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Jun 30, 2009, 6:49 GMT

Vietnam economy grows 3.9 per cent in first half of year

Hanoi - Vietnam's economy grew 3.9 per cent in the first half compared to the same period last year, state media reported Tuesday. The state-run Vietnam Economics Times quoted the Ministry of Planning and Investment as saying gross domestic product (GDP) grew 3.9 per cent in the first half thanks to an increase in industrial production of 4.8 per cent and a 5.5-per-cent rise in the service sector. Construction value increased by 3.5 per cent thanks to a government loan-subsidy programme to boost the economy worth more than 1 billion dollars. Domestic trade increased 8.8 per cent, twice the rate of the rise in GDP, creating momentum to help the economy to avoid slowdown. However, the country witnessed a sharp decline in foreign direct investment of 18.4 per cent. The newspaper said it would be very difficult for Vietnam to achieve a 3-per-cent increase in the value of exports this year as the value of exports fell by 10 per cent in the first half. Thanh Nien newspaper said the country earned 27.6 billion dollars from exports, down 3 billion dollars compared to the same period last year. In its session which ended on June 19 Vietnam's National Assembly agreed to cut its target for GDP growth to 5 per cent from 6.5 per cent.

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