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Industrial production to grow

2013-07-02 12:00:58

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The industrial production was expected to grow more in the second half of the year than in the first, the Ministry of Industry and Trade said.


At its monthly press conference in the capital yesterday, the ministry forecast the industrial production index for the full year would be around 5.7 per cent, 0.5 per cent higher than the figure reported in the first half.


The country's total export turnover was expected to reach US$127 billion, about $1 billion higher than the Government's goal, while the trade deficit would be roughly $9 billion, 8 per cent lower than the target.


The Export-Import Department reported that the total export turnover in the first six months of this year was $62 billion, reaching 49 per cent of the goal for the full year. The current trade deficit was $1.4 billion, which was "under control," it said.


The ministry said purchasing power would improve due to many holidays falling in the second half of the year, together with the acceleration of the trade promotion programme.


It was estimated the total sale of goods and services would be 12.48 per cent higher than last year.


Meanwhile, the Domestic Market Department reported the increase in domestic petrol prices in June had followed an upward trend in world petrol prices. The domestic petrol prices increased twice, on June 14 and 28, by VND426 (US$0.02) and VND370 ($0.017) per litre respectively.


The department said the world's 30-day average price of petrol showed an increasing trend in June, rising from $111.08 per barrel at the end of May to $112.975 on June 13 and $114.442 on June 27.


The department also said a nationwide check on the location of petrol stations was under way and those that did not meet planning regulations would have their licences revoked.


Regarding power prices, the Electricity Regulatory Department said any adjustments to prices must be based on a calculation of input costs to ease the impact on the consumer price index and economic growth.