|
Macroeconomic picture dreary in H1
Vietnam has witnessed a gloomy macroeconomic picture in the first six months of the year, apart from industrial production value that posted stronger growth than the same period last year.
Bui Ha, Head of the Department for National Economic Issues under the Ministry of Planning and Investment, said industrial production value had expanded 14.3% year-on-year, with non-State and foreign-invested sectors rising by 17%. “The rate is higher than the earlier target of 14%,” Ha said at the handover meeting in Hanoi on Monday.
However, Ha pointed out that imported production material value declined sharply. Businesses under the ministry, which account for 20% of the nation’s industrial production value, are complaining about the difficulties, Ha said.
According to the ministry, trade deficit is put at nearly US$6.7 billion in the first six months of this year, or 15.7% of export revenue. The figure is much lower than the figure the ministry sent to the National Assembly Economic Committee late last week.
Ha, however, said Vietnam’s trade deficit is still at an alarming level. “The trade deficit has narrowed as the nation has exported a large volume of gold in June,” Ha said.
The June trade deficit is down to its lowest level since August last year at US$400 million after reaching a 17-month high of US$1.7 billion a month ago.
According to the General Statistics Office, total export turnover in June is estimated at US$7.8 billion and import spending at US$8.2 billion.
The sudden increase of gold exports in June, estimated at US$630 million, up 160% over last month, is attributed to the trade deficit fall.
The ministry will continue taking measures to curb trade deficit in the near future despite complaints from many enterprises and embassies, Ha added.
Input material costs rose significantly in the first half of the year, with gasoline surging 44%, liquefied petroleum gas 21%, steel 27% and fertilizer 21%. Meanwhile, representatives of ministries and local governments at the meeting said they needed more capital from the State budget to complete public projects.
A representative of the Transport Ministry said the ministry had shelved 68 projects worth a total of VND1.2 trillion this year but it needed up to VND8 trillion to carry out other important projects.
The Government has agreed to advance VND1.3 trillion from the 2012 budget to fund two urgent projects – Ba Ren Bridge and a road section from Thanh Hoa to Ha Tinh, the representative said.
Bui Quang Vinh, Deputy Minister of Planning and Investment, said the Government still insisted on fiscal and monetary tightening in line with Resolution 11.
vietnmanet, SGT
|
