• An Giang
  • Binh Duong
  • Binh Phuoc
  • Binh Thuan
  • Binh Dinh
  • Bac Lieu
  • Bac Giang
  • Bac Kan
  • Bac Ninh
  • Ben Tre
  • Cao Bang
  • Ca Mau
  • Can Tho
  • Dien Bien
  • Da Nang
  • Da Lat
  • Dak Lak
  • Dak Nong
  • Dong Nai
  • Dong Thap
  • Gia Lai
  • Ha Noi
  • Ho Chi Minh
  • Ha Giang
  • Ha Nam
  • Ha Tinh
  • Hoa Binh
  • Hung Yen
  • Hai Duong
  • Hai Phong
  • Hau Giang
  • Khanh Hoa
  • Kien Giang
  • Kon Tum
  • Lai Chau
  • Long An
  • Lao Cai
  • Lam Dong
  • Lang Son
  • Nam Dinh
  • Nghe An
  • Ninh Binh
  • Ninh Thuan
  • Phu Tho
  • Phu Yen
  • Quang Binh
  • Quang Nam
  • Quang Ngai
  • Quang Ninh
  • Quang Tri
  • Soc Trang
  • Son La
  • Thanh Hoa
  • Thai Binh
  • Thai Nguyen
  • Thua Thien Hue
  • Tien Giang
  • Tra Vinh
  • Tuyen Quang
  • Tay Ninh
  • Vinh Long
  • Vinh Phuc
  • Vung Tau
  • Yen Bai

ESCAP: Vietnam’s economic growth to hit 5.8% in 2012

VGP - Vietnam’s economy is expected to grow at 5.8% in 2012 as declining inflation helps stimulate consumption and improve investor confidence.

May 10, 2012 10:31 PM GMT+7

Illustration photo

This was part of a report on the Economic and Social Survey of Asia and the Pacific 2012 launched by ESCAP in Hanoi on May 10.

The ESCAP report analysed measures taken by the Vietnamese Government to stabilise the macro-economy since 2011.

It said that in the first four months of 2012, Vietnam saw more stable macroeconomic indexes with its remarkably declining inflation rate, sharply falling lending, lowering interest rates, stable foreign exchange rate, and increasing foreign currency reserves.

The report showed that as confidence in the Government’s monitoring policies has recovered, Vietnam should address the issues of bad debts and liquidity in the banking system.

Regarding measures to curb price hikes on goods, the report said that Vietnam needs to diversify the economy, create useful employment opportunities and increase domestic consumption.

The best way is to increase agricultural productivity, focusing on expanding non-agricultural jobs and domestic markets for agricultural products, supporting rural development and boosting a green revolution based on modern technology and new varieties as well as providing credits to poor people, it said.

On the economic situation and prospects of Asia and the Pacific, Dr. Shuvojit Bannerjee, an economic expert of ESCAP in Bangkok , Thailand said Asia Pacific will continue to be a driving force for global growth.

Asia Pacific is forecast to remain a region that enjoys the most rapid growth in the world with an estimated 8.6 percent in China and 7.5 percent in India this year, he said./.