RoK paper: Vietnam economy recovers
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VOV News English
- 10 month(s) ago
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Vietnam’s economic policy appears to be bringing about a recovery in growth, said The Korea Herald, one of the largest English-language newspapers of the Republic of Korea, in its July 17 edition.
Economic growth still relies on circumstantial solutions Seeking opportunities for the economy next year The article says with monetary and fiscal tools in place, the Vietnamese economy performed well in the first half of 2012 while Asian economic growth was slow and European and US economies worsened.
It cites several indices such as a 4.38 percent GDP growth in the first six months of 2012, while inflation was the lowest in three years at about 3 percent. Standard & Poor’s Credit Ratings raised its rating of Vietnam from negative to stable, saying that the government successfully took measures to tighten its finances.
The exchange rate is basically stable; the foreign currency liquidity system has been improved; there is an abundant supply of foreign currency from rising exports; the balance of international payments surplus is quite large; and foreign reserves are improved.
In the past six months, the total export turnover of Vietnam reached more than US$53.1 billion, a year-on-year increase of 22.2 percent.
Economists also say there is every good reason to believe that the Vietnamese economy is in recovery, not at a standstill like in 2011.
”The Vietnamese economy has stabilized. These developments have increased investors’ confidence in the Vietnamese market,” the paper said.