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4 October 2009

Vietnam expects GDP to grow 5% in 2009

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The Vietnamese economy is showing signs of recovery as it recorded an economic growth of 3.11 percent in the first quarter, 4.46 percent in the second quarter and 5.6 percent in the third quarter of this year, reported

According to Vietnam’s Ministry of Planning and Investment (MPI), these positive signs have helped to boost the country’s GDP to 5 percent for the whole of 2009.

The industrial sector has also shown signs of stabilising, posting a growth rate of more than 10 percent in August and 13.8 percent in September.

The provinces with a high increase in industrial production value compared to the same period last year are Quang Ninh (13.3 percent), Thanh Hoa (11.3 percent) and Can Tho (9.3 percent). Despite facing a lot of difficulties, the agricultural sector’s production value managed to increase by 2.6 percent compared with the same period last year.

However, the Vietnamese economy is predicted to encounter more difficulties in the remaining months of this year. Over the past nine months, export turnover was estimated to have reached $41.73 billion, down 14.3 percent. The export turnover from foreign-invested enterprises (not including crude oil) was $ 16.7 billion, down 6.3 percent from last year’s figure.

A sharp fall in export value was seen in several products such as electrical wire and cables (26.5 percent), ceramic and porcelain products (25.9 percent), bamboo rattan products (21.3 percent) and wood products (14.2 percent).

The Ministry of Industry and Trade has predicted that export volume will likely see a further decline, and has urged provinces and businesses to come up with effective measures to maintain or expand their export markets.


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