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Vietnam's economy to grow 5.6 percent in 2014
(MENAFN) According to the World Bank, early signs show that Vietnam's economic recovery is on track, with forecasts to improve by 5.6 percent this year, Xinhua reported.
This positive outlook is largely attributed to the country's ongoing macro-economic stability and continued strong performance of the foreign-invested manufacturing export sector.
A total of 61,000 firms closed or suspended business in 2013 compared to 47,000 in 2010. A further 54,000 were added to the category in the first ten months of 2014, about nine percent increase over the same period in 2013.
"Vietnam's potential for much more rapid growth can only be realized if substantial progress is made in addressing distortions such as in the state enterprise and banking sectors," World Bank Country Director said.
This positive outlook is largely attributed to the country's ongoing macro-economic stability and continued strong performance of the foreign-invested manufacturing export sector.
A total of 61,000 firms closed or suspended business in 2013 compared to 47,000 in 2010. A further 54,000 were added to the category in the first ten months of 2014, about nine percent increase over the same period in 2013.
"Vietnam's potential for much more rapid growth can only be realized if substantial progress is made in addressing distortions such as in the state enterprise and banking sectors," World Bank Country Director said.
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