The Vietnamese economy expanded at a slower pace in the first quarter, data released by the General Statistics Office showed Wednesday.
Gross domestic product increased 4.89 percent on an annual basis in the first quarter, notably slower than the 5.44 percent rise seen in the fourth quarter. In the first quarter of 2012, the growth rate was 4.75 percent.
In 2012, Vietnam's economy expanded 5.03 percent, which was the slowest growth rate in fourteen years.
The country's corporate sector has been facing challenges from severe credit slump. The situation has prompted the government to launch a slew of measures to support the business sector and help the economy to emerge from the slowdown.
Vietnam's central bank lowered its policy interest rate to 8 percent, marking the seventh consecutive reduction, as part of its efforts to revamp the struggling industrial sector. Inflation slowed to 6.64 percent in March, hitting the lowest level in six months.
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