Vietnam expansion slowest since 1999
- Published: 25 Dec 2012 at 09.59
- Online news:
Vietnam's economy expanded at its slowest pace in 13 years in 2012 as bank lending and domestic demand eased.
Gross domestic product rose 5.03% this year, the General Statistics Office said in Hanoi on Monday, down from 5.89% in 2011 and the slowest since the 4.77% in 1999. GDP increased 5.44% in the fourth quarter from a year earlier, up from a revised 5.05% in July-to-September.
Vietnam's economy has been hampered by slower lending as banks grappled with rising bad debt and under-capitalisation. The central bank this month cut benchmark interest rates for a sixth time this year, saying the adjustments are to help companies cope with difficulties in production and business.
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