Positive signs recorded in 2012

The Vietnamese economy still showed a number of positive signs despite domestic and global economic hardships.

Reasonable GDP growth

The gross domestic product (GDP) was estimated to grow at 5.03 per cent this year, the lowest rate since 2000, according to recent figures released by the General Statistics Office (GSO).

However, the growth rate was described by the GSO Director-General as ‘reasonable’ with 4.64 per cent in Q1; 4.80 per cent in Q2; 5.05 per cent in Q3 and 5.44 per cent in Q4.

Specifically, the agro-forestry and fishery sector expanded by 2.72 per cent, industry and construction up 4.52 per cent, and service up 6.42 per cent.

 

One-digit CPI

The average consumer price index (CPI) was estimated to increase 6.81per cent compared to over 18 per cent last year and met with the goal set by the National Assembly.

The success came from a string of important and urgent solutions, including the tightening of credit, limited money supply, restructuring of the banking system’s operations. The decrease of the index was also attributed to lower purchasing power.

 

Surging exports

The GSO reported that export turnover would exceed US$114.6 billion in 2012, up 18.3 per cent against 2011.

The export value mainly came from foreign direct investment (FDI) sector, which earned nearly US$72.3 billion in revenue, up 31.2 per cent year on year.

However, the FDI sector’s main exports include electronics, computers and components, phones, garments and footwear, thus real profits were low.

Return of first trade surplus

The country has achieved a trade surplus of $284 million in 2012 after nearly two decades.

Export turnover for the year totaled $114.631 billion, an increase of 18.3 per cent over last year while import revenue reached $114.347 billion, representing a rise of 7.1 per cent against the same period last year.

The trade surplus was attributed to the high growth rate of exports, which nearly doubled the goal set by the National Assembly, while import growth rate was three times lower.

New record of int’l arrivals

Amid global economic hardships, the flow of foreign arrivals to Viet Nam was estimated at 6.85 million, posting a year-on-year increase of 9.5 per cent and the ever highest rate.

Noticeably, the number of international tourists also hit new record of 4.17 million, accounting for 60.9 per cent of the total figure.

China took the lead with roughly 1.43 million; followed by the Republic of Korea 701,000 up 30.7 per cent; Japan 576,000 up 19.7 per cent and the US with 440,000 up 0.9 per cent.

Source VGP