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