Vietnam’s economic statistical data, 9 months in 2008

Vietnamese social-economic situation in the past nine months, although affected by many unfavorable factors, was still stably developing. Many key sectors and areas have obtained active achievements that facilitate the development in coming months.

ECONOMIC SITUATION

Gross domestic products (GDP) in 9 months of 2008 were estimated increasing by 6.52% against same period last year; of which the agriculture, forestry and fishery sector rose by 3.57%; the industry and construction by 7.09% and the service by 7.23%.

Government revenues and expenditures

Total government revenues to 15/9/2008 were estimated at 90.5% of the yearly estimate (against 68.6% of same period last year), of which domestic revenue was 84.8%; revenue from crude oil: 86%; trade balance revenue: 111%. Total government spendings to 15/9/2008 were estimated at 78% of the yearly estimate (against 66.6% of same period last year), of which spending for investment and development was 68.6% (only for capital construction was 64.8%); for public services sector, Party, associations, defense and salary reform: 77.7%, for  debt and aid payments: 75.8%.

Investment

Realized capital investments in 9  months of 2008 were VND 422.5 trillion at current prices, rose by 26.2% over same period last year, of which the state sector gained VND 162.2 trillion, rose by 8%; the non-state sector: VND 118.5 trillion decreased by 9.6%; FDI sector: VND 141.8 trillion, rose by 165%. Capital investment from the state budget was estimated at VND 65.8 trillion equaling 67% of the whole year. Of which, central investment was 62.3%; local investments was 69.4%.

The result of FDI attraction was good. In September 2008 the whole country had 113 projects licensed with USD 9.9 billion total registered capital, bringing the total number of licensed project to 22/9/2008 to 885 with USD 56.3 billion total registered capital. If USD 855.7 million additional registered capital of 225 licensed projects in past years was taken into account, the total number of registered capital in 9 months was USD 57.1 billion, 5 times greater than  same period in 2007; Realized capital was USD 8.1 billion, rose by 37.3% over same period last year.

Agriculture, forestry and fishery

Output values of this sector in the 9 months of 2008 at 1994 constant prices were estimated increasing by 5.4% against same period last year; of which agriculture rose by 4.8%; forestry by 1.5% and  fishery by 7.91%.

Agriculture

The summer rice yield in 2008 was estimated at 11.3 million tons. The yield of both winter-spring rice and summer-autumn rice was estimated at 29.6 million tons, rose by 2.4 million tons against last year. If the winter rice crops in remaining months of the year were not affected by bad weather and insects, the yield would be nearly 9 million tons and the whole year’s rice yield would be 38.6 million tons.

Animal husbandry activities were still developing. Buffalo heads did not decreased; the cattle rose by 3-4%; the pig by 1%; and the poultry by 6-7%. However, with the currently popular small-scale animal husbandry in households it is necessary to care for the re-outburst of animal and poultry diseases.

Forestry

Total  area of concentrated forestation in 9 beginning months was estimated at 150.3 thousand ha, rising by 1.4% over same period last year; the areas of separated forestation gained 165.1 million trees, reducing by 0.8%; wood cut production was 2435.3 thousand m³, rising by 4.3%. Generally for 9 months of the year, there were 2417.8 ha of forest damaged; equaling 44.3% over same period last year, of which forest fire area was 1033.6 ha, equaling 24.3% over same period last year.

Fishery

Total fishery production in 9 months of 2008 was estimated at 3408.5 thousand tons, increasing by 10.3% over same period last year, of which farmed production gained 1828.5 thousand tons, rose by 20.9%; catching 1580 thousand tons, rose by 0.1%.

Industrial outputs

Industrial production in 9 months of 2008 met a lot of difficulties in producing and consuming goods. Generally for 9 months of 2008, the industrial output value at 1994 constant prices was estimated increasing by 16% against same period last year (9 months in 2007 rose by 17.1%; 9 months in 2006 rose by 16.8% and 9 months of 2005 rose by 16.5%). Of which the mining sector fell by 3.5% mainly due to a continuous decrease in crude oil extraction and low increase in coal extraction; the manufacturing grew by 17.5%; electricity, gas and water by 14%.

Trade, price and tourism

Total retail sales of goods and services

Total retail sales of goods and services in 9 months of 2008 were at current prices estimated at VND 694.4 trillion, increasing by 30.1% over same period last year. If the price appreciation factor was excluded, the growth rate was 6% over same period last year. Of business sector, the trade accounted for 82.3% of the total and rose by 30.5%; hotels and restaurants: 11.4% and 25.7%; services: 5% and 30.9%; tourist: 1.3% and 45.2% respectively.

Consumer price indexes

CPI in September 2008 grew by 0.18% against last month, which was the lowest increased rate in recent 17 months and against September’s increase rates of 2004-2007 (9 months in 2007 rose by 17.1%; in 2006 by 16.8% and in 2005 by 16.5%). Consumer prices in September 2008 grew by 21.87% over December 2007; by 27.9% over same period last year. Average consumer prices for 9 months in 2008 rose by 22.76% against same period last year.

Exports – imports

Export turnovers in September 2008 were estimated at USD 5.3 billion, rising by 39.4% against same period last year. Generally for 9 months in 2008 export turnovers were estimated at USD 48.6 billion, rose by 39% against same period last year. Of the total, heavy industry and mining accounted for 32.7%; light industry and handicraft took 44.5%; agriculture, forestry and fishing occupied 22.8%.

The high rate of export value in 9 months was mainly due to export rising prices; especially prices of some items continuously rose in 7 beginning months of the year. If the price appreciation factor of 8 items: crude oil, coal, rice, coffee, rubber, pepper, cashew nut and tea, and the value of re-exported items was excluded, the total export turnovers for 9 months in 2008 only rose by 14.8% against same period last year.

Exports to American market had highest value of USD 8.5 billion, rose by 17%; ASEAN market: USD 8.4 billion rose by 42%; EU market: USD 7.8 billion rose by 21%; Australia: USD 3.5 billion rose by 67%; China: USD 3.3 billion rose by 43%.

Import turnovers in September 2008 were estimated at USD 5.8 billion, increasing by 17.2% against last year’s same period and fell by 7.6% against August 2008. Generally for 9 months in 2008 import turnovers were estimated at USD 64.4 billion, rose by 48.3% against same period last year, of which capital goods accounted for 90.7%; consumer goods took 5.7%.

The high rate of import value in 9 months was due to increase in imported volume and high import prices. If the price appreciation factor of 5 items: petroleum, steel, fertilizer, plastic and paper, the total import turnovers for 9 months in 2008 were estimated at USD 58 billion, rose by 33.7% against the same period last year.

Imports from ASEAN in 9 months were estimated at USD 15.7 billion, accounted for 24.4% of total import value, rose by 70% against the same period last year, from China: USD 12 billion, accounted for 18.6% and rose by 44.6%; from EU: USD 4.1 billion, accounted for 6.4%, rose by 13.8%.

Trade deficits in recent months decreased rapidly (from USD 3.2 billion in April to USD 1.9 billion in May; June: USD 728 million; July: USD 753 million; August: USD 258 million and September: USD 500 million). Trade deficits in 9 months were USD 15.8 billion, rose by 86% against same period last year and equaling 32.6% of total export turnovers.

Transport

As estimated, passengers carriage in 9 months of 2008 increased by 8.2% in passengers and rose by 7.3% in passengers-kilometers against period last year, of which carriage by land rose by 8.8% in passengers and by 7.4% in passengers-kilometers; by river: rose by 3% and 3.2%; by rail: fell by 2.3% and 4.3%; by air: rose by 14.1% and 11.6% respectively.

Volume of cargos carried in 9 months of 2008 was estimated increasing by 11.5% in tons and 42% in tons-kilometers against same period last year. Of which transport by land rose by 12.1% in tons and 24.1% in tons-kilometers; sea transport: rose by 30% and 50% due to 600,000 tons increase in transport capacity; river: rose by 3.2% and 3.6%; rail: fell by 3.3 in tons and rose 11.8% in tons-kilometers.

Tourism

International arrivals to Vietnam in 9 months were estimated at 3.3 million, increasing by 5.9% against same period last year. Some countries and territories with large amount of arrivals still maintained higher rates than previous year, like China: 509.5 thousand visits rose by 21%; the United States: 332,800 visits rose by 6%; Taiwan: 245,900 visits rose by 3.3%; Thailand: 142,000 visits rose by 17.5%; Malaysia: 127,300 visits rose by 16.5% and Singapore: 115,900 visits rose by 21.5%.

Communication

There were 16.8 million telephone subscribers in 9 months, rose by 6.7% against same period last year. To end of 9/2008, the country had 68.6 million telephone subscribers, of which VNPT had 37.7 million subscribers (10 million table telephone subscribers and 27.7 million hand phone subscribers).

Internet subscribers in 9 months were 1,073,500 rose by 25.5% against same period last year, bringing total number of internet subscribers to end of September 2008 to 6.3 million. As estimated, there were 20.5 million internet users as of end of September 2008. Net income of the communication in 9 months was estimated at  VND 48.6 trillion, rising by 25.6% against same period last year.

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