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22 September 2009

Vietnam: Growth seen at 5% for 2009

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Vietnam's economy is accelerating in the second half of the year and annual growth will likely reach 5.0-5.2%, in line with the government's target, a local newspaper reported.

A Planning and Investment Ministry report said gross domestic product in the fourth quarter ending December would grow 6.5 percent from a year earlier, above the third-quarter growth forecast of 5.5 percent, the Vietnam Economic Times newspaper said.

The Asian Development Bank (ADB) on Tuesday raised its 2009 growth forecast for Vietnam to 4.7 percent from 4.5 percent in March, citing "swift and strong policy responses" to the global economic downturn. But it also warned there were signs of a return of inflation after prices skyrocketed last year, driving inflation to nearly 30% in August 2008.

The government has targeted 2009 growth of 5 percent and like many of its Asian neighbours has implemented a raft of economic stimulus measures to curb the impact of the global recession. The economy grew by 6.23 percent in 2008.


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