Friday, July 27, 2007

Vietnam expects rise in Jan-July industrial output

Vietnam's January-to-July industrial output is expected to jump 17 percent from a year earlier to 325.94 trillion dong ($20 billion), the government said on Friday.

The industrial sector, making up a third of Vietnam's economy, lifted gross domestic product by 7.87 percent in the first half of the year from the same period a year earlier.

Production of cars, machinery and air-conditioners during the first seven months would expand between 48.7 percent and 67.2 percent from a year ago, helping drive overall expansion, the General Statistics Office said in its monthly report.

The state sector grew 9.7 percent during the seven-month period, compared with 8.5 percent in the first half and above the 9.6 percent rate posted in the same period last year from a year earlier.

Meanwhile, enterprises outside state control and companies with foreign investment showed declines, with the non-state sector's growth easing slightly to 20.4 percent during the first seven months from 20.5 percent in the first half.

The foreign investment sector also slowed to 18.9 percent from 19.3 percent recorded in the first six months from a year earlier.

Industry accounts for 34.9 percent of gross domestic product, ranking only after the service sector which contributed 38.8 percent to Vietnam's GDP during the first six months, government figures showed.

The government aims for a GDP expansion of 9 percent in the second half of this year, saying it would help meet the annual growth target of 8.5 percent.

Source: Reuters

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