Thursday, September 27, 2012

Vietnam's economy grows by 4.73% in 9 months




An official report showed that Vietnam's economic growth slowed to an estimated 4.73 percent in the first three quarters of 2012 from a 5.77-percent growth in a year earlier, Reuters reported.

The government attributed the slower growth pace to a tighter lending rules set in the early months of the year to help control inflation.

Banks battling bad debt also slowed loans to keep their books clean, putting pressure on businesses seeking funds for expansion.

The General Statistics Office estimated the economy to have grown by an annual 5.35 percent during the third quarter ending September, from 4.66 percent in the second quarter.

Previously this month, Prime Minister Nguyen Tan Dung was quoted as saying that Vietnam's economic growth could hit an annual rate of 5.5 percent this year, while annual inflation would stabilise at 6 percent.

Fitch Ratings has estimated Vietnam's economic growth to slow to 5 percent this year, compared with 2011's 5.89 percent rate.-Menafin (Septmber 27, 2012 11:45GMT)

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