Harvesting rice in Thanh Thuy commune of Vi Thuy district, the Mekong Delta province of Hau Giang (Photo: VNA) Hanoi (VNA) – General Director of the General Statistics Office (GSO) Nguyen Bich Lam urged sectors and localities not to take it for granted that the yearly goal of 6.7 percent GDP growth is within reach, noting that the usual trend of higher growth towards year-end is no longer true for this year. Speaking at the GSO’s press conference on June 29 to announce socio-economic statistics for the first six months of this year, Lam said despite a 7.08 percent expansion in the first half of this year, the highest for the period since 2011, the GDP only grew 6.79 percent in the second quarter compared to 7.45 percent in the first three months. Therefore, growth in the third and fourth quarters is likely to be lower than the pace in the first half of 2018, he noted, adding that the GSO already forecast this at the beginning of the year. The GSO chief attributed the … [Read more...] about Growth may slow down towards year-end: GSO
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IIP sees lowest growth rate in five months: GSO
The national index of industrial production (IIP) in the first five months rises 9.7 percent year-on-year. (Photo: ninhbinh.gov.vn) Hanoi (VNA) - The national index of industrial production (IIP) in the first five months rose 9.7 percent year-on-year, higher than the growth rate of 6.6 per cent of the corresponding period last year, according to the General Statistics Office (GSO). However, this was the lowest growth rate in IIP since the beginning of this year, said the office, adding that the year-on-year growth rate was 20.4 percent in the first month of this year, 15.2 percent in the first two months, 11.6 percent in the first three months and 11.4 percent in the first four months. GSO’s industrial economic experts said the reduction in the IIP growth rate was partly due to the plunge in production in the mining sector. The IIP of the mining sector in the first five months fell 7.6 percent … [Read more...] about IIP sees lowest growth rate in five months: GSO
GSO submits blueprint on evaluating non-observed economy
The project looks to develop a statistical methodology in line with regulations of the System of National Accounts (SNA) 2008 and based on recommendations of international organizations such as the United Nations Statistics Division (UNSD), the Organization for Economic Cooperation and Development (OECD), and the International Labor Organization (ILO). (Photo for illustration: baocongthuong.com.vn) In 2018, the GSO will conduct pilot evaluation of production outcomes of non-observed economic activities in Vietnam. From 2019 onwards, the GSO will integrate the results in the country’s gross domestic product (GDP) and the gross regional domestic product (GRDP) of centrally-run cities and provinces to produce more accurate economic indicators. The non-observed economy comprises five elements. The first element comprises underground economic activities that are legal but deliberately concealed from the public authorities to avoid payment of taxes and social security … [Read more...] about GSO submits blueprint on evaluating non-observed economy
GSO census to boost GDP accuracy
The General Statistics Office (GSO) has began carrying out a general census of businesses nationwide on April 1 to take stock of the real situation in corporate development. Head of the GSO’s Industry Statistics Department Pham Dinh Thuy said the survey aimed to gather sufficient information about businesses, and calculate more accurately the GDP of the country, as well as economic growth of localities. The survey result is expected to support management, policy-making, the socio-economic development plan, as well as the development of the country, locality, investors, businesses and co-operatives. It also aims to evaluate the application of science and technology in enterprises and the readiness of enterprises in the 4.0 industrial revolution, and collect information for compiling intermediate co-efficients of the goods processing and assembling. The GSO will investigate six groups of information related to enterprises. The first group will focus on information identifying the … [Read more...] about GSO census to boost GDP accuracy
Vietnam’s first quarter credit growth at 2.23 percent: GSO
Commercial bank deposits also went up by 2.20 percent; however it is 2.43 percent lower compared to the same period last year. Vietnam’s credit growth was 2.23 percent in first quarter while it was 2.81 percent in last year’s first quarter. GSO’s report said that deposit interest rates were also stable, at 6.5 - 7.3 per cent for deposits in Vietnamese đong over a 12-month term. Lending interest rates for prioritized sectors stood at 6 - 6.5 per cent over 12-month term while it was 6.7 - 9 percent in short -term loans and 9.3 - 11 percent in long-term loans for other sectors. For businesses with transparency in finance report, lending interest rate was 4 - 5 percent over 12 months as short-term loans. The office of State bank of Vietnam in the HCMC said that credit growth of institutions in the city in the year’s first quarter was estimated 3 percent higher than the growth in the end of 2017 and much higher than the country’s general growth. The … [Read more...] about Vietnam’s first quarter credit growth at 2.23 percent: GSO