Vietnam recovered strongly at the end of 2010, with the economic growth rate increasing sharply, said officials at the cabinet meeting on Dec. 29.
The economy grew healthily with GDP (gross domestic product) rising 5.84 percent in the first quarter, 6.44 percent in the second and 7.18 percent in the third. The country’s GDP grew 6.78 percent so far this year, higher than the parliament’s target of 6.5 percent.
Economists expect GDP in the last three months of the year will increase 7.34 percent.
Statistics showed that all sectors are roaring back steeply from the recession, with the total export turnover reaching US$71.6 billion, an increase of 25.5 percent from last year’s figure and 6 percent higher than the parliament’s target of $60 billion.
The trade deficit is around $12.4 billion, making only 17.3 percent of the total export turnover and 20 percent lower than this year’s target.
The foreign direct investments (FDI) flew a bit slower, decreasing to $18.6 billion. However, the actual disbursement increased 10 percent to $11 billion.
Cabinet members stressed at the meeting that the consumer prices, especially foods, surged at yearend, troubling the government’s efforts to curb the accelerated inflation. They also noticed the high interest rates affected local businesses.
The cabinet members are confident with next year’s economic growth rate, expecting the rate to hit the level of 7-7.5 percent.
At the meeting, Prime Minister Nguyen Tan Dung asked the cabinet members to strictly review the uncompleted goals including the high inflation. Next year’s top priority is to stabilize the macro economy and cool off the accelerated inflation, he said.
The Prime Minister asked ministries and provincial authorities to gradually reduce pubic investments. He also instructed relevant departments to improve their analysis ability to cope with issues, such as the recent fluctuations in gold and the US dollar.
