STOCK MARKET WATCH -- Monday, 23 December 2013

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29. Vietnam GDP Rises 5.42% in 2013; Estimate 5.3% Gain

http://www.bloomberg.com/news/2013-12-23/vietnam-gdp-rises-5-42-in-2013-estimate-5-3-gain.html


Vietnam’s economic growth accelerated as exports climbed, even as banks struggled to meet the government’s lending target. Stocks rose.

Gross domestic product rose 6.04 percent in the fourth quarter from a year earlier, quickening from a 5.54 percent gain in the three months through September, according to data released by the General Statistics Office in Hanoi today. For the full year, the economy grew 5.42 percent, faster than a 5.25 percent pace in 2012, and the median estimate of 5.3 percent in a Bloomberg survey.

Manufacturers from Samsung Electronics Co. to Nokia Oyj have boosted Vietnam’s exports, which grew 15.4 percent this year from a year earlier. That has helped offset faltering bank lending, as the government takes steps to resolve bad debt and overhaul the financial system.

“The economy is steadily recovering,” said Fiachra MacCana, managing director of Ho Chi Minh City Securities Corp. “Exports are still the main driver, especially for Vietnam’s manufacturing industries, but there’s a little bit of domestic backup there. It’s a broad-based recovery.”