Vietnam economic growth at 6.5% in first nine months
01-OCT-2008 Intellasia | AFP
Oct 1, 2008 - 7:00:00 AM
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Vietnam's economy grew 6.5% in the first nine months of the year, lower than its target rate but still "encouraging" in the "context of a deteriorating world economy", the government said Monday.
To reach the official aim of 7% growth for the whole year, "the GDP growth for the remaining three months must be 8%," said an official report from the state-run general Statistical Office (GSO).
Amid double-digit inflation, Vietnam had to lower its growth target for 2008, after recording 8.5% growth in 2007.
But some parts of the media estimate the economy will grow at less than the 7% target, while the government says it has changed its focus from high growth to containing inflation to ensure stability and social security.
Vietnam's inflation rate in September reached 27.9% compared to a year ago.
In terms of foreign direct investment (FDI), between January and September, the value of licensed projects reached US$57.1 billion, the GSO said.
Malaysia topped the list of leading investors, with 14.9 billion dollars for 37 projects. Then came Taiwan, Japan, Brunei and Canada.
According to the GSO, the FDI figure increased remarkably due to the granting of licences for a number of multi billion dollar projects to build steel factories, oil refineries and residential areas.
Disbursed FDI for this period reached 8.1 billion dollars, up 37.3% against the same period last year.
The GSO also said industrial production in the first nine months of the year reached more than 493,000 billion dong (US$29.7 billion), up 16% year-on-year.
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