CPI increases 1.31 % in September
HCMC – Vietnam’s gross domestic product growth rate has accelerated to 6.52% year-on-year in the January-September period, and the economy is headed for 6.7% for the whole year, the Ministry of Planning and Investment said on Monday.
In its report released on Monday for a regular meeting, the ministry noted that the economy has gained growth momentum, with the GDP growth rate moving faster one quarter after another, according to local media covering the meeting.
In fact, the economy posted an annualized GDP growth rate of 5.83% in the first quarter, 6.4% in the second quarter, and now 6.52% for the three quarters combined. This rate is higher than the targeted 6.5% growth rate endorsed by the National Assembly early this year.
Construction and manufacturing as a whole posted the strongest growth, at 7.29% year-on-year in the January-September period, followed by the service sector with 7.24%, while agriculture inched up 2.89%. The growth rates of all the three sectors are higher than those in the same period of last year, according to the ministry’s report.
While maintaining an upbeat tone about the economy this year, the ministry also highlights challenges to be addressed in the rest of the year. These include the uptrend of prices at home and abroad -- which may stoke up inflation -- the high interest rate charged by commercial banks that makes life harder for enterprises, and high trade deficit.
* September’s consumer price index surged 1.31 % against the previous month, attributed mainly to a dramatic increase of education services prices and depreciation of Vietnam Dong against the U.S. dollar, the General Statistics Office reported on Friday.
CPI in August increased by 0.23 % over the previous month, so increases in September were earlier forecast at between 0.8 and 1 %.
CPI in this month rose 6.46% compared to December, 2009. Vietnam targets to curb inflation this year at 7% to 8%, but this target is difficult to reach due to an uptrend in commodities prices in the rest of the year and higher import demands.
