tons, increasing by 11.1% over same period last year, of which farmed production gained 1,045.1 thousand tons, rose by 25.9.9% and catching gained 1,078.9 thousand tons, fell by 0.3%, of which offshore catching gained 989.8 thousand tons, fell by 0.5%. Fish farming production gained 837.7 thousand tons, rose by 30.4% over same period last year; shrimp production: 125.7 thousand tons rose by 3.6%.

Industrial outputs

Generally for 6 beginning months of 2008, the industrial output value at 1994 constant prices was estimated increasing by 16.5% against same period last year, of which state owned sector grew by 6.9% (central management rose by 9.5%, local management fell by 0.8%); non-state sector increased by 22.3% and FDI sector by 17.4% (oil and gas fell by 7.9%, others rose by 20.1%).

Of the total value, the manufacturing grew by 18.1% over same period last year; the mining fell by 4.2% due to 7.9% decrease in crude oil production, pure coal rose by 8% (which is lower than the growth rate of 12.4% in the same period last year); electricity, gas and water rose by 14%.

Investment

Realized capital investments in 6 beginning months of 2008 were VND 265.4 trillion at current prices, rose by 21.1% over same period last year, of which the state sector gained VND 106.1 trillion, rose by 15.2%; the non-state sector: VND 80 trillion, rose 15.1%; the FDI VND 79.3 trillion rose by 37.7%.

Capital under the state budget was VND 39.1 trillion, equaling 39.8% of the whole year estimate. Of which, central investment was VND 11.9 trillion, equaling 35.9%; local investments achieved VND 27.2 trillion, equaling 41.8%.

Acting upon the objective to curb inflation, as of 28/5/2008 there were 28 line-ministries, 43 localities, 8 state economic groups and corporations carried out review of projects using investment from the state budget, posponing and pausing the implementation of 618 projects with total amount of VND 1.45 trillion, decreasing the implementation progress of 377 projects with total amount of VND 2.533 trillion.

Foreign direct investment (FDI) continues to grow. From 1/1/2008 – 20/6/2008, 478 new FDI projects were granted licenses with a total registered capital of USD 30.9 billion, though reduced by 29.5% in the number of projects but grew by 324.3% in capital over same period last year. On average, a project gained USD 64.7 million, higher than the average of USD 53.9 million per project in the same period last year. If complementary USD 661.2 million for 158 previously licensed projects was taken into account, the total FDI investment in 6 beginning months of 2008 was USD 31.6 billion, 3.7 times bigger than same period last year, exceeding the amount of USD21.3 billion invested in Viet Nam in 2007.

Trade, price and tourism

Total retail sales of goods and services

Total retail sales of goods and services in 6 beginning months of 2008 were at current prices estimated at VND 447.3 trillion, increasing by 30% over same period last year. If price appreciation factor was excluded, the growth rate was 8% only (lower than the rate 15% of same period last year).

Consumer price indexes

CPI in June 2008 grew slowly, at 2.14% against last month, being the month of lowest growth rate in 6 beginning months of 2008[1], but the highest growth against CPI in June of recent years[2]. Among commodity and service groups, food in June 2008 was still the group of highest price rate 4.29%, much lower than the rate 22.19% of last month. Groups with lower growth rates than last month included: drinks and cigarettes by 1.07%; textile, hat, shoes by 0.92%; culture, sport, entertainment by 0.4%. Prices of means of transport and post group maintained a growth rate of 0.35%. Groups with higher growth rates than May of 2008 included: Foodstuff by 3.05%; housing and building materials by 1.93%; housing equipment and tools by 1.28%; medicines, health care by 0.66%; education by 0.67%; others by 0.96%.

At compared with December 2007, consumer prices grew by 18.44%, of which grain-food rose by 59.44%; foodstuff by 21.83%; housing and building materials by 14.34%; means of transport and post by 10.58%; others by 2.12%-8.21%. As compared with average consumer prices in 6 beginning months of 2007, average consumer prices in 6 beginning months of this year increased by 20.34%.

Prices of gold and USD in 6 beginning months of 2008 fluctuated. Gold price in June grew by 4.36% over last month, and by 16.27% over December 2007 and 41.01% over same period last year. USD price in June rose by 4.69% over last month, by 5.02% over December 2007 and by 4.89% over same period last year.

Exports – imports

Export turnovers in 6 beginning months of 2008 were estimated at USD 29.7 billion, rising by 31.8% against same period last year. On average for the 6 months, export prices for crude oil grew by 69.5%; coal by 68.4%; rice by 88%; coffee by 40.4%; rubber by 33.7%. The price rising of these 5 items made export turnovers in 6 months increase by about USD 3.8 billion. If the price appreciation factor is excluded, 6 months export turnovers would rise by 15.1%.

Export turnovers for almost items increased against same period in 2007, of which 8 items with over USD 1 billion turnovers were: crude oil: USD 5.6 billion, rising by 49%; textiles: USD 4.1 billion, by 17.7%; footwear: USD 2.3 billion, by 16.9%; fishery: USD 1.9 billion, by 14%; rice: USD 1.5 billion, by 99%; wood product: USD 1.4 billion, by 20.4%; electronic and computer: USD 1.2 billion, by 32.4%; coffee: USD 1.2 billion fell by 4.1%.

Import turnovers in 6 beginning months of 2008 were estimated at USD 44.5 billion, increasing by 60.3% against last year’s same period. In the 6 month period, import prices for petroleum rose by 61.8%; steel by 29.8%; fertilizer by 96%; paper by 11.8%; plastic by 15.4%. The price rising of these 5 items made import turnovers in 6 months increase by over USD 4.1 billion (equivalent to the increased rate of 14.9% against import turnovers in 6 beginning months in 2007). If the price appreciation factor is excluded, 6 months import turnovers would rise by 45.7%.

Among imported items, machine, equipment, tool and spare parts were estimated at USD 7 billion, rising by 45.5% over same period last year; petroleum by USD 5.9 billion rose by 68.9%; steel: USD 4.6 billion rose by 118.1%, of which rough steel gained USD 1.3 billion rose by 181%; fabric: USD 2.3 billion rose by 20.3%; electronic and computer: USD 1.8 billion rose by 43%; plastic: USD 1.5 billion rose by 38.8%; textile and leather supplies: USD 1.2 billion rose by 16.2%; fertilizer: USD 1 billion rose by 130.9%; animal feeding and supplies: USD 1 billion rose by 84.1%. Privately, imported automobiles in 6 months though rose by 413.9% in quantity and by 354.5% in turnovers but tended to decrease due to rising of import tax.

Trade deficits in 6 months were estimated at USD 14.8 billion, equaling 49.8% of export turnovers, rose by 184.6% over same period last year and USD 0.7 billion higher than the trade deficits in the whole year of 2007. However, trade deficits in recent months decreased rapidly, from USD 3.28 billion in March and USD 3.2 billion in April to USD 1.91 billion in May and USD 1.3 billion in June. Trade deficits mainly resulted from importation of raw material and fuel from markets in the region, but for other markets like EU and the US trade surplus was still maintained. In 5 beginning months of 2008, trade surplus from Viet Nam to EU markets was USD 1.9 billion, rising by 26.6% over same period last year, and USD 3.3 billion to American markets, rising by 10%.

Export and import of services in 6 beginning months of 2008 were estimated at USD 7.8 billion, rising by 23.5% over same period last year, of which export of services gained USD 3.4 billion, rising by 16.1% (tourist services achieved highest level with USD 1.9 billion, rising by 14%); import of services gained USD 4.4 billion, rising by 30% (C.I.F achieved highest level with USD 2.3 billion, rising by 73.7%).

Transport

As estimated, passengers carriage in 6 beginning months of 2008 gained 899.1 million passengers and 41.5 billion passengers-kilometers, increasing by 10.8% in passengers and 11.2% in passengers-kilometers against same period last year. Of which air transport rose by 14.3% in passengers and 11.8% in passengers-kilometers; land transport: 11.7% in passengers and 12.8% in passengers-kilometers; sea transport: 5.1% and 6.2%; river transport: 3% and 6% respectively. Only rail transport decreased by 3.7% in passengers and 4.6% in passengers-kilometers.

Volume of cargos carried in 6 beginning months of 2008 was estimated at 207.3 million tons and 78.4 billion tons-kilometers, increasing by 10% in tons and 37.9% in tons-kilometers against same period last year. Of which sea transport gained highest level with 23.5% in tons and 43.5% in tons-kilometers; land transport: 9% and 18.6%; river transport: 7.6% and 7.8%; rail transport: 1.9% and 11.9%; air transport: 7% and 4% respectively.

International arrivals to Vietnam

Generally in 6 beginning months of 2008, international arrivals to Vietnam were estimated at 2.3 million, increasing by 8.1% against same period last year. Of which, arrivals for tourism and relaxing were 1.4 billion, rising by 6%, for business: 430 thousand, rising by 39.7%, for visiting relatives: 293.8 thousand, decreased by 4.9%. Among means of transports, passengers visiting by air gained 1.8 million, rising by 6.5%; by land: 434.3 thousand, rising by 21.6%.

Communication

To end of June 2008, the country had 61.8 million telephone subscribers, of which over 9.9 million were new subscribers in 6 beginning months of 2008. New internet subscribers in 6 months were estimated at 756,000, bringing total number of internet subscribers to end of June 2008 to 6 million. Total income of communication in 6 months were estimated gaining VND 33 trillion, rising by 32.2% against same period last year, of which income of VNPT was VND 22.2 trillion, accounting for 67.2% of the total and increasing by 16.2%.

Tags: Vietnam economic 2008, Vietnam economic statistics, Vietnam's economy situation