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Economy in Brief

Less State and More Private Industrial Production in Vietnam
by Louise Curley February 26, 2007

The Socialist Republic of Vietnam released data on industrial production today. The data are not seasonally adjusted and are in terms of 1994 Dongs. The dong is the unit of currency in Vietnam. At the end of January, the exchange rate was 16,035.5 dongs to the U. S. dollar.

Total industrial production was 46,155 billion 1994 dongs in January, down 8.7% from December, 2006, but 23.8% above January, 2006. 31% was produced by the state sector of the economy, 31%, by the non state sector and 38% by the foreign investment sector. Although we have only two years of data, it does appear that production in the non state and foreign investment sectors are growing at the expense of production by the state sector.The year to year change in state production in January was 11.1%, while the year to year changes in the non state and foreign investment production were respectively, 32.6% and 27.0%. The first chart compares industrial production produced in the state sector with that produced by the non state and the foreign investment sectors combined.

Data were also released on exports and imports. For the two years that data are available Vietnam has been running a deficit on trade in goods. The deficit has declined as can be seen in the second chart that shows imports and exports. Moreover, with the growth in the production in the foreign investment most of which is designed for export, the balance of trade in goods may continue to improve.

VIETNAM  Jan  07 Dec  06 Jan  06 M/M % Y/Y % 2006 2005
Industrial Production
 (Bil. 1994 Dongs)
46155 50535 37297 -8.67 23.78 43835 38725
  State 12963 15097 11671 -14.14 11.07 13584 12346
  Non State 15699 17366 11837 -9.60 32.63 13677 11918
  Foreign Direct Investment 17493 18071 13779 -3.20 26.95 16573 14461
Foreign Trade Balance (Bil. US $) -100 -500 -350 400* 250* 5430 5055
  Exports 3300 3500 28 -5.71 17.86 38920 31198
  Imports 3400 4000 3150 -15.00 7.94 44350 36252
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