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NEWS UPDATES 3 July 2010

Vietnam’s economic output to increase

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Planning and Investment Minister Vo Hong Phuc has forecast a spurt in the growth of Gross Domestic Product during the last six months of the year, according to Viet Nam News.

GDP was likely to grow 6.6-7 per cent in the third-quarter and 7.2-7.5 percent for the fourth quarter, he told the monthly Cabinet meeting in Ha Noi yesterday.

The estimate prompted the meeting to agree that Viet Nam's GDP would grow 6.5-6.8 per cent this year.

The National Assembly has set a growth target of 6.5 percent and the General Statistics Office's Acting Director General, Do Thuc, said earlier this week that it was likely to be met.

The Planning and Investment minister said budget revenue was likely to exceed 5 percent of that previously forecast and overspending would total about 6 per cent of GDP – a reduction of 0.2 per cent against the amount planned.

Export revenue for the entire year was expected to total about US$66 billion – an increase of 15.6 percent against 2009.

The import deficit would total about $15 billion – equal to about 22.7 percent of export revenue. The minister believed the Consumer Price Index (CPI) would be held to about 8 per cent.

The meeting, which reviewed implementation of the country's socio-economic targets to June 30, was especially important because it was held during the last year of both Viet Nam's five-year plan 2006-10 and its ten-year plan for socio-economic development 2001-10.

Chaired by Prime Minister Nguyen Tan Dung, its purpose was to draw the lessons necessary to ensure the 2010 set targets will be achieved.

The chairmen of Viet Nam's 61 provincial and city people's committees and their deputies contributed to the review via a telelink.

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