Business News

Vietnam's economy remains on rebound course

Sep 30, 2009, 5:40 GMT

Hanoi - Vietnam's economy grew 5.8 per cent in the third quarter of 2009 on rising domestic demand and billions of dollars in government stimulus, the country's General Statistics Office (GSO) said Wednesday. GSO official Pham Tien Nam told the German Press Agency dpa that with total growth of 4.6 per cent over the first nine months, the economy is likely to surpass the government's annual growth target of 5 per cent for 2009. Growth had fallen to 3.1 per cent in the first quarter of 2009 due to the effects of the global economic slowdown. 'Even when the government stops its stimulus package, Vietnam's economy can still develop sustainably,' economist Pham Chi Lan said. Lan said government stimulus spending should be halted soon to avoid the risk of inflation. Inflation hit 2.4 per cent in September, bringing the total rise in the consumer price index to 4.1 per cent so far this year. Vietnam, one of Asia's fastest-growing economies, grew 6.2 per cent in 2008 following 8.5-per-cent growth in 2007.

Business News

Vietnam's economy remains on rebound course

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