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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Vietnam Q1 growth lowest in decade: official AFP - Saturday, March 28 HANOI (AFP) - - Vietnam's first-quarter growth fell to its lowest level in a decade, government figures showed Friday, in what officials said was still a relatively good performance during a global crisis. ADVERTISEMENT The 3.1 percent first-quarter growth is the lowest level since the 3.8 percent recorded in 1999, said Bui Ba Cuong, head of the General Statistics Office's (GSO) department of national accounts. The GSO forecast full-year growth of 4.8-5.6 percent and said the government's target of 6.5 percent expansion this year looks unattainable. "I don't think we can reach the target set by the National Assembly, given the current situation," Cuong said. The Assembly, the communist country's legislature, is to meet in May and only then will a possible adjustment to the growth target be made, Cuong added. Vietnam reported 7.4 percent gross domestic product growth in the first quarter of last year and on Friday slightly revised downward the full-year 2008 growth figure to 6.18 percent, its lowest level in almost a decade. "Entering 2009, the country's socio-economy continues to suffer from the consequences of the global economic crisis and the recession of several major economies," a GSO report said, describing growth for the first three months as "very low" compared with that in recent years. "But in the context of the global economic crisis and most world economies... suffering from strong downturn, such a growth reached by our economy showed a big effort," the GSO said. In its unusually-detailed report, the GSO said pledges of foreign direct investment were down by more than 40 percent year-on-year in the first quarter, to six billion dollars. Tourist numbers fell by more than 16 percent to 999,000, it added. "Due to the impact of the global economic recession, domestic production... has been reduced, leading to unemployment in several enterprises, especially in the foreign-invested sector," the GSO said. It forecast an unemployment rate of 7.7 percent this year, against the 4.65 percent it estimated for the country's industrialised urban areas last year. The report projected full-year exports of between 56 and 58 billion dollars in value and imports in the range of 63 to 65 billion dollars. This compares with last year's record trade deficit, which GSO Friday said stood at 18 billion dollars. It had previously put the estimate at 17 billion dollars. The GSO noted that inflation, which hit record levels last year, has been restrained and said the country has several factors working in its favour. "Vietnam is still considered an attractive investment market, while the government has issued several flexible measures to deal with the unexpected economic upheavals," it said. The government has announced a stimulus package worth one billion dollars in spending, tax cuts and lower bank interest rates. The International Monetary Fund (IMF) recently downgraded its growth forecast for Vietnam to 4.75 percent this year, while the World Bank sees 5.5 percent expansion. In a separate forecast, the research and advisory wing of the firm that publishes The Economist magazine said Vietnam's economy would grow just 0.3 percent in 2009. The Economist Intelligence Unit said Vietnam is one of just four Asian countries expected to expand in 2009, along with China, India and Indonesia. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Natural gas plunge drags down energy pricesAP - Saturday, March 28 China currency reserve idea a distraction - CanadaReuters - Saturday, March 28 India's Spice puts bid for fraud-hit Satyam on hold: reportAFP - Saturday, March 28 Obama seeks input of bank CEOs on recovery plansAP - Saturday, March 28 Related Articles: Business Ritchie Capital objects to Polaroid "fire sale"Reuters - Saturday, March 28 $150M buys you late TV producer's L.A. mansionAP - Saturday, March 28 Goldman Sachs CEO 2008 pay falls 98.4 pctReuters - Saturday, March 28 Autos task force readies aid announcementReuters - Saturday, March 28 Intel still open to acquisitions amid slowdown: BarrettReuters - Saturday, March 28 Enlarge Photo Vietnam Q1 growth lowest in decade: official Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hot tea linked with throat cancer Pope 'publicly distorted' condom science: Lancet Red meat raises death risk, white meat lowers it Scientists see asteroid hurtle to Earth Goods reappear in Zimbabwe shops View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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