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Vietnam Q1 GDP seen up 7.2-7.3 pct on year: media
06/08/2010 - 227 Lượt xem
Preliminary figures from the Planning and Investment Ministry (MPI) showed in Hanoi and Ho Chi Minh City, Vietnam's commercial center, showed first quarter GDP declines, the official Dau Tu (Investment) newspaper said.
It gave no details, but the government is expected to release its report for the January-March period later this week.
Deputy Planning and Investment Minister Cao Viet Sinh told a government meeting last week that higher world prices, more competition in the export market and lower-than-expected industrial growth had slowed the pace, Dau Tu reported.
Exports in the first quarter of 2006 should have risen more than 20 percent from a year earlier, but the monthly value averaged US$2.85 billion, lower than the average $3.15 billion per month projected for 2006, it said.
Trade experts said textiles and footwear, Vietnamese key export earners, would run out of quotas for the United States, the country's top trading partner, in the second half of 2006.
Industrial growth for the first three months of 2006 was estimated at 14.7 percent, lower than the target of 15.5 percent.
The government expects the economy to grow 8 percent in 2006 after an 8.4 percent expansion last year.
The World Bank forecast Vietnam's GDP would grow 7.5 percent this year.
Source: Reuters
