(VOVworld) – Bloomberg has reported that Vietnam’s economic growth accelerated in the fourth quarter as banks increased lending and rising foreign investment boosted exports.

Workers make sports outfit to be exported to the US. (Photo: VNA)

According to data released by the General Statistics Office of Vietnam, for the full year Vietnam’s economy grew 5.98%, higher than the government’s target of 5.8%. Exports of foreign firms in Vietnam surged 15% as disbursed foreign direct investment rose 7%. Inflation dropped to 1.84% in December from a year earlier.

Fitch Ratings and Moody’s Investors Service raised Vietnam’s credit ranking in 2014 thanks for its improved economy.