AloTrip

Where do you travel?

trustpilot

Vietnam GDP growth reaches 6.03 percent in Quarter I

Mon, 30 Mar 2015. Last updated Thu, 25 Jun 2015 09:04

Related stories

After the first three months of 2015, the Vietnam GDP growth reaches about 6 percent. It is the highest rate in the first quarter during 5 recent years. Among major sectors of economy in Vietnam, industrial sectors surpass others.

Vietnam economy continued to accelerate in Quarter 1 in 2015 with the gross domestic product (GDP) estimated to increase 6.03% compared to the same period last year. This figure has been published by General Statistics Office on March 26 afternoon. It also showed that Vietnam processing and manufacturing industries continue to improve and mainly contribute to the economy in Vietnam. The growth rate of the first quarter of this year increased by 5.06% higher than the same period last year and an average increase of 5.98% in 2014. In terms of absolute numbers, Vietnam GDP reached 808,883 billion dong as at current prices, while the service sector has the highest contribution, accounting for 42.23% of GDP, followed by industry and construction accounting for 34, 8%, and agriculture, forestry and fisheries of 12.35%. In terms of smaller sectors, manufacturing and processing sector contributed to the economy most, comprising for 14.76% of GDP, and recorded a 9.51% growth compared to the same period last year.

 

Processing industry in Vietnam

 

In terms of constant prices of 2010, Vietnam GDP of Quarter I was 534 573 billion dong, increasing 6.03% over the Quarter I of 2014, and it is the highest growth rate in the first quarter of for at least recent 5 years. In 2015, Vietnam government sets target of GDP growth rate of 6.2%. If the target is successful, 2015 will be the fourth year of strong growth since the participation of Vietnam in WTO (2007). Deputy Minister of Planning and Investment Dao Quang Thu said that Vietnam economic development is one the line of good development and having more positive signs over the same period of the previous year, especially in the industrial sector. In terms of agriculture, despite of difficulty in weather in Central Vietnam, the sector remains its development.

The total state budget of the first Quarter is 180,400 billion dong, nearly 20% as estimated. Almost direct revenues from business activities reached nearly 21% of the estimation from state enterprise sector, 21% from businesses with foreign direct investment capital of the estimation, and 23% from non-state industrial and commercial sector. The total budget expenditure in the period is 214,690 billion dong, nearly 19% as estimated. "Domestic revenues increased due to production and business improvements. With the growth, that the annual Vietnam GDP growth rate reaches 6.2% is possible", the Deputy Minister said. Previously, Asian Development Bank (ADB) released "2015 Asian Outlook Report" which forecasts that Vietnam economy will increase 6.1% this year.

 

Asian Developement Outlook 2015

 

According to economic assessment in the first 3 months, Deputy Minister of Planning and Investment believed that economy in Vietnam is growing better with positive signs. Among Vietnam economic sectors, industry is the sector with the best growing signs, especially in processing and export industry. Meanwhile, agriculture and service sectors remain relative growth rate.

According to Ministry of Planning and Investment, in the first Quarter, the total state revenue is estimated to reach 180,400 billion dong, nearly 20% of the estimation. Almost direct revenues from business activities reached nearly 21% of the estimation from state enterprise sector, 21% from businesses with foreign direct investment capital of the estimation, and 23% from non-state industrial and commercial sector. The total budget expenditure in the period is 214,690 billion dong, nearly 19% as estimated.

  • View
    3292
  • Share
    8
  • Comment
    0
  • 3
  • 13
  • 0
Investment in Vietnam appeals transnational corporations
Investment in Vietnam appeals transnational corporations

Investment in Vietnam has witnessed a rapid growth in recent years with a large amount of capital from transnational corporations, of which many have decided to build basis of mass production and distribution.

Vietnam attracts large smartphone corporations
Vietnam attracts large smartphone corporations

The latest plans of Samsung and Microsoft have proved that investment in Vietnam is increasingly attracting large investors. Expectedly, Vietnam will be come a meeting place for high-tech corporations in the future.

Vietnam economy with opportunities and challenges in 2015
Vietnam economy with opportunities and challenges in 2015

2015 is considered to be an important year of the further and greater international integration of Vietnam economy. This is a not only the golden time of FTA between Vietnam and other countries but also an important milestone of establishing AEC.

Developing industrial production in Central Highlands Vietnam
Developing industrial production in Central Highlands Vietnam

To immerse in the development of Vietnam economy in the international integration, industrial production in Central Highlands Vietnam needs developing more to catch up with other regions in Vietnam and enhance some key factors in the country economy.

Vietnam stock market attracts foreign investors
Vietnam stock market attracts foreign investors

With improved macroeconomic situation in Vietnam, low inflation and interest rates, Vietnam stock market is heading for the 14th year of constant net buying of foreigners. The improvement is accepted by international stock markets and financial community.

Vietnam economy 2015 prospect
Vietnam economy 2015 prospect

Overall, in middle term, according to the assessment of experts, Vietnam GDP growth rate will remain at a modest level. And, the stable status of macro-economy will be improved. Vietnam economy 2015 will be more sustainable than that in 2014.

Vietnam economy jumps 2 notches in global competitiveness
Vietnam economy jumps 2 notches in global competitiveness

According to the latest report of World Economic Forum (WEF), Vietnam economy has jumped 2 notches on the ranking of global competitiveness. The new position of Vietnam is 68.

Vietnam Investment Forum 2014 held in Ho Chi Minh City
Vietnam Investment Forum 2014 held in Ho Chi Minh City

With the theme of “the rise of emerging market and opportunities for Vietnam?”, Vietnam Investment Forum has been held in Ho Chi Minh City on June 19th for foreign investors to boost investment in Vietnam.

Vietnam economy 2014 review in figures
Vietnam economy 2014 review in figures

According to the final report of Vietnam General Statistics Office published at the end of December 2014, Vietnam economy achieved significant improvements. Many targets were reached, some went beyond the expectations.

Vietnam Manufacturing PMI rockets after 4 years
Vietnam Manufacturing PMI rockets after 4 years

After four years from 2011, the Vietnam Manufacturing PMI recovered with the highest growth rate of 53.5 point, recored in April 2015. With the optimistic context, the production industry in Vietnam will contribute to boost others in the economy.

Vincom Center welcomes summer by special events for kids
Vincom Center welcomes summer by special events for kids

With the aim of launching a dynamic and meaningful summer, during May and June, Vincom Center nationwide organizes a series of special events of which the highlight is impressive program for children.

Da Nang takes master plan on urban development
Da Nang takes master plan on urban development

Da Nang authority takes master plan to make the city into a large urban area of Vietnam and a major socio-economic hub of the Central. The plan has been recently declared to the Prime Minister for approval.

Vietnam Japan ICT Forum held in Hanoi
Vietnam Japan ICT Forum held in Hanoi

Some days ago, Ministry of Information and Communication of Vietnam and Japan Ministry of Internal and Communication held Vietnam Japan ICT Forum 2015. Through the cooperation the quality of Vietnam post will be improved significantly.

Ho Chi Minh City Expo opening soon
Ho Chi Minh City Expo opening soon

80 Vietnam enterprises will participate in Vietnam- Myanmar trade fair 2014 named Ho Chi Minh City Expo 2014 in the city of Yangon, Myanmar from June 26th to 30th. The fair will exhibit service and tourism products also.

Hanoi celebrates Vietnam - Italy cultural exchange
Hanoi celebrates Vietnam - Italy cultural exchange

In the evening of June 13th, Vietnam – Italy Friendship Association in collaboration with Italy Alighieri Center of Culture organized Vietnam Italy cultural exchange in Hanoi to celebrate Republic Day of Italy.

Vietnam welcomes Russian oil and gas corps
Vietnam welcomes Russian oil and gas corps

Based on the foreign policies which enhance the position of Asia in diplomatic relations, Russian large companies in the field of energy, specifically, oil and gas will boost investment in Vietnam in the near future.

Phu My Hung Spring Flower Fair
Phu My Hung Spring Flower Fair

Following success of previous years, Phu My Hung Spring Flower Fair 2015 on a subject of Flowers and Grass of the Country will bring visitors cultural space to explore Vietnam countryside culture. The main theme in this year festival is Harvest Season.

Agribank in Top 10 biggest Vietnam businesses
Agribank in Top 10 biggest Vietnam businesses

In the list of VNR 500, Agribank was honored in top 10 biggest Vietnam businesses. The bank contributes 78.4% of t otal mobilized capital. Along with the bank, there are many state-owned enterprise listed in the Top 10.

Free shuttle bus in Halong opens
Free shuttle bus in Halong opens

On June 15, 2014, the first free shuttle bus in Halong has been operated. By dint of this service, tourists can travel easily between important tourist attractions from Bai Chay to Halong Marine Plaza, or a new beach – Marina Bay.

Vietnam South Africa trade relation on the rise
Vietnam South Africa trade relation on the rise

In 2015, Vietnam South Africa trade relation is predicted to be more strengthened with high turnover of export. All fields if economy and politics will create favorable conditions for both Vietnam and countries in southern Africa to develop.

Landmark 81 – the highest building in Vietnam
Landmark 81 – the highest building in Vietnam

On December 13th, an 81-storey skyscraper named The Landmark 81, which belongs to luxury urban area Vinhomes Central Park was started construction by Vingroup. It is expected that this highest building in Vietnam will be inaugurated in 2017.

Starbucks Vietnam opens three stores in Hanoi
Starbucks Vietnam opens three stores in Hanoi

Starbucks will open its three coffee shops in Hanoi in the effort to conquer the demanding palates of residents in this city. According to a representative of Starbucks Vietnam, the first three stores will be opened in prime locations of Hanoi.

Ho Chi Minh City opens 2nd McDonalds restaurant
Ho Chi Minh City opens 2nd McDonalds restaurant

After the success of the first restaurant on Dien Bien Phu Street, District 1, McDonalds Ho Chi Minh City will open the second on May 16th. The new restaurant is located near Ben Thanh Market, on Tran Hung Dao Street.

Da Nang becoming the most worth-living city in Vietnam
Da Nang becoming the most worth-living city in Vietnam

39 years after the Vietnam Liberation Day, Da Nang has developed significantly in all aspects. More importantly, Da Nang City has leave impression on tourists and residents as the most worth-living city in Vietnam.

Vietnam economy forecasted to grow in 2014
Vietnam economy forecasted to grow in 2014

As global economy is having positive changes, Vietnam economy will be definitely boosted. It is expected to increase 5.6 percent in this 2014 thanks to the recovery of the United States and Eurozone in banking reforms.

Vietnamese middle class increases most rapidly in Asia
Vietnamese middle class increases most rapidly in Asia

According to a recent survey conducted by ANZ, it is reported that Vietnamese middle class increases most rapidly in Asia, about 2 million Vietnamese joining the middle-class of Vietnamese society every year.

Asia Park Da Nang begins forthcoming operations
Asia Park Da Nang begins forthcoming operations

Sun Group Corporation recently has celebrated groundbreaking ceremony to construct Asia Park Da Nang cultural park and recreation on 2/9 street with a total investment of $ 200 million.

Thu Thiem new urban area of Ho Chi Minh City in future
Thu Thiem new urban area of Ho Chi Minh City in future

Ho Chi Minh City decided to expand center area including the whole Thu Thiem new urban area. There are accordingly some changes in Ho Chi Minh districts as well as the city urban area.

Ho Chi Minh Vincom Center will open Kids World
Ho Chi Minh Vincom Center will open Kids World

The second Kids World will be opened on Dong Khoi Street by Ho Chi Minh Vincom Center, on April 25th. With a scale of more than 5000 square meters, Kids World is expected to be the paradise for children.

Attractive activities for Children Day in Hanoi
Attractive activities for Children Day in Hanoi

June 1st has been chosen as the International Children’s Day since 1950. On this occasion annually, a large number of attractive activities for Children Day in Hanoi will be celebrated in several attractions and amusement parks across the city.