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Socio-Economic Infor 2011

Socio-economic situation first two months of 2011
20/07/2011 09:03:00


1. Macroeconomic stabilization and inflation control

a) State budget revenue and expenditure

As estimated, State budget revenue in the first two months of 2011 totaled approximately VND104.7 trillion, equal to 4% of the yearly estimate and up 12.7% year on year while the State budget expenditure was around VND111.5 trillion, equivalent to 3.4% of the yearly estimate and up 11.6% against the same period a year earlier.

b) Development investment

The realized investment capital from the state budget in the months 2011 was estimated to reach over VND24.5 trillion, equaling 13.9% of the annual plan and up 20.7% against the same period last year, of which capital under central management and local management was VND5,662 billion and VND18,877 billion, equal to 13.5% and 14% of the yearly plan, respectively.                                                              

The disbursed investment credit capital financed by the State in the months was estimated at VND1,800 billion, or over 6.4% of the yearly plan.

The realized FDI capital in the first two months of 2011 was at an estimate of US$1.15 billion, or a year-on-year increase of 4.5%. With respect to newly-registered capital, there were 93 newly-licensed projects with total newly-registered capital of US$1.47 billion, equal to 48.4% by the number of projects and 74.3% by the amount of newly-registered capital against the same period last year. As many as 14 projects were added with the total estimated amount of US86 million. Generally, the combined amount of newly and additionally registered FDI in the first two months of 2011 was estimated at about US$1.56 billion, equivalent to 68% of the same period last year.

ODA: In the first two months of the year, total disbursed ODA was about US$125 million, equal to 5.2% of the annual disbursement plan. Of the sum, loans and non-refundable aid totaled US$98 million and US$27 million, respectively. Total ODA committed via agreements was at an estimate of US$927.16 million, including of US$922.96 million in loans and US$4.2 million in non-refundable aid.

The Ministry of Planning and Investment assigned delegations to inspect investment and construction activities under Resolution No. 11/NQ-CP dated February 24, 2011 of the Government on key measures on inflation control, macroeconomic stabilization and social security.

c) Export - import

Export: Total export revenue in February 2011 was estimated at US$5.3 billion. Generally, in the first two months of the year, estimated export revenue reached US$12.3 billion, surging 40.3% year on year and quadrupling the target of 10% as approved by the National Assembly.

Imports: Total import revenue in February 2011 was at an estimated of US$6.2 billion. As estimated, import revenue in the first two months of 2011 neared US$14.2 billion, representing a year-on-year increase of 26.8%.

Trade deficit: Trade deficit recorded in the first two months of the year was approximately US$1.83 billion, equal to 14.8% of the export revenue.

d) Prices, inflation

The Consumer Price Index (CPI) in February 2011 increased 2.09% month on month, of which the food and catering sector recorded the highest growth of 3.65% (food prices alone were up 4.35%), followed by drinks and tobacco (2.14%), garment & textiles, headweares and footwears (1.38%), culture, entertainment and tourism (1.24%) and other sectors (0.3-1.01%). The postal and telecommunication industry continued to see a slight month-on-month decrease of 0.01%.

CPI in February 2011 soared 3.87% as compared with December 2010. On average, CPI in the first two months of 2011 rose 12.24% against the same period a year earlier.

Gold prices recorded a slight decrease of 0.35% while the USD price was up 0.94%. Gold prices in February 2011 fell 0.4% while the USD price index was down 0.4% over December 2010, respectively. Gold and USD prices in the first two months of 2011 rose 35.02% and 9.78% year on year, respectively.

Thought higher than the same period of the two preceding years, the CPI hike recorded in February 2011 was considered a slow year-on-year increase in the 2002-2008 period . The increase would be attributable to drastic surges in commodity prices in the world market, particularly prices of gasoline, fertilizers, foods and foodstuff, which have placed pressure on domestic commodity prices. In addition, higher shopping and consumption needs during the Lunar New Year holidays and difficulties and losses reported in agricultural production due to the prolonged and damaging cold spell have contributed to the increase.

2. Development of economic sectors and industries

a) Industrial production

Industrial production value recorded in February 2011 was estimated to reach VND59.7 trillion, up 17.7% over the same period a year earlier. Generally, in the first two months of 2011, industrial production value was at an estimate of VND131 trillion, of which the non-state and foreign-invested sectors witnessed an increase of 17% and 16.6%, respectively.

Some industrial products occupying major proportions in the industrial production value recorded the set growth rates or more, including liquefied petroleum gas (up 26.2%); processed seafood (up 15.9%); refined sugar (up 17.9%); fabrics from man-made or synthetic fiber (22.3%); footwears and artificial leather boots for adults (14.9%); sports shoes (up 30.9%), cardboard of different types (up 18.1%), chemical lacquers (25.2%), glass (up 15.8%), cement (up 19.4%), hot water heaters (up 134.7%), passenger cars (up 14.7%) and motorbikes (up 19.2%).

b) Agricultural production

Winter-spring rice crop: Winter-spring rice cultivation area as of February 15, 2011 was at an estimate of 2,580,700 hectares, equal to 94.1% of the same period a year earlier. Provinces in the Mekong Delta region harvested 367,400 hectares of the early winter-spring rice crop, equivalent to 137.1% of the same period last year.

Cultivation of vegetables and crops as of February 15 gained considerable results, including maize (270,600 hectares, up 2.6%); sweet potatoes (69,000 hectares, up 0.8%); soybeans (95,100 hectares, up 11.8%); vegetables and beans of different types (346,800 hectares, up 11.9%).

Husbandry: The number of herds of pigs and domestic fowls saw a year-on-year increase due to controlled epidemic diseases and increase consumption demand. However, the number of cattle herds slightly dropped against the same period last year due to the prolonged and damaging cold spell .

Forestry: The number of dispersedly planted trees in the first two months of 2011 reached 29.8 million, up 4.1% year on year. Wood production was at estimate of 533,000 m3, up 6.6%.

 

Intensive and extensive dry weather conditions caused high risk of forest fires . Some localities still reported illegally deforestation during the months. The affected forest area in the first two months of 2011 was 50.7 hectares, including 6.6 hectares of burnt forests and 44.1 hectares of destroyed forests.

Fishery: Fishing production in February was estimated at 355,400 tons, rising by 4.8% over the same period least year. Generally, total fishing production in the first two months of the year was at an estimate of 711,800 tons, representing a year-on-year increase of 2.4%, of which, aquaculture production reached 304,500 tons, up 5.1% year on year while catching production was 407,300 tons, up 1.4% against the same last year.

c) Service sector

Trade: Total retail sales of goods and services in February were estimated to reach VND149.8 trillion. Generally, in the first two months of the year, total retail sales of goods and services rose 23.7% year on year to over fVND304.3 trillion.

Tourism: The long period of Lunar New Year holidays and festivals contributed to thriving tourism activities. The number of international arrivals to Vietnam in February was at an estimate of 542,700, up 21.2% against the same period of 2010. Generally, in the first two months of the year, Vietnam attracted 1.049,100 foreign visitors, or a year-on-year increase of 19.5%.

Cargo and passenger carriage: In the first two months of 2011, the volume of goods transported was estimated to reach 126.2 million tons and 27.9 billion tons-kilometers, up 10% and equal to 98.4% year on year, respectively. Passenger carriage was estimated at over 430.4 million visits and 19.2 billion passengers-kilometers, representing a year on year increase of 14.2% and 15.2%, respectively.

Post and telecommunications: The number of new telephone subscribers was estimated at more than 44.5 million in the first two months of 2011, equaling 32.7% of the same period a year earlier. Of the sum, the number of landline telephone subscribers was 50,000, equivalent to 10.9% of the same period last year. Total number of telephone subscribers as of the end of February was at an estimate of 172.6 million, soaring 32.5% year on year, including 16.5 million landline telephone subscribers, up 5.1%. The volume of broadband internet subscribers across the country as of the end of February was estimated to reach 3.83 million, or a year on year growth of 25.3%.

d) Development of enterprises

The number of newly registered enterprises in February was estimated at about 3,248 with a registered capital of approximately VND19.7 trillion. Generally, in the first two months of 2011, the country recorded more than 9,700 newly registered companies with a total registered capital of VND58.4 trillion, equal to 92% in number and79.7% in capital amount as compared with the same period of 2010.

3. Social security, healthcare, culture and other social fields

a) Labor, employment, social security, hunger eradication and poverty reduction

Due the long period of Lunar New Year holidays, the number of jobs created in February In the first 11 months of 2010 was not high, reaching approximately 64,200. Of the sum, as many as 4,000 laborers were sent to work abroad. Generally, in the first two months of the year, as many as 201,293 jobs were created while 11,293 people were sent to work abroad .

On the occasion of the Lunar New Year Festival, ministries, sectors and localities seriously implemented Decision No. 68/QD-CTN dated January 14, 2011 of the President on presentation of gifts to policy beneficiaries such as Vietnam heroic mothers, heroes of the people's armed forces, war invalids, sick soldiers, etc and Decision No. 139/QD-TTg dated January 21, 2011 of the Prime Minister on supply of 33,816 tons of rice from the state reserves for hunger relief efforts. Poor families, policy beneficiaries, people, who have made contributions to the nation, unaccompanied and disabled people and those living in remote and mountainous areas were provided with spiritual and material supports to enjoy the New Year in a warm atmosphere.

Social security policies such as the housing support and dilapidated house removal program; the project for funding ethnic minorities in order to stabilize housing and promote production development; the project on quick and sustainable poverty reduction in poor districts and the national target program on building new countryside have been well and actively implemented.

b) Healthcare

In February, the health sector closely worked with sectors and localities to regularly monitor, supervise, and promote disease prevention and food safety measures; organizing full time epidemic response teams during the Lunar New Year and Spring Festivals; preparing medicines, materials and chemicals to provide timely support to well handle any outbreaks and prevent them from spreading; strengthening surveillance at entry points to early detect intrusion cases and control disease spreading.

Disease situation: In the first two months of 2011, the country detected 107 cases of influenza A (H1N1) nationwide, including one death; 6,568 cases of dengue fever, including 04 deaths, 697 cases of viral hepatitis and 37 cases of typhoid. As of February 16, there were 234,400 cases of HIV/AIDS, including 93,900 cases of AIDS and 49,700 deaths.

Food hygiene and safety: In the month, six food poisoning cases were reported in four 04 provinces/cities , affecting 49 people, including 47 people, who were hospitalized, and two deaths. 

c) Culture, information and sports

In the month, relevant sectors continued to concentrate on holding cultural activities, propagandizing socio-political events across the country, especially the success of the 11th National Party Congress and cultural and artistic activities to congratulate the Party's achievements and to welcome Tan Mao Spring; communicating the atmosphere of people welcoming the New Spring and Spring festivals held all over the country; propagating the Party's and the State's leadership and guidance on stabilization of market prices and inflation control, guarantee of social security and welfare; implementing the Public Message No. 162/CD-TTg dated February 09, 2011 by the Prime Minister on correcting and improving the organization and management of festivals nationwide, etc.

The sports sector held sports contests to congratulate the Party's achievements and to welcome the New Spring; continued to organizing V-league and first-class football championship 2011, etc.

d) Traffic order and safety

In January 2011, the country reported 1,249 traffic accidents, representing a year-on-year increase of 1.4%; killing 1,045 people and injuring 928 people, rising by 7% and 0.43% year-on-year, respectively. On average, in January, there were 40.3 traffic accidents a day nationwide, including 33.7 deaths and 30 injuries.

In general, in February 2011, ministries, sectors and localities actively and strictly implemented the Resolution No. 02/NQ-CP dated January 09, 2011 by the Government; well prepared and ensured safety for people all over the country to welcome the Spring and the Lunar New Year in a warm atmosphere. Industrial production maintained the high growth rate and recorded a higher growth rate than the planned indicator; export turnover in the first two months of 2011 saw a year-on- year growth and a four-fold increase as compared to the plan; trade deficit witnessed a month-on-month fall; a wide range of tourism activities took place, the number of international visitors and total retail sales of consumer goods and services increased sharply as compared to the same period of the previous year; despite affected by natural disasters, agricultural production recorded a considerable growth; prices and markets were controlled; people's life, especially poor people, old and unaccompanied people, the disabled, families of people who made contributions to the nation was improved; public cultural and artistic activities were well-organized with diverse contents; social security, political security, social order were maintained.

However, increasing prices of goods in the world markets and input prices of important products such as electricity, coal, oil, etc. posed a hard pressure on domestic prices, obstructing the inflation control in the coming time. In addition, natural disasters and epidemic diseases still made complicated developments, affecting agricultural production and people's life. This called for strict and synchronous implementation of people, households and localities of measures and guidance of the Government on macroeconomic and market stabilization, inflation control as well as social security policies in the coming time./.

Ministry of Planning and Investment Portal

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