Arab Today, arab today vietnam economy grows at highest rate in 5 years
Last Updated : GMT 15:54:09
Arab Today, arab today
Arab Today, arab today

Vietnam economy grows at highest rate in 5 years

Arab Today, arab today

Arab Today, arab today Vietnam economy grows at highest rate in 5 years

Vietnam recorded a GDP growth rate of 6.68% in 2015
Hanoi - AFP

Vietnam's economy in 2015 grew at its fastest pace in five years, official figures showed on Saturday, shaking off regional economic worries with strong exports, record foreign investment and buoyant domestic consumption.

The communist nation recorded a GDP growth rate of 6.68 percent, easily surpassing the government's 6.2 percent target with a figure that looks set to be one of Southeast Asia's strongest showings for the year.

"This growth rate is very important for the Vietnamese economy in the coming years in the context of falling world oil prices and instabilities in the international financial markets," Nguyen Bich Lam, director of the General Statistics Office, told reporters in Hanoi.

Many Asian economies have been rattled by troubles in China, where the world's second largest economy has suffered with its worst annual growth rates in a quarter of a century.

While regional neighbours like Thailand have suffered, Vietnam has proved resistant to the slowdown of its giant northern neighbour, partly through state intervention.
The State Bank of Vietnam weakened the dong three times this year to spur exports after China depreciated the yuan, dragging exchange rates lower across Asia.

Exports rose 8.1 percent in the 12 months through December while imports climbed 12 percent.

Much of the growth has been fuelled by a flurry of international interest with disbursed foreign investment surging 17.4 percent compared to last year with a record-high of $14.5 billion.

The strong showing is a significant jump on the last two years.

In 2014 Vietnam's GDP growth was just under six percent, while that of 2013 was only 5.42 percent.

Senior economist Le Dang Doanh told AFP that strong industrial growth also helped boost the economy as well as "lower oil prices in the world market which has greatly reduced the cost of imported raw materials for Vietnam".

On Wednesday, Vietnam released data showing an annual inflation rate of just 0.63 percent in 2015, the lowest in 14 years.

Vietnam is now party to the recently sealed Trans-Pacific Partnership, the world's largest free trade deal between 12 nations, including the US and Japan.

As the poorest of the TPP nations, the pact is something of a coup for the country's Communist rulers, who will meet in January for a major gathering of senior officials to chose new leaders and decide the country's five-year economic plan.

In a report earlier this month the World Bank said the TPP deal could add "as much as eight percent to Vietnam's GDP... over the next 20 years" if it goes ahead.

But many analysts still say Vietnam's economic progress is vulnerable due to high public debts, inefficient operation of huge state-owned enterprises and rampant official corruption.

For decades, the country suffered from runaway inflation -- with triple digit increases in the 1980s and rates as high as 28.3 percent as recently as August 2008.
 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today vietnam economy grows at highest rate in 5 years Arab Today, arab today vietnam economy grows at highest rate in 5 years

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday