Vietnamese economy slumps
HANOI - Vietnamese exports are set to post a turnover of US$15.6 billion
this year for a year-on-year increase of just 8 percent against the 16
percent initially targeted by the government.
Latest figures from the General Statistics Office offer further evidence
that the shadows cast on the Vietnamese economy by global economic
gloom are likely to linger. Based on the economy's performance until
October, the figures show no sign of impending change in the current trend
of plunging export values despite increased volume.
Trade deficit is expected to fall to $400 million by the end of this year,
marking a fall of more than 50 percent against last year's $892 million, as
imports are set to rise by just 2.3 percent.
Exports from January to October rose by 7.3 percent to $12.710 billion
over last year, while imports increased by 2.8 percent to about $13 billion.
Exports by the domestic business sector increased by 10.7 percent to
almost $7 billion, 7.3 percent more than the FDI sector, that had a turnover
of $5.7 billion in the same period for a 3.3 percent increase.
Seafood exports increased by 30.4 percent to 1.52 billion, textiles rose 8.6
percent to US$1.7 billion, while footwear grew 1 percent to $1.2 billion.
Vegetables and fruits have posted an impressive 54.5 percent growth for
US$262 million, while coal exports increased by 22.2 percent for a volume
of 3.34 million tons. Exports of crude oil, electronics and computers,
however, declined in value. The country's biggest foreign exchange earner,
crude oil, fell 2 percent to $2.8 billion despite an increase in volume of 13
percent.
Falling prices in the world market have also affected Vietnamese
agricultural sector excluding vegetables and fruits. Export dampeners were
rice (down 6.1 percent), rubber (2.3 percent), tea (8.2 percent), peanuts (2
percent), pepper (38.6 percent) and cashew nuts (4.2 percent). Coffee
fared the worst, plunging 17.8 percent in value to $337 million despite an
increase of 41.5 percent in volume.
Aggregate imports in the first 10 months of the year increased 2.8 percent
to $13 billion. The biggest increases were recorded by automobile imports,
which soared 90 percent to $334 million; raw material for the garment,
textile and leather industries, up 25 percent; and iron and steel, 16 percent.
Imports by domestic firms accounted for more than $9.1 billion,
representing an increase of 0.3 percent, while that by foreign-invested
enterprises was up 9.1 percent at $3.8 billion. As many as 39,600
automobiles were imported, while motorbike imports were 1.8 million units,
7.8 percent lower than the same period last year. Petroleum imports
declined by 4.6 percent; plastic by 2.1 percent; fertilizer by 35 percent and
cloth by 19.5 percent.
Asia Times - November 2nd, 2001.
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