Vietnam - Vietnam's per capita income to top $1,300

Vietnam's gross domestic product (GDP) this year is expected to reach $119 billion, while per capita income will be roughly $1,300, according to Vu Huy Hoang, the minister of Industry and Trade.

The country's export turnover this year topped $96 billion, and the total import-export turnover has surpassed the $200 billion mark, Hoang said, citing the latest statistics from the ministry.

Hoang said that with such impressive figure, Vietnam has passed the Philippines to take the fifth spot in the list of South East Asian countries with the largest import-export turnover.

Singapore tops the list, followed by Thailand, Indonesia, and Malaysia.

"With a per capita income of $1,300 and a huge import-export turnover, Vietnam has become one of the world's most open economies," Hoang declared.

He added that, this year, exports grew at their fastest pace since 2005, when Vietnam joined the World Trade Organisation.

Exports this year have surged by 32 percent compared to last year, tripling the figures targeted by the National Assembly, he said. "There are 23 commodities whose export turnover topped $1 billion."

Hoang also stated that Vietnam's trade deficit has been steadily declining over the last three years.

In 2008, the trade gap was some $18 billion, he said. The gap was narrowed to $12.9 billion the following year, and further reduced to $12.6 billion in 2010.

"This year, the trade deficit is expected to fall to just $10 billion," Hoang said.

Tuoi Tre

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