Vietnam’s 2014 economic growth reaches almost 6%

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Vietnam ladiesEconomic growth in Vietnam accelerated in the fourth quarter as banks increased lending and rising foreign investment boosted exports, Bloomberg reported.

Gross domestic product rose 6.96 per cent in the fourth quarter from a year earlier, quickening from a revised 6.07 per cent gain in the three months through September, according to data released by the General Statistics Office (GSO) in Hanoi on December 27. For the full year, the economy grew 5.98 per cent, beating the government’s 5.8 per cent target and compared with a median estimate of 5.7 per cent in a Bloomberg survey.

“The growth is being supported by exports, mainly from foreign companies,” Tran Dinh Thien, director of the Vietnam Institute of Economics in Hanoi, said before the release. “Signs of economic improvement are getting clearer, but the growth is still fragile.”

Exports grew 13.6 per cent this year as manufacturers including Samsung Electronics Co. and LG Electronics Inc. boosted investment. Shipments from FDI companies, including crude oil, reached $101.6 billion this year, or 68 per cent of the total, data from the Foreign Investment Agency showed.

Inflation eased to 1.84 per cent in December from a year earlier, the slowest pace since at least 2006. The government has ordered fuel retailers to cut tariffs and asked industries to stabilise prices before and during the Lunar New Year holiday in February.

“The economy has improved as businesses are getting better,” Nguyen Bich Lam, head of the GSO, said in a briefing. “The economy will continue to improve in 2015 as manufacturing, services and construction strengthen further.”

Fitch Ratings and Moody’s Investors Service raised Vietnam’s credit rating this year, citing improved economic stability, with Moody’s also revising its outlook on the country’s banking system this month to stable from negative.

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Reading Time: 2 minutes

Economic growth in Vietnam accelerated in the fourth quarter as banks increased lending and rising foreign investment boosted exports, Bloomberg reported.

Reading Time: 2 minutes

Vietnam ladiesEconomic growth in Vietnam accelerated in the fourth quarter as banks increased lending and rising foreign investment boosted exports, Bloomberg reported.

Gross domestic product rose 6.96 per cent in the fourth quarter from a year earlier, quickening from a revised 6.07 per cent gain in the three months through September, according to data released by the General Statistics Office (GSO) in Hanoi on December 27. For the full year, the economy grew 5.98 per cent, beating the government’s 5.8 per cent target and compared with a median estimate of 5.7 per cent in a Bloomberg survey.

“The growth is being supported by exports, mainly from foreign companies,” Tran Dinh Thien, director of the Vietnam Institute of Economics in Hanoi, said before the release. “Signs of economic improvement are getting clearer, but the growth is still fragile.”

Exports grew 13.6 per cent this year as manufacturers including Samsung Electronics Co. and LG Electronics Inc. boosted investment. Shipments from FDI companies, including crude oil, reached $101.6 billion this year, or 68 per cent of the total, data from the Foreign Investment Agency showed.

Inflation eased to 1.84 per cent in December from a year earlier, the slowest pace since at least 2006. The government has ordered fuel retailers to cut tariffs and asked industries to stabilise prices before and during the Lunar New Year holiday in February.

“The economy has improved as businesses are getting better,” Nguyen Bich Lam, head of the GSO, said in a briefing. “The economy will continue to improve in 2015 as manufacturing, services and construction strengthen further.”

Fitch Ratings and Moody’s Investors Service raised Vietnam’s credit rating this year, citing improved economic stability, with Moody’s also revising its outlook on the country’s banking system this month to stable from negative.

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