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.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.