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Vietnam’s top 10 in 2010: Economic events

In 2010, the Vietnamese economy witnessed positive progress mixed with new challenges.

In 2010, the Vietnamese economy witnessed positive progress mixed with new challenges. DanTri/DTiNews lists the top 10 economic events of the year:

1. GDP growth surpasses set target

Economic recovery boosts industrial production

Vietnam achieved a GDP growth of 6.78% in 2010, exceeding the National Assembly’s set goal of 6.5% and topping 2009’s growth of 5.32%. The national total GDP is estimated at $102.2 billion.

2. Two-digit CPI

Vietnam’s consumer price index (CPI) in December increased a record level of 1.98% against November, bringing the CPI for the whole year to 11.75%. The highest price hikes were in food and construction material groups. To stablise the market, the government pledged to keep prices of petroleum, coal and power unchanged until the end of first quarter of 2011.

3. Trade deficit estimated at USD12.4 billion

According to the General Statistics Office of Vietnam, trade deficit is estimated at USD12.4 billion in 2010, accounting for 17.3% of the total export revenues and equal to the government’s pledge at the National Assembly’s meeting in early November. Garment and textile products brought in the highest export revenues with USD11 billion; meanwhile, the country imported machines and equipment worth USD13.5 billion and petroleum, cloth and electronics products worth USD5 billion in 2010.

4. Restructuring of Vinashin approved

Prime Minister Nguyen Tan Dung approved a project to restructure the nearly-bankrupt Vietnam Shipbuilding Industry Group (Vinashin) in late November. Under the decision, Vinashin will focus on three main areas of shipbuilding and repair, supporting industry development and training shipbuilding human resources, expected to earn profits only after 2015.

5. Positive results from campaign “Vietnamese people use Vietnamese products”

The number of Vietnamese enterprises with high-quality products has increased with 776 falling under the category by mid-2010 against 485 in 2008. In the first six months of 2010, 857 companies brought their products to rural areas, obtaining total revenues of VND1.5 trillion (USD75 million).

6. “Big waves” in financial market

On December 8, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) launched a promotion programme to offer deposit interest rates of up to 17% per year, 5% higher than the market level. State Bank of Vietnam requested commercial banks not to raise interest rates higher than 14%.

2010 was also a year of ups and downs on the gold market. Gold prices hit VND38.3 million (USD1,915) per tael in November, compared to just VND26 million (USD1,300)-VND27 million (USD1,350) per tael early the year. Sharp gold price hikes pushed USD price to VND21,000 in the free market, while the inter-bank exchange rate was around at VND19,500. It is, however, difficult for individuals as well as enterprises to buy USD at this rate.

7. Nearly USD8 billion in ODA pledged for Vietnam

At the Consultative Group (CG) meeting held in Hanoi early December, donors pledged to provide USD7.9 billion in official development assistance (ODA) for Vietnam in 2011, raising the total pledged ODA for the country to over USD64 billion to date. Vietnam disbursed USD3.5 billion in 2010 against USD4.1 billion in 2009.

8. Hanoi: Low-income housing hits the market

Early the second quarter of 2010, Hanoi witnessed “land fever” in the west, particularly in Ba Vi District when the city collected opinions for the Hanoi Master Planning to 2030 with a vision until 2050. At that time, land prices in Ba Vi were from three to five times higher than the beginning of the year.

The first social housing project in Hanoi was sold at less than VND10 million (USD500) per square metre. The project, located in Ha Dong District, was an investment by Vinaconex Xuan Mai Concrete and Construction Joint-stock Company.

9. Tra fish, shrimp and tilapia put onto WWF’s consumer red list

In early December, Vietnam’s tra fish, shrimp and tilapia products were put onto the World Wildlife Fund’s consumer red list in some European countries with the reason that fish farms pollute the natural environment around them. However, the WWF’s conclusion faced strong opposition in Vietnam. With convincing evidences, WWF finally pledged to help Vietnam in the sustainable development of tra fish.

According to the General Department of Fisheries, it is not easy for Vietnam to protect shrimp and tilapia which were also put onto WWF’s consumer red list.

10. Major projects put into operation

Many projects were put into operation in 2010, including Thang Long Avenue (the most modern highway in Vietnam) and Son La Hydropower Plant. In 2010, the first Vietnamese oil refinery, Dung Quat, launched its first products.

Content link: https://dtinews.dantri.com.vn/vietnam-today/vietnams-top-10-in-2010-economic-events-20101231142240000.htm