Positive growth was seen across the board in the first quarter of 2014,laying the foundation for the country to achieve its development goalsthis year, said the Director General of the General Statistics Office(GSO), Nguyen Bich Lam.
GSO statistics showedthat the national economy expanded by 4.96 percent in the first threemonths of 2014, compared to 4.76 percent recorded in the same periodlast year.
Export activities were one of thebright spots in the national economic picture, earning an estimated33.35 billion USD, up 14.1 percent year on year. At the same time,imports stood at 32.34 billion USD, up 12.4 percent.
It is noteworthy that the industrial production index (IIP) rose by5.2 percent, higher than the figure recorded one year ago (5 percent).The number of workers employed at industrial zones nationwide asregistered on March 1 increased by 4.1 percent on a yearly basis.
Meanwhile, the consumer price index in March dropped 0.44 percentfrom the previous month, the lowest for the same period during the past 8years. The Director of the Pricing Department under the GSO, Nguyen DucThang, said the low inflation rate will allow banks to reduce interestrates, thus improving enterprises’ access to capital.
The business community also showed positive signs in the period, withincreases in both the numbers of new enterprises and registeredstart-up capital. A total of 18,400 new businesses were established inthe three-month period, with a combined registered capital of nearly 98trillion VND, up 16.9 percent and 23.4 percent year on year,respectively. In addition, more than 4,600 companies resumed operationin the first quarter after suspending business for some time, a rise of48.9 percent from the previous quarter.
Furthermore, another important economic index, development investment,registered a yearly increase of 3.8 percent to 214.8 trillion VND,equivalent to 28.4 percent of the national GDP. Disbursement of OfficialDevelopment Assistance (ODA) capital also improved by 5 percent to anestimated 364 million USD, while 2.85 billion USD worth of ForeignDirect Investment (FDI) capital was executed in the period, an increaseof 5.5 percent.
In addition, a slight increase in total retail sales and services reflected rising consumption.
Amidst the positive signs, difficulties remain, hindering domesticproduction and business, according to Vo Chi Thanh, Vice Director of theCentral Institute for Economic Management Research. He also pointed tothe persistent issue of bad debt at banks, slow restructuring ofState-owned enterprises and slack domestic demand.
Bui Ha, Director of the National Economic Issues under the Ministryof Planning and Investment, said to achieve the goal of 5.8 percent GDPgrowth this year, the ministry will ensure a close and smoothcoordination between fiscal and monetary policies towards maintainingtight control of inflation and macro economic stability. At the sametime, the ministry will devise more mechanisms and policies tofacilitate the development of non-State enterprises.
Experts from the Ministry of Industry and Trade urged enterprisesthemselves to enhance their competitiveness in anticipation of freetrade agreements to be signed between Vietnam and foreign partners.Other ministries and sectors asked the Ministry of Planning andInvestment to accelerate the disbursement of Government bonds to shoreup the macro-economy.-VNA
GSO statistics showedthat the national economy expanded by 4.96 percent in the first threemonths of 2014, compared to 4.76 percent recorded in the same periodlast year.
Export activities were one of thebright spots in the national economic picture, earning an estimated33.35 billion USD, up 14.1 percent year on year. At the same time,imports stood at 32.34 billion USD, up 12.4 percent.
It is noteworthy that the industrial production index (IIP) rose by5.2 percent, higher than the figure recorded one year ago (5 percent).The number of workers employed at industrial zones nationwide asregistered on March 1 increased by 4.1 percent on a yearly basis.
Meanwhile, the consumer price index in March dropped 0.44 percentfrom the previous month, the lowest for the same period during the past 8years. The Director of the Pricing Department under the GSO, Nguyen DucThang, said the low inflation rate will allow banks to reduce interestrates, thus improving enterprises’ access to capital.
The business community also showed positive signs in the period, withincreases in both the numbers of new enterprises and registeredstart-up capital. A total of 18,400 new businesses were established inthe three-month period, with a combined registered capital of nearly 98trillion VND, up 16.9 percent and 23.4 percent year on year,respectively. In addition, more than 4,600 companies resumed operationin the first quarter after suspending business for some time, a rise of48.9 percent from the previous quarter.
Furthermore, another important economic index, development investment,registered a yearly increase of 3.8 percent to 214.8 trillion VND,equivalent to 28.4 percent of the national GDP. Disbursement of OfficialDevelopment Assistance (ODA) capital also improved by 5 percent to anestimated 364 million USD, while 2.85 billion USD worth of ForeignDirect Investment (FDI) capital was executed in the period, an increaseof 5.5 percent.
In addition, a slight increase in total retail sales and services reflected rising consumption.
Amidst the positive signs, difficulties remain, hindering domesticproduction and business, according to Vo Chi Thanh, Vice Director of theCentral Institute for Economic Management Research. He also pointed tothe persistent issue of bad debt at banks, slow restructuring ofState-owned enterprises and slack domestic demand.
Bui Ha, Director of the National Economic Issues under the Ministryof Planning and Investment, said to achieve the goal of 5.8 percent GDPgrowth this year, the ministry will ensure a close and smoothcoordination between fiscal and monetary policies towards maintainingtight control of inflation and macro economic stability. At the sametime, the ministry will devise more mechanisms and policies tofacilitate the development of non-State enterprises.
Experts from the Ministry of Industry and Trade urged enterprisesthemselves to enhance their competitiveness in anticipation of freetrade agreements to be signed between Vietnam and foreign partners.Other ministries and sectors asked the Ministry of Planning andInvestment to accelerate the disbursement of Government bonds to shoreup the macro-economy.-VNA
