View Full Version : Vietnam economy booms in 2005, shining.....

31 Jan 06,, 18:38

This is a real shining economy!!!! One of the fastest industrialization and one of the fastest growing economy!!

Vietnam posted strong all-round economic growth last year with gross domestic product (GDP) growing by 8.4 percent.

The three main sectors all reported robust growth.

The agriculture-forestry-fisheries sector surmounted many problems including severe natural disasters, bird flu outbreaks, and increased costs to post a 4 percent growth.

Vietnam was the world’s largest pepper exporter, ranked world second in rice, coffee, and cashew, and fourth in rubber.

The industrial sector grew by 17.2 percent to maintain a 15-year trend of double-digit growth. The private sector took the lead in development, followed by the foreign-investor sector.

The services sector achieved year-on-year growth of 8.5 percent.

Its proportion in the economy expanded to 38.1 percent, reversing a nine-year downward trend.

The industrial sector accounted for 41 percent of GDP compared to the 36.7 percent the previous year.

The proportion of agriculture-forestry-fisheries shrank to 20.9 percent from 24.5 percent.

Contributing factors

The progress was attributed to various factors but the most important was the gross domestic capital formation rate. This figure, which refers to the total capital raised in the economy from all sources for development investment, was placed at 38.7 percent of GDP.

It was much higher than the figures reported by other Asian countries like the Republic of Korea (29.3 percent), Thailand (27.8 percent), Japan (24 percent), Malaysia (22.5 percent), the Philippines (19.6 percent), and Singapore (15.3 percent).

Foreign direct investment (FDI) exceeded $5.8 billion, the highest since 1998.

Revenues from retail sales and services rose by 20.5 percent year-on-year.

Exports grew strongly both in volume and revenue terms and were worth $32.2 billion.
Vietnamese products were shipped to most major countries and territories but the biggest importers were the US, Japan, China, Australia, Singapore, and the EU.