Vietnam says GDP grew at 6.64 pct in 1st half '98
MANILA - Vietnam's gross domestic
product (GDP) grew at more than six percent in the first
half of this year despite Asia's financial crisis, Vietnam's
foreign minister said on Friday.
Nguyen Manh Cam, in a speech to a ministerial meeting
of the Association of South East Asian Nations (ASEAN)
in the Philippine capital, said: ``As an integral part of the
region, Vietnam cannot avoid the negative effects of the
ongoing financial-monetary crisis.
``However, thanks to the efforts of our people of all walks
of life and the appropriate policies and timely measures of
the government, in the first six months of 1998 our GDP
growth rate reached 6.64 percent, industrial value 12.6
percent, export 10.6 percent and inflation was a little
above six percent.
``These indicators, though lower than those of the past
years, are significant, given the roaming
financial-monetary turmoil.''
Vietnam said on Tuesday various pressures on the
economy have forced a revision of major targets for the
year, including a cut in the economic growth forecast to
six to seven percent from nine percent.
The Standing Committee of Vietnam's National Assembly
said the inflation rate this year would be higher than
expected while export, industrial and agricultural growth
would all be lower than previously thought.
The World Bank said the GDP growth revision showed
Hanoi realised the Asian financial crisis could have a
bigger impact on the communist-ruled country than had
been predicted.
Reuters - July 24, 1998.
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