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Vietnam’s economy expands in Q4

by ChemOrbis Editorial Team -
  • 29/12/2014 (11:20)
According to official data released by Vietnam’s General Statistics Office, the country’s economy expanded in the fourth quarter of this year. The country’s gross domestic product (GDP) rose 6.96% year over year in the fourth quarter. In the third quarter, the country’s economy grew by 6.07%.

The acceleration in the country’s economic growth was attributed to higher exports, mostly from foreign based companies. The data showed that exports increased 13.6% this year while the country’s retail sales grew 10.6% when compared to 2013. The country’s manufacturing sector expanded by 8.45% while services grew 10% this year. Inflation also contributed to the country’s improving economic outlook by declining to 1.84% year over year in December, posting the slowest rate of inflation since 2006.

Meanwhile, Fitch Ratings and Moody’s increased Vietnam’s credit rating this year and cited improved economic stability as the main reason behind their decision. Moody’s also revised its outlook on Vietnam’s banking system from negative to stable.
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