Vietnam targets faster growth as economy escapes recession

Vietnam expects faster economic growth in 2010 because the economy escaped contraction this year, according to a statement on the ministry of finance’s website.

“Although faced with the direct impact of the global financial crisis and recession, our economy didn’t fall into recession,” the government said in the statement.

Conditions are good to achieve economic growth of about 5 percent this year, according to the report.

The government has requested local authorities try to push through stimulus package measures and boost consumption, production, business activity and exports, the statement said.

The Southeast Asian nation targets economic growth of 6.5 percent next year, the central bank said on its website on September 7.

The country has put in place tax exemptions and loan subsidies to boost growth, which slowed to 3.9 percent in the first half of this year from 6.2 percent in 2008.

thanhnien, Bloomberg

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