(VOV) - Vietnam has achieved an impressive economic growth in spite of the global economic downturn, according to a recent report by HSBC.
GDP growth rate in the fourth quarter of 2011 increased by 6.1 percent over the previous year thanks to strong export performance and growing domestic demand, GDP growth rate in 2011 was 5.9 percent and is expected to reach 5.7 percent in 2012.
The report attributed Vietnam’s strong economic growth to the consumers’ growing demand for agricultural products, garment and textiles and crude oil. Exports are estimated to increase by 24 percent in 2012.
In 2011, the government took drastic measures to tighten fiscal and monetary policies. Therefore, the budget deficit dropped from 5.7 percent in 2010 to 4.9 percent of GDP in 2011. By the end of 2012, the rate of inflation is expected to be just one- single digit.
In its world report published in January 2012, HSBC listed Vietnam as one of 26 fast growing economies among the top 100 major economies to have an average income per capita of US$4,335 by 2050.