Vietnam`s economy forecast to grow 5.8% in 2014

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Vietnam`s gross domestic product (GDP) is estimated to grow by 5.7-5.8% in 2014, without mentioning the influence of China`s placement of its oil rig Haiyang Shiyou 981 in Vietnamese waters in the last six months of the year.

GDP growth is driven by improved service and industry sectors.

The forecast was announced by the National Financial Supervisory Committee (NFSC) in its report on the national economic situation in the first half of 2014, released on July 2.

The report said that the national GDP in the first six months of this year grew at an annualized rate of 5.18%, higher than the 4.9% recorded in the same period of the last two years. The faster growth was attributed to improvements in the service and industry sectors.

The data also showed that quarterly GDP growth continued its upward trend, which began in the second quarter of 2013. The GDP in the second quarter of 2014 grew at an annualized rate of 5.6%, higher than 5.3% in the second quarter of 2013.

Regarding inflation, the NFSC stated that inflation had been held below 5% in the early months of 2014, and that it had fallen consistently since October 2013, showing slow recovery in the aggregate demand of the economy.

NFSC experts anticipated that inflation in 2014 is likely to be 5%, which is considered a foundation for the adjustments of prices of basic commodities in the last six months of the year.

In the context of well-controlled inflation, the NFSC suggested that policy makers continue measures to boost demand and promote economic growth to achieve the GDP growth target of 5.8% in 2014.

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