Vietnam’s economy, July & 7 months in 2007

1. Agriculture, forestry and fishery

Agriculture: Winter rice crop cultivation: As of mid July 2007, there were 1098.1 thousand ha sown throughout the country, equaling 94.4% of last year’s same period, of which 1010.8 thousand ha were in provinces in the North, equaling 98.9%; 87.3 thousand ha in the South, equaling 62.1%. Summer-autumn rice crop: As of 15^th July, provinces in the South cultivated 1831.3 thousand ha of summer-autumn rice crop, equaling 90.6% of last year’s same period, of which provinces in the Mekong river delta planted 1547.7 thousand ha, equaling 88.2%. As at this period, provinces in the Mekong river delta  harvested  rice in 97.3 thousand ha, with an average estimated yield increasing from 100 to 300 Kg per ha.

Other crops: Up to 15/7/2007, in the whole country there were 825.3 thousand ha of maize under cultivation, equaling 102.2% of last year’ same period; sweet potato: 131.7 thousand ha and 93.2%; cassava: 364.5 thousand ha and 109.6%; peanut: 212.1 thousand ha and 99.7%; soy-bean: 140.7 thousand ha and 98%; tobacco: 18.1 thousand ha and 66%; newly planted sugar-cane: 75.5 thousand ha and 107.4% and vegetables: 546.1 thousand ha and 97.3%.

Livestock feeding and disease: During the month, the herd of cattle raised, mainly increase in imported-cattle, cross-bred cow and cow; buffalo heads fell lightly; the price of pork rose but “green-ear” disease occurred complicatedly. As of  22/7/2007, plague out-broke in some localities under Quang Nam, Da Nang, Quang Tri, Quang Binh and Quang Ngai of which in only Quang Ngai, Da nang and Quang Nam there had 27.3 thousand pig heads of disease: 1.4 thousand died and 467 destroyed. Up to now, 63 provinces/cities have been vaccinating for poultries in the first phase of 2007. There had 157.9 million poultries vaccinated, of which 86 million chickens, 68.3 million ducks and 3.6 million swans. Foot-and-mouth disease not more than 21 days happening in 17 communes under 5 districts of Quang Tri, with total cattle of 839 destroyed (662 cattle, 129 buffalos, 15 pigs and 33 goats).

Forestry: Generally for 7 months, the area of concentrated forestation was estimated to achieve 117.2 thousand ha, increasing by 0.7% over same period of 2006; the areas of separated forestation gained 126 million trees, rising by 0.9%. Wood cut production was 1,665.8 thousand m³, rising by 1.4%. The areas of destroyed forest were 4,508.3 ha, of which the areas of fired forestation were 3,812.4 ha (Son La: 1,036 ha, Yen Bai: 765.5 ha).

Fishery: For 7 months 2007, production of fishery was estimated at 2,218 thousand tons, increasing by 9.4 % as compared with last year’ same period, of which farmed products were 981.1 thousand tons, increasing by 19.2%, caught products: 1,236.9 thousand tons, increasing by 2.7%.

2. Industrial output

The industrial production value in July 2007 at constant prices were estimated increasing by 18.7%  against same period last year, of which state sector rose by 14.8%; none-state sector by 20.8%; FDI sector by 19.4% (crude oil and gas fell by 5.1%, others rose by 24%).

Generally for 7 months, the industrial production value at constant prices were estimated increasing by 17% against same period last year, of which state sector rose by 9.7% (central management by 12.3%; local management by 4.4%), none-state sector by 20.4%; FDI sector by 18.9% (crude oil and gas fell by 4.1%, others rose by 23.7%).

Some main industrial products had high growth rate like: beer increasing by 19.6%; tiles by 23.2%; machine tools by 48.7%; electric motors by 29.7%; transformers by 21.5%; air conditioner by 56.9%; refrigerators by 23.8; electric fans by 25.5%; assembled automobiles by 67.2%; assembled motorbikes by 29.2%. Beside that, some important products for the economy and exportation had lower increased rates than the general increased rates or decreased against same period last year: processed seafood rose by 12.7%; fabric by 11.1%; ready-made clothes by 14.1%; paper and covers by 15.9%; cement by 9.9%; steels by 11.8%; power by 12.2%…For 7 months only crude oil fell by 8.6% over same period last year.

3. Investment

Capital construction investment under the concentrated State budget in 7 months in 2007 was estimated at 50,445.1 billion VND, accounting for 52.9% of the year plan. Central investment gained 18,230.8 billion VND, accounting for 51.5% of the year plan. Local investment was estimated achieving 32214.3 billion VND, equaling 53.7% of the year plan.

Total realized investment and rates of line-ministries, provinces/cities over capital investment plan under concentrated State budget gained over 50% of the year plan.

Foreign direct investment: from 1^st January to 22 July 2007 there have been 717 granted license projects with a total capital registered 6.37 billion USD. Beside that, there have been about 1.2 billion USD added for projects licensed in previous years. Generally for 7 months, foreign direct investment was estimated achieving 2.7 billion USD.

Number of newly licensed foreign direct investment projects in 7 months concentrated on industrial zones with 460 projects and 3.43 billion USD, accounting for 64.1% in number of projects and 53.9% in total capital registered. Service sector had 220 projects and 2.82 billion USD, accounting for 30.7% in number of projects and 44.2% in total capital registered; agriculture, forestry and fishery sector: 37 projects and 121.9 million USD, accounting for 5.2% and 1.9% respectively.

4. Trade, prices and services

Total retail sales of consumer goods and services for the 7 months of 2007 were estimated at VND 394.5 trillion, increasing by 23.1% against same period last year. Of which the state sector accounted for 10.7% of the total and decreasing by 7.8%; the individual sector 57.2% and 27.2%; the private sector: 28.4% and 30.5% and the FDI sector: 2.7% and 28.5% respectively.

Consumer prices in July 2007 raised 0.94% against last month, due to the increase in prices of all groups of commodities and services. Of which prices for food and eating services that had highest proportion of consumption raised rapidly, especially foodstuff. Prices of food and eating services rose by 1.6%, only food rising by 0.5% (increasing slightly over the rate 0.4% of June), foodstuff rising by 2.3% (increasing more than nearly 1 point percent over the rate of 1.4% of June); housing, construction materials, medicament and health service both increased by 0.7%; equipments, household tools, textiles, footgear and hats both rose by 0.5%; means of transport and post by 0.2% (only telecommunication continuously fell by 0.1%).

As compared with December 2006, consumer prices in July 2007 increased by 6.2%, 01 point percent higher than the rate of June, of which all groups of commodities trended to increase higher than June.

Gold prices in July 2007 decreased by 0.6% over previous month, but increased by 4.4% over December 2006 and by 5.5% over July last year. Prices for USD increased by 0.2% over previous month, rose by 0.3% over December last year and nearly 1% over July 2006.

Total trade turnovers for the seven months were estimated at 59 billion USD, increasing by 25% over same period last year, of which export rising by 19.6% and import rising by 29.8%. The value of trade deficit for 7 months was 5.45 billion USD, twice as much as the rate of 2.44 billion USD of 7 months of 2006 and equaling 20.4% of export turnovers.

The value of export turnovers for 7 months of 2007 was estimated gaining 26.79 billion USD, increasing by 4.44 billion USD over last year’ same period, of which the domestic sector was 11.72 billion USD, increasing by 24.7%, the foreign invested sector excluding crude oil was 10.64 billion USD, increasing by 32.8%.

The value of import turnovers for the 7 months was estimated at 32.24 billion USD, increasing by 29.8% against last year’ same period: domestic sector 20.82 billion USD, 31.4% increased; foreign invested sector 26.9% increased. Importation of machinery and equipment, tools and spare parts, raw materials for domestic production (excluding urea fertilizers decreasing both in volume and value) increased rapidly over last year’ same period, of which many commodities raised well in imported volume.

Passengers carriage for 7 months of 2007 was estimated at 876 million and 38.4 billion passengers-kilometers, increasing by 8.3% in passengers and 8.8% in passengers-kilometers against same period last year. By management levels, central was 17 billion and 11.4 billion passengers-kilometers, increasing by 3.8% in passengers and 12.9% in passengers-kilometers; local was 859 million and 27 billion passengers-kilometers, increasing by 8.4% in passengers and 7.2% in passengers-kilometers

Volume of cargos carried for 7 months was estimated at 212.6 million tons and 52.9 billion tons-kilometers, increasing by 7.6% in tons and 6.9% in tons-kilometers against same period last year.

International visitors to Viet Nam in Juy 2007 were estimated at 343 thousand arrivals, increasing by 2.4% over last month and 26.4% over last year’ same period. Generally for 7 months, international visitors to Viet Nam were estimated at 2.46 million arrivals, rising by 16.2% against same period last year (7 months of 2006 only increasing by 7%). Arrivals to Viet Nam for 7 months mainly were tourists, with 1.54 million, accounting for 62.6% of total, rising by 27.5%; arrivals for business: 357.7 thousand, increasing by 11.5%; for visiting relatives 358.7 thousand, increasing by 2.2% but for other purposes 203.2 thousand, decreasing by 14.3%.

The Post and Telecommunication: Telecommunicating activities continued developing rapidly, completing the aim of 35 telephones per 100 people according to 5-year plan. During this period, telecommunicating services continuously developed; some new companies like H-T mobile and EVN were in operation with various kinds of advertising to attract more customers such as cheap price, giving telephone and sim-card. The number of new telephone subscribers in July was estimated achieving 3.5 million. Therefore, as of end of July, there have been over 14 million telephone subscribers in the country. Total post and telecommunication turnovers for 7 months were estimated gaining 38.8 trillion VND, rising by 85.2% over same period last year, of which turnover of the Post & Telecommunication Corporation was 26.2 trillion VND.

5. Government revenues and expenditures

Total government revenues from 1st January to 15/7/2007 were estimated achieving 50.2% of the year estimate. Of which domestic revenues gained 53.6% (state economic revenues: 49.9%; FDI enterprises excluding crude oil: 47.9%; non-state sector tax: 57.8%; income tax for high salary persons: 68.7%; petroleum fee: 51.7%; other fees: 59.4%). Revenue came from crude oil was 41.8%; trade budget revenues: 51.7%; aid revenues: 54.8%.

Total government expenditure from 1st January to 15/7/2007 was estimated achieving 49.6% of yearly estimate, of which spending for investment and development was 45.8% (for capital construction: 45.3%), current expenditure: 53.2%; debt and aid settlement was 52.1%.

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