Vietnam’s economic statistical data, 1st Quarter in 2007

1. Major economic indicators

Gross domestic products (GDP) in 1^st quarter of 2007, were estimated increasing by 7.7% against same period last year. This is the highest growth rate as compared with the 1^st quarters of the years from 2001 to 2006. Three economic sectors had higher growth rates over the 1^st quarter of 2006: The agriculture, forestry and fishery sector increased by 2.3% (the 1^st quarter of 2006: 2.1%); the industry and construction increased by 9.3% (the 1^st quarter of 2006: 8.5%); the service rose by 7.8% (the 1^st quarter of 2006: 7.4%). For 7.7% GDP, the agriculture, forestry and fishery contributed 0.3 points percents; the industry and construction shared by 4 points percents; the service shared by 3.4 points percents.

High economic growth made government revenues increase actively. Total government revenues in the 1^st quarter of 2007 were estimated increasing by 18% against same period last year and achieved 21.7% of the year estimate, of which domestic revenues gained 23.1%; crude oil revenues: 19.7%; trade budget revenues: 20.5%; aid revenues: 21.3%.

Total government expenditure in the 1^st quarter was estimated increasing by 17.7% against same period last year and achieving 21.4% of yearly estimate, of which spending for investment and development was 19.2% (only for basic construction was 19.4%), debt and aid settlement 24%, current expenditure  23.6%. The state budget deficit accounted for 27.4% the year estimated deficit, of which 77.4% made up with the domestic loans and 22.6% made up with the oversea loans.

2. Agriculture, forestry and fishery

Output values of this sector in the 1^st quarter of 2007 were estimated at constant prices, increasing by 2.7% against same period last year; of which agriculture rose by 1.7%; forestry by 0.8%; fishery by 6.7%.

Winter-spring paddy cultivation: As of 15/3/2007, rice cultivated areas for the whole year were estimated at 2937.2 thousand ha, equaling 99.7% against same period last year, of which the Northern provinces cultivated 1094.1 thousand ha, equaling 98.5% (provinces in Red River Delta: 548.9 thousand ha, equaling 98.9%); the Southern provinces sowed 1843.1 thousand ha, equaling 100.4% (provinces in Mekong River Delta: 1505.2 thousand ha, equaling 100.7%).

Winter-spring rice harvest in the South: provinces in the South reaped 882.3 thousand ha, equaling 94.4% of last year same period, of which provinces in Red River Delta were 864.2 thousand ha, equaling 96.5% of last year’ same period and accounting for 57.4% of areas under rice sowing. According to preliminary report, the productivity was estimated achieving 5900kg/ha, decreasing by 70kg/ha over so that the productivity estimate will fall by 92 thousand tons over winter-spring crop of 2006, achieving 8.9 million tons.

Summer-autumn rice cultivation: Along with harvesting winter-spring rice, provinces in the South also planted summer-autumn rice. The areas under rice sowing achieved 71.5 thousand ha, equaling 37.6% of last year’ same period, due to drought weather and shortage of water and farmers were encouraged sowing late to avoid rice diseaces.

Other crops: As of mid March, in the country there had been 367.4 thousand ha of maize under cultivation, equaling 96.8% of last year’ same period; 103.3 thousand ha of sweet potatoes, equaling 98.5%, 87.1 thousand ha of casava, equaling 91.3%; 164.8 thousand ha of peanut, equaling 111%; 81.2 thousand ha of soybean, equaling 105.9%; 352.3 thousand ha of vegetable, equaling 105.4%.

Livestock feeding: Livestock feeding in the 1^st quarter was recovered and grown: As compared with same period last year, the herd of cattle was estimated increasing by 5-6%, pigs by 4-5%; poultries by 6-7%. As of the moment, poultry plague has been constrained, no new outbreak was discovered but still maintaining the potention of reoutbreaking, some localities vaccinated for poultries in the first phase of 2007. As of 20/3/2007, the whole country had been 28 communes under 10 provinces happening foot-and-mouth disease not more than 21 days: Phu Yen, Quang Ngai, Kon Tum, Quang Nam, Khanh Hoa, Binh Dinh, Quang Binh, Dak Lak, Thua Thien-Hue and Ba Ria – Vung Tau.

Forestry: The area of concentrated forestation in 3 months of 2007 was estimated to achieve 38.9 thousand ha, equaling 100.4% over same period last year; the areas of separated forestation gained 61.8 million trees; wood cut production was 481.5 thousand m³, equaling 100.8%, log cut production was 6570.4 thousand ste, equaling 101.1%.

In the 1^st quarter, the dry weather lasted long in the moutainuous provinces in the North, Central Highlands and South East, there happened many forestation fires. The areas of destroyed forest were 928.9 ha, 4.3 times more than same period last year, of which 164 caces of fired forestation with the areas of 764.9 ha.

Fishery:

Total fishery production in the 1^st quarter of 2007 was estimated achieved 884.2 thousand tons, increasing by 6.8% over same period last year, of which farmed production rose by 15.3% and the caught aquatic production rose by 2.3% (sea caught products by 3.1%).

The farmed fishery production grew rapidly due to the increasing price of aquatic products, especially the increase of trafish and basa fish that encouraged the farmers in the provinces in the Mekong River Delta to raise the areas of farming.

The caught aquatic production in the 1^st quarter was estimated gaining 556.2 thousand tons, of which sea caught products achieved 511.8 thousand tons. the caught aquatic products achieved relatively well due to the favorable weather, some kinds of fish like mackerel, tuna and anchovy appeared in many days in the Central and Southern Sea.

3. Industrial output

Generally for 1^st quarter, industrial output value was estimated at constant prices increasing by 16.6% against same period last year, of which state owned sector increased by 7.2% (central management rose by 11.1%, local management  fell by 0.7%), non-state sector increased by 20.1% and FDI sector by 19.5% (oil and gas decreased by 0.4%, other items rose by 23.8%).

Among one digit manufacturing industry, only processing industry increased by 18.5% over same period last year, meanwhile electricity, gas and water production and supply maintained the same growth rate with same period last year (electricity rose by 12.4%) and  mining and quarrying industry increased only 1.4% (natural gas rose by 17.7%; pure coal by 7.7% but these products had low proportion so that they could not make up for crude oil that decreased, in the 1^st quarter only gaining 4 million tons, equaling 92.8% against same period last year).

Some products under processing industry had high growth rates like: food and beverage manufacturing rose by 15.3%; clothing by 20.2% (mainly due to rapid growth of export commodity, export textiles in 1^st quarter rose by 30.1%); rubber and plastic product increased by 25.2%; metal by 26% (rolled steel by 22.3%); radio, television and telecommunication devices by 16.8%; manufacturing and mending motors by 23.5% (assembled automobile by 29.8%, assembled motorbike by 21%). Some products decreased against same period last year like: knitted clothing fell by 13.1%; bicycle by 68.6%; chemical fertilizer by 6%.

4. Investment

Realized investment for development in 1^st quarter of 2007 at current prices was estimated achieving 86.1 trillion VND, equaling 19% of the yearly plan. Of the total investment, state investment was 41.7 trillion VND, equaling 18.3% of the yearly plan; non-state investment 27.4 trillion VND, equaling 18.1%; FDI investment 17 trillion VND, equaling 23.3%Capital construction investment under the concentrated State budget in 1^st quarter was estimated to gain 18.9 trillion VND and account for 19.8% of the yearly plan. Of which central investment was 6.7 trillion VND, equaling 19% of the yearly plan, local investment was 12.2 trillion VND, equaling 20.3% of the yearly plan.

Foreign direct investment: from 1^st January to 22/3/2007, there had been 102 projects licensed with a total capital registered 1.21 billion USD. If 431.9 million USD adding for 109 projects licensed in the previous years and 771.9 million USD adding for 87 projects licensed at the end of 2006 but not including for the previous year were included, the total capital registered was 2.41 billion USD.

Out of 189 newly licensed projects, the industry and construction sector accounted for 58.2% of number of projects and 49.9% of total capital registered the service sector 36.5% and 47.1%, the agriculture, forestry and fishery 5.3% and 3% respectively.

South Korea had the highest investment with 485.5 million USD capital registered; Singapore: 476.7 million USD; Thailand: 254.7 million USD; America: 164.5 million USD; Japan: 149.4 million USD.

5. Trade, price and services

Total retail sales of goods and services in 1^st quarter were at current prices estimated at 163.7 trillion VND; increasing by 22.3% over same period last year, of which the state sector accounted for 10.3%, fell by 9.2% against last year; the individual sector accounted for 57.3%, rising by 26.5%; the private sector 28.6%, rising by 29% and the FDI sector 2.7%, rising by 30.6%. By business activity, the trade had the highest proportion of 82.3% of the total, increasing by 21.1%; hotel and restaurant accounted for 11.2%, rising by 21.4%; tourism by 32.3%, service by 17.6%.

Consumer prices in March 2007 decreased by 0.2% against last month, mainly due to the decline of demand (because after Lunar New Year, people’s consuming necessities were normal back) but plentiful supply. Among commodity groups, the prices of food and foodstuff fell by 0.4%, because the prices of foodstuff decreased by 0.6% and food was the same with last month, the prices of other commodities also decreased like: drinks and cigarettes;  textiles, hats and footwear; housing and construction materials; culture, sport and entertainment. Prices for the rest ones increased from 0.1% to 0.3% over last month; but prices for transportation and post rose by 0.6% (prices for telecommunication continued reducing).

As compared with last December, consumer prices in March 2007 increased by 3% and rose in all groups of commodities, of which prices of eating commodity and services increased by 4.2%, beverages & cigarettes by 3.5%, textiles, hats and footwear by 2%, furniture and household equipments by 1.7%; medicaments & health by 0.9%.

Gold price in March 2007 increased by 2.6% over last month, by 3.5% against the end of 2006, by 18% against same period last year. USD price was relatively stable and trended to slightly fall by 2 indexes, 0.1% over last month and 0.4% over last December; however USD price rose by 0.6% against March 2006.

Total trade turnovers in 1st quarter 2007 were estimated at 22.3 billion USD, raising by 25.7% against same period last year, of which exports grew by 17.9% and imports by 33.6%. As import rates were much higher than export rates, trade deficits raised rapidly over same period last year,  gained USD 1.32 billion, equaling 12.5% of export turnovers.

Export turnovers was estimated at 10.48 billion USD, rising by 17.9% against same period last year, of which domestic sector gained 4.62 billion USD, rising by 23.9%; FDI sector (excluding crude oil) was 4.13 billion USD, increasing by 31.7% and crude oil gained 1.73 billion USD, reducing by 14.6%.

Vietnam’s huge export markets in 2 beginning months were EU, America, Japan and China, of which each EU and America accounted for 20% of markets and had the high growth; Japan achieved over 800 million USD, increasing slowly (1.6%) but China decreased by 9.8% against 2 first months of 2006. America was continuously the main market consuming Vietnam’s export commodities: textiles, footwear, wood and wood products.

Almost main export commodities (excluding crude oil, rice and rubber) raised export turnovers in 1^st quarter, of which many agricultural products gained benefit due to prices increasing: rice, coffee, rubber, cashew nuts and pepper. Especially, three main export commodities like crude oil, rice and rubber both reduced in export turnovers and volume.

Crude oil export achieved 3.9 million tons, reducing by 7.9% over same period last year, turnovers fell by 14.6% (because price fell by about 35 USD/ton, turnovers decreased by 137 million USD); textiles gained 1.65 billion USD, rising by 30.1%; footwear 918 million USD, by 13.9%; coffee 695 million USD, by 133.6%; seafood 678 million USD, by 11.9%; wood products 584 million USD, by 25%; electronic & computer 441 million USD, by 16.9%; handy craft goods 190 million USD, by 25.8%; but bicycle and spare parts fell by 39.4%.

The exportation of agricultural products and processed agricultural goods were estimated achieved over 1.4 billion USD, raising by 25% against same period last year, accounting 3.2 points percents for general export turnovers. Of which rice gained only 56.7% of export volume and 66.8% of turnovers, even though the price rose by 17.8%, but the supply was low; coffee 695 million USD, increasing by 133.6%; cashew nuts 107 million USD, by 10.6%; vegetables by 13.9%; pepper by 7.8%.

Import turnovers in 1^st quarter was estimated at 11.8 billion USD, increasing by 33.6% against last year’s same period, of which the domestic sector gained 7.6 billion USD, rising by 39.8%; the FDI sector grew by 23.9%. Import commodities in 1^st quarter 2007 increased by nearly 3 billion USD over same period last year, mainly due to the increase of importing machines, equipments, tools, spare parts and important raw materials for domestic production in both import turnovers and volume; the average import prices of 1^st quarter for raw materials did not increase suddenly over 1^st quarter of 2006.

Importation of machines, equipments and spare parts in 1^st quarter 2007 was estimated at 2.2 billion USD, increasing by 66.1% over same period last year; petroleum 1.4 billion USD, rising by 13.6%; steel 842 million USD, by 69.3% (rough steel by 65.9%); fabric 712 million USD, by 22%; plastic 499 million USD, by 26.7%; chemicals 289 million USD, by 22.7%; chemical products 266 million USD, by 18.7%…Group of commodities decreased like: leather and textile materials gained 393 million USD, decreasing by 12.7%; automobile 134 million USD, by 9.7% (completed automobile: 55 million USD, reducing by 4.7%); milk and dairy products 69 million USD, by 11.5%.

Passengers carriage in 1^st quarter 2007 was estimated at 376.8 million and 16.4 billion passengers-kilometers, increasing by 8.3% in passengers and 10.9% in passengers-kilometers against same period last year. Of which passengers carriage by land was 327.2 million and 10.7 billion passengers-kilometers, increasing by 9.3%  in passengers and 9.2% in passengers-kilometers, airway: 14.4% and 17%; river-way: 1.8% and 2.1%; sea-way: 5.6% and 5.8% respectively. Only railway was nearly equal to same period last year but increased by 16.1% respectively.

Volume of cargos carried 1^st quarter 2007 was estimated at 90.5 million tons and 22.8 billion tons-kilometers, increasing by 7.8% in tons and 7% in tons-kilometers against same period last year. Generally, cargo carriage by almost transport types increased in tons and tons-kilometers (excluding in tons-kilometers by airway): land-way: 8.8% and 9.1%, river-way: 5.9% and 6%; sea-way: 5.5% and 6.7%; railway: 4.4% and 9.7%, airway: 8.1% but decreasing by 3.4% respectively.

International arrivals to Vietnam in 1^st quarter of 2007 were estimated at 1.1 million, increasing by 13.7% against same period last year. Of which arrivals for tourism and relaxing were 687 thousand, rising by 17.3%, for busines: 150.3 thousand, increasing by 12.4%; for visiting relatives: 178.4 thousand, by 13.9%, for other purposes: 95.6 thousand, reducing by 5.8%.

The Post and Telecommunication: Telecommunicating activities continued developing. The number of new telephone subscribers in 1^st quarter was estimated achieving 4 million, increasing by 179.9% over same period last year. Therefore, as of end of March, there have been 31.5 million telephone subscribers in the country, rising by 82.2% over same period last year (The Post & Telecommunication Corporation: 18.9 million telephone subcribers). The number of internet subscribers in 1^st quarter was estimated at 232 thousand, equaling 51.7% of 1^st quarter of 2006 made total of internet subscribers up to 4.3 million as of end of March.

Turnovers from communication in 1^st quarter were estimated at 13 trillion VND, increasing by 42% over same period last year, of which turnovers from telecommunication accounted for over 90% of total.

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