Vietnam’s economy grows 5.7 percent, inflation tops 18 percent in first 9 months

By Associated Press

HANOI, Vietnam — Vietnam’s gross domestic product grew at a slower pace in the first nine months of 2011 compared with the same period a year ago amid high inflation and a trade deficit.

The government’s General Statistics Office said Monday the country’s economy has maintained “reasonable” growth at 5.7 percent. Vietnam’s economic growth in the first nine months of 2010 was 6.5 percent.

Inflation in the first nine months of 2011 surged to 18 percent from 8.6 percent a year earlier. The trade deficit stood at $6.9 billion, down from $8.5 billion a year ago.

The government has introduced a series of measures, including tighter monetary polices and cutting public spending, to try to tame one of Asia’s highest inflation rates.

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