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Vietnam’s GDP to Grow 8.5 per cent This Year, 9 per cent Next Year-Minister
17 | 10 | 2007
Vietnam’s gross domestic product is estimated to expand 8.5 per cent to VND1,144 trillion (US$71.3 billion) this year, the highest over the past 10 years, and grow between 8.5 per cent and 9 per cent to US$83 billion next year with the shift to the increased industry, service, Ministry of Planning and Investment Vo Hong Phuc said recently.
Per capita GDP averages US$835, higher than the set target of US$820, which will help reduce its poverty rate to 14.7 per cent, lower than the planned 16 per cent, Phuc delivered a report before National Assembly’s Standing Committee.
Strong growth of exports and domestic industrial production remain the driving forces for the country’s GDP expansion, triggered by increasing inflow of foreign direct investment and domestic investment, Laborer Sunday cited Phuc as saying.
However, the minister noted that the overall productivity of the entire economy still remains weak; the surplus trade deficit sets a record high over the past five years, accounting for 18.75 per cent of the country’s total exports due to its growing imports of machinery, equipment, input material and lowered import taxes, Phuc emphasized.
Consumer goods prices are forecast to soar between 8.2 per cent and 8.3 per cent this year due to domino effects of growing prices in the world market.
The government of Vietnam has set the targets of GDP growth rate of between 8.5 per cent and 9 per cent for the next year, per capita GDP of US$960 and generation of 1.65 million jobs, Phuc said.
This year, Vietnam is forecast to export US$48.1 billion worth goods and import US$58.5 billion.
The country is forecast to attract US$14.5 billion next year. The country attracted US$9.6 billion in FDI between January and September. (Laborer, Liberated Saigon)

Source: Vietnam Bussiness Forum
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