Vietnam's economy grows 3.9%

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01 Jul 2009

The economy in Vietnam grew by 3.9 per cent in the first half of 2009, figures from the ministry of planning and investment have revealed.

According to the Australia and New Zealand (ANZ) Banking Group, this suggests that the second quarter growth was 4.5 per cent, which represents an increase of 1.4 per cent compared to the first three months of the year.

Paul Gruenwald, chief economist for Asia at ANZ in Singapore, told Bloomberg: "The worst has likely passed for Vietnam as well as the rest of the region."

The publication noted that there has been an increase in construction in the south-east Asian nation because of the recent government loan subsidy programme, which has spurred credit growth.

Last month, Property Wire asserted that consumers are being attracted to Vietnam by the improved lending conditions and encouraging prices.

Vietnam is one of the economies in the region, along with Indonesia, China and India, where growth has remained positive despite the global economic downturn. ADNFCR-1127-ID-19245512-ADNFCR