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The six most impressive figures of Vietnam’s economy in 2010
The year 2010 finished with the record numbers of garment and rice export turnovers and the number of foreign tourists as reviewed by Tuoi tre.
6.9 million tons of rice exported
According to the Ministry of Agriculture and Rural Development, Vietnam exported 6.88 million tons of rice in 2010, reaping $3.23 billion in turnover. The figures represent the 15.4 percent increase in quantity and 21.2 percent increase in export turnover in comparison with 2009. 2010 was also the year which had the highest volume of exports and highest export revenue so far.
However, the high export volume did not mean that farmers and export companies generated high profit. The rice price fluctuated so heavily in 2010 such that both enterprises and farmers suffered. The summer-autumn crop price dropped to 3000 dong per kilo, but farmers still had to sell rice because they did not have enough storage. When the rice price later surged to 6500 dong per kilo, they did not have more rice to sell.
Meanwhile, a lot of enterprises have also reported losses because they signed export contracts in mid-year at low prices ($300 per tone). However, when collecting rice from farmers to fulfill the export contracts, they had to pay high prices due to price increases.
$11 billion worth of garment exports
With an export revenue of $11 billion, garment has become the export item which has the highest export turnover among the 26 main export items of Vietnam.
According to Vu Duc Giang, Chair of the Vietnam Textile and Apparel Association, the sum of money that garment companies can pocket after paying for expenses has increased by 18 percent, reaching $4.5 billion.
Many garment companies made breakthroughs in seeking new export markets and have reported high profits. For example, Phong Phu International Company, reported an impressive growth rate of 248 percent in 2010, while Viet Tien Corporation had the leading export turnover of over $200 million.
To date, many garment companies have received orders that will bring enough jobs until the third and fourth quarters of 2011. Vietnam strives to see the growth rate of 10-15 percent in 2011.
5 million foreign tourists
For the first time Vietnam has received a record high number of foreign tourists in 2010 – 5 million tourists, an increase of 1.2 million compared to 2009. The revenue from tourism in 2010 is estimated to reach 96 trillion dong, up by 37 percent over 2009.
General Director of the Vietnam Tourism Administration of Tourism Nguyen Van Tuan believes that the number of foreign tourists will be higher in 2011 than in 2010. However, he thinks that the growth rate would not be as high as in 2010 for three reasons. First, Vietnam will not have big events in 2011 like it did in 2010. Second, Northeastern Asia, a potential market of Vietnam, shows latent political uncertainties. And third, in 2011, Vietnam will focus on heightening the quality and efficiency of tourism, while trying to improve service professionalism.
228 trillion dong poured into real estate
Though the real estate market was gloomy in 2010, outstanding loans to fund real estate trading deals in 2010 still increased by 23.5 percent over 2009, reaching 228 trillion dong, according to the State Bank of Vietnam.
Several new real estate projects were kicked off in 2010. Meanwhile, due to lack of capital; many real estate developers have been relying on bank loans to develop the projects. Moreover, real estate developers could not put high hopes on the stock market, which was very quiet in 2010.
Top 10 stock millionaires hold 48,400 billion dong worth of stocks
Pham Nhat Vuong has been recognized as the richest stock millionaire with the total stock assets of 16 trillion dong. Vuong is the Chair of Vingroup. The second position is being held by Doan Nguyen Duc, Chair of Hoang Anh Gia Lai Group with assets worth 11 trillion dong.
The 10 richest stock millionaires in Vietnam are holding total assets worth 48,400 billion dong.
$11 billion was the FDI capital disbursement
The Foreign Investment Agency has announced an impressive figure of foreign direct investment (FDI) investment - $11 billion.
This has been described as a breakthrough in Vietnam’s FDI attraction. In previous years, the volume of FDI registered capital was always higher than the disbursed capital.
At the same time, some FDI super projects had their licenses revoked due to the investors’ tardiness in implementing projects.
vietnamnet, Tuoitrenews
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