Vietnam’s slowdown seen bottoming out

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vietnam-economyVietnam’s GDP grew 4.9 per cent in the second quarter of 2013, the country’s Ministry of Planning and Investment announced on June 25, a development seen as a signal that the nation’s economic slowdown is bottoming out.

Vietnam’s central bank has cut its refinancing rate eight times since the beginning of 2012 to spur lending, and the government is setting up an asset management company to clear bad debt. The country also lowered the corporate income tax rate to help businesses, while foreign investment rose 5.6 per cent in the first half of 2013 to $5.7 billion, according to the ministry.

However, the agro-forestry and fishery sector gained 2.07 per cent, lower than the 2.88 per cent made in the same period in 2012, while industry and construction expanded 5.18 per cent, also lower than the 5.59 per cent in the same period in 2012.

The country’s currency, the dong, has slipped about 0.4 per cent in teh second quarter of 2013, a smaller decline compared to other regional currencies including the Philippine peso and the Thai baht. The benchmark VN index has gained almost 16 per cent this year.

For the whole year 2013, the government targets 5.5 per cent growth after a 5.03 per cent in 2012, the slowest since 1999.

Exports in the first half of 2013 rose 16.1 per cent to $62.05 billion from the same period a year earlier, while imports climbed 17.4 per cent to $63.5 billion, accounting for a trade deficit of $1.4 billion, the Statistics Office in Hanoi said.

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Reading Time: 1 minute

Vietnam’s GDP grew 4.9 per cent in the second quarter of 2013, the country’s Ministry of Planning and Investment announced on June 25, a development seen as a signal that the nation’s economic slowdown is bottoming out.

Reading Time: 1 minute

vietnam-economyVietnam’s GDP grew 4.9 per cent in the second quarter of 2013, the country’s Ministry of Planning and Investment announced on June 25, a development seen as a signal that the nation’s economic slowdown is bottoming out.

Vietnam’s central bank has cut its refinancing rate eight times since the beginning of 2012 to spur lending, and the government is setting up an asset management company to clear bad debt. The country also lowered the corporate income tax rate to help businesses, while foreign investment rose 5.6 per cent in the first half of 2013 to $5.7 billion, according to the ministry.

However, the agro-forestry and fishery sector gained 2.07 per cent, lower than the 2.88 per cent made in the same period in 2012, while industry and construction expanded 5.18 per cent, also lower than the 5.59 per cent in the same period in 2012.

The country’s currency, the dong, has slipped about 0.4 per cent in teh second quarter of 2013, a smaller decline compared to other regional currencies including the Philippine peso and the Thai baht. The benchmark VN index has gained almost 16 per cent this year.

For the whole year 2013, the government targets 5.5 per cent growth after a 5.03 per cent in 2012, the slowest since 1999.

Exports in the first half of 2013 rose 16.1 per cent to $62.05 billion from the same period a year earlier, while imports climbed 17.4 per cent to $63.5 billion, accounting for a trade deficit of $1.4 billion, the Statistics Office in Hanoi said.

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