Vietnam's Economic Growth Accelerates In Q4

(RTTNews) - Vietnam's economic growth accelerated in the fourth quarter, a report released by the General Statistics Office showed Saturday.

Gross domestic product increased 6.96 percent year-on-year in the fourth quarter, faster than the revised 6.07 percent in the prior quarter.

In the whole year of 2014, the economy expanded 5.98 percent versus 5.42 percent in 2013. The annual expansion also exceeded the government's target of 5.8 percent and 5.6 percent projected by the World Bank.

Exports this year advanced 13.6 percent and imports climbed 12.1 percent from the prior year.

In a report released early this month, the World Bank said Vietnam's economic recovery is on track. The ongoing macroeconomic stability and continued strong performance of foreign-invested manufacturing export sector contributed to the positive outlook, it said.

Stepping up reform agenda and strengthening the business environment are critical for moving forward, World Bank Country Director for Vietnam, Victoria Kwakwa said.