Vietnam has achieved an impressive economic growth in spite of domestic economic difficulties and global economic downturn, according to a recent report by HSBC.

The country’s GDP in the fourth quarter of 2011 increased by 6.1 percent over the same period last year thanks to strong export performance and growing domestic demand. The GDP growth rate for 2011 was 5.9 percent and is predicted to reach 5.7 percent in 2012.

The report said Vietnam achieved strong export growth due to rising consumer demand for agricultural products, garment and textiles and crude oil. A 24 percent increase in export value is targeted by 2012.

In 2011, the Government took drastic measures to tighten fiscal and monetary policies. Therefore, the budget deficit dropped from 5.7 percent of GDP in 2010 to 4.9 percent in 2011. By the end of 2012, the inflation rate is forecast at single-digit level.

In its publication named “The World in 2050”, published in January 2012, HSBC listed Vietnam as one of 26 fast-growing economies among the top 100 major economies with an average per capita income of 4,335 USD by 2050./.