Vietnam has achieved an impressive economic growth in spite ofdomestic economic difficulties and global economic downturn, accordingto a recent report by HSBC.
The country’s GDP in the fourthquarter of 2011 increased by 6.1 percent over the same period last yearthanks to strong export performance and growing domestic demand. The GDPgrowth rate for 2011 was 5.9 percent and is predicted to reach 5.7percent in 2012.
The report said Vietnam achieved strongexport growth due to rising consumer demand for agricultural products,garment and textiles and crude oil. A 24 percent increase in exportvalue is targeted by 2012.
In 2011, the Government tookdrastic measures to tighten fiscal and monetary policies. Therefore, thebudget deficit dropped from 5.7 percent of GDP in 2010 to 4.9 percentin 2011. By the end of 2012, the inflation rate is forecast atsingle-digit level.
The country’s GDP in the fourthquarter of 2011 increased by 6.1 percent over the same period last yearthanks to strong export performance and growing domestic demand. The GDPgrowth rate for 2011 was 5.9 percent and is predicted to reach 5.7percent in 2012.
The report said Vietnam achieved strongexport growth due to rising consumer demand for agricultural products,garment and textiles and crude oil. A 24 percent increase in exportvalue is targeted by 2012.
In 2011, the Government tookdrastic measures to tighten fiscal and monetary policies. Therefore, thebudget deficit dropped from 5.7 percent of GDP in 2010 to 4.9 percentin 2011. By the end of 2012, the inflation rate is forecast atsingle-digit level.
In its publication named “The World in2050”, published in January 2012, HSBC listed Vietnam as one of 26fast-growing economies among the top 100 major economies with an averageper capita income of 4,335 USD by 2050./.
