Vietnam’s economic growth highest since 2011

According to the General Statistics Office (GSO), Vietnam’s total domestic product (GDP) in 2014 was estimated to increase 5.98% - the highest since 2011.

This is also the first time after three years that the country’s GDP exceeded the yearly target set by the National Assembly (5.8% for 2014). In particular, GDP growth improved each quarter, with an increase of 5.06% in the first quarter; 5.34% in the second quarter; 6.07% in the third quarter and 6.96% in the fourth quarter.

Vietnam’s GDP in 2014 is estimated at nearly VND2,700 trillion compare to over VND2,500 trillion, based on the price in 2010. If it is calculated at the current price, GDP this year reached more than VND3,900 trillion and nearly VND3,600 trillion last year.

The structure of the economy moved in a positive direction, the share of agriculture, forestry and fisheries continued to decline, while industry and construction increased and the service sector maintained the rate of last year.

In 2014, industrial production increased by 7.6%, much higher than the growth of 5.6% in 2013 last year with a rapidly increasing trend in the last months of the year (10.1% growth in the fourth quarter compared to 5.3% of the first quarter). Some industries had a high production index, including electronic products, computers, mobile phones, motored vehicles, and leather and footwear.

The growth rate of the inventory index fell. The inventory index of the processing and manufacturing industry by Dec. 1 2014 increased by 10% compared to the same period of 2013, lower than that in 2012 (20.1%) and 2013 (10.2%).

The total social development investment in 2014 increased by 11% compared to 2013 and was equivalent to 31% of GDP, higher than 30.4% in the previous year.

Budget revenue by mid-December reached VND814.1 trillion, 4% higher than the annual estimates. Meanwhile, budget spending was estimated at VND968.5 trillion, or 96% of the annual estimates. Estimated budget deficit this year is VND154.4 trillion, or 5.7% of GDP.

The total retail sales of goods and services in 2014 were estimated to increase by 10.6% compared to 2013.

For 2015, with the positive signs of the economy, the National Assembly set a target of 6.2% of GDP growth, and inflation at 5%.

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