Hanoi - Revised statistics released Monday by Vietnam's General Statistics Office showed industrial production rising, but foreign investment falling and exports slowing. Industrial production rose 3.6 per cent in November over October, the fourth consecutive month of increase. Production was up 13 per cent from November 2008.
Leading the increase were a 14-per-cent rise in crude oil production, 46 per cent in air conditioners and 19 per cent in cement.
New foreign direct investment (FDI) pledges shrank to 0.8 billion dollars in November. Vietnam attracted 19.7 billion dollars in FDI commitments in the first 11 months, down 72 per cent compared with the same period last year.
Nine billion dollars in FDI were disbursed through November, down over 10 per cent compared with the same period last year.
Vietnamese exports earned 4.7 billion dollars in November, down 6.5 per cent from October. Imports stayed steady at 6.7 billion dollars, but were up 40 per cent compared with November last year.
Exports totaled 51.3 billion dollars through November, with imports of 61.7 billion dollars, down 12 and 18 per cent from the same period in 2008.
In June, the government lowered its projected 2009 export revenues from 72 billion to 65 billion dollars, an increase of 3 per cent over 2008. That goal will not be met, and the trade deficit is likely to rise sharply in December due to the State Bank's decision in November to relax a ban on gold imports.
Vietnam received 3.4 million foreign visitors in the first 11 months, down 12 per cent from the same period last year. China accounted for 476,500 visitors, down 19 per cent year on year, with the US second at 368,000, down 3 per cent.
GDP growth fell from 8.5 per cent in 2007 to 6.2 per cent last year. The government initially set a target for economic growth of 6.5 per cent this year, but the sharp drop in production and exports forced it to readjust the target to 5 per cent in May.
