The World Bank said on December 3 that there were early signs of recoveryfor Vietnam's economy, with its economic growth expected to improvefrom 5.4 percent in 2013 to 5.6 percent in 2014.

According tothe WB’s new report issued on December 3, the country’s GDP expanded by6.2 percent in the third quarter and 5.6 percent in the first ninemonths of this year, which are early signs of the country’s economicrecovery.

The bank attributed the positive outlook to thecountry’s ongoing macroeconomic stability and continued strongperformance of the foreign-invested manufacturing export sector.

Itnoted that positive macroeconomic conditions contributed to Vietnam’simproved sovereign risk ratings, enabling 1 billion USD of governmentbonds to be issued on international capital markets on favourable terms.

Thereport found that underlying the broad pattern of economic recovery,the performances of foreign-invested and domestic firms remaindichotomous. The foreign-invested sector continues to be a significantsource of growth, while the domestic private sector remains subdued, asreflected in the rising number of domestically-owned businesses thathave closed or suspended operations.

Regarding Vietnam’sfinancial sector, the report underlined the need to accelerate theGovernment’s reform programme, which was designed to address basicchallenges facing the sector.-VNA