Vietnam’s GDP to Rise 4.5pct in Q1/2012: deputy prime minister

Vietnam’s gross domestic product (GDP) is estimated to rise 4.5 percent in the second quarter of this year, up 0.5 percent from Q1/2012, Nguyen Xuan Phuc deputy prime minister said on June 15 at the Congress meeting.

Vietnam’s GDP is expected to grow by 4.31 percent in Jan-June, 2012 period, compared with 5.57 percent of a year earlier.

In the first half of this year, the country’s Industrial Production Index (IIP) is likely to rise 4.4 percent while the agricultural, forestry and fisheries sector posts a lower increase of 3.6 percent, deputy prime minister provided, adding that total retail sales and service revenues are up 20.3 percent on year in H1/2012.

The country’s export revenues also are estimated to surge in H1/2012, Phuc said, adding that the country’s inflation has been controlled with the expected Consumer Price Index (CPI) at 3 percent in the first six months of the year, versus 13.29 percent in the same period of 2011.

The Southeast Asia country targets to pump VND21 trillion each month into the economy or 2 percent credit growth a month to push the economic growth, Phuc said.

The government is targeting a GDP growth of 6 percent for this year, or 0.5 percent lower than its initial plan, and a full-year CPI increase of between 7 percent and 8 percent. It also aims to ensure a credit growth of 12 percent-13 percent this year, compared to the initial target of 15 percent-17 percent.

 

Category: Economy