HANOI, Dec 31 (AFP) – Vietnam’s economy grew 5.98 percent in 2014, the highest for three years, despite a festering banking crisis and damaging anti-China riots, authorities said Wednesday.
The figure — higher than last year’s increase of 5.42 percent and 5.25 percent in 2012 — marks "a positive sign," according to a statement on the website of the General Statistics Office.
The communist nation is still struggling with a number of economic troubles including bad debts in the banking system, weak economic competitiveness and inefficient production.
In June, the central bank devalued the Vietnamese dong by one percent to help boost exports following deadly riots in May after China moved an oil rig into waters claimed by Vietnam.
To ease foreign investor fears, Hanoi swiftly offered compensation to affected businesses, among them Taiwanese and South Korean factories set ablaze, by cutting tariffs and fast-tracking insurance settlements.
Vietnamese inflation this year slowed to 4.09 percent, from around 6.04 percent in 2013, the GSO added.
The government is targeting economic growth of 6.2 percent in 2015.