Vietnam targets 2005 GDP growth at 8.8%
HANOI - Vietnam's economy next year is expected to grow 8.8 per cent from this year on "favourable domestic and global conditions," the ruling Communist Party said. It said in a report that the growth target for 2005 was set by the National Assembly's Economic and Budget Committee. The Southeast Asian country's economy has been forecast to grow 7.5 per cent over last year, but inflation is expected to be as high as 9.5 percent.
"While there are favourable domestic and global conditions, many hurdles and challenges remain," said the report issued by the party and published on the Planning and Investment Ministry's Web site (www.mpi.gov.vn) on Wednesday. It did not specify the "favourable conditions" but forecast exports to sustain robust growth next year, rising 16 per cent on 2004. Vietnam's economy is one of the fastest-expanding in Asia. Last week, the investment ministry forecast Vietnam's consumer price index this year would rise 9.5 per cent over last year, and exports would grow 19 per cent year on year to $24 billion.
In the 12 months through August, Vietnam estimated consumer prices rose 9.9 per cent, driven mostly by a surge in food prices. In June, Planning and Investment Minister Vo Hong Phuc said Vietnam's economy was expected to grow between 7.7 per cent and eight per cent in the second half of this year, and post full-year expansion of 7.5 per cent.The Southeast Asian country's GDP grew 7.24 per cent between 2003 and 2002 and rose seven per cent between the first six months of last year and this year.
Reuters - 8 Septembre 2004
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