This year, the country's Gross Domestic Product (GDP) is expected to be 5.5 percent, and the consumption price index (CPI) 7.8 percent.

In 2015, the country's GDP is estimated to climb to 7.1 percent and the CPI to fall to a growth of 4.8 percent.

"The near 7-percent growth trend can be regained by 2014, as export markets recover, if banks become more stable and if rule changes are enacted for planned foreign direct investment," Ernst & Young said in its report.

"Import substitution will continue to contain the trade deficit, despite consumption picking up as inflation subsides. But competition from other low-cost locations is a downside growth risk," it added.

In its forecast, Ernst & Young said that China will continue to move up the value chain, creating many development chances for other Asian countries, including Vietnam.

China plans to generate 8 percent of GDP by 2015 in seven strategic areas: energy conservation and environmental protection, new-generation information technology, biotechnology, high-end equipment manufacturing, new materials, new energy and clean-energy vehicles.

Thanks to such changes, other markets like Vietnam and regional countries as well as countries in Africa where the salary is low will strongly emerge in some industries such as the garments and textiles.

"We expect Indonesia, Thailand and Vietnam to increase their combined share of the world textile market from around 5 percent currently to more than 10 percent over the next 25 years," it said.

In addition to garments, the telecom industry in these markets is also expected to develop strongly.

Vietnam is one of 25 rapid-growth markets cited in the report that have shown improvement thanks to an increase in trade and demand for commodities.

Ernst & Young said these markets have started to regain momentum.

VOV