ADB projects Vietnam economic growth at 6.7% Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The Asian Development Bank (ADB) has forecast that Vietnam’s economy would expand 6.7% this year before slowing to 6.5% next year. The growth projections were announced by ADB country director for Vietnam Eric Sidgwick at the launch in Hanoi on March 30 of the Asian Development Outlook 2016 report. ADB said Vietnam’s economy would remain stable in 2016 with growth of 6.7% followed by a modest slowing of growth to 6.5% in 2017. The forecast is in contrast to that of the Economist Intelligence Unit, which predicted earlier that Vietnam would attain gross domestic product (GDP) growth of 6.8% this year and 6.9% in 2017. Vietnam’s economy grew 6.68% in 2015, the highest in eight years. Speaking at a cabinet meeting in February, Prime Minister Nguyen Tan Dung urged ministries and government agencies to do whatever it takes to achieve growth of 7% this year, instead of … [Read more...] about ADB projects Vietnam economic growth at 6.7%
Vietnam economic growth
ADB: Vietnam economic growth beyond expectations
ADB: Vietnam economic growth beyond expectations Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The Asian Development Bank (ADB) has said Vietnam’s economy will grow higher than expectations for 2015 and 2016, supported by sensible pro-growth monetary and fiscal policies and recent policy reforms. The policies help restore macroeconomic stability and the policy reforms boost business confidence, the bank said in the Asian Development Outlook Update 2015 report released on September 22. In the report, the ADB upgrades forecasts for Vietnam’s gross domestic product (GDP) growth to 6.5% for 2015 and to 6.6% for 2016. Growth drivers Eric Sidgwick, ADB Country Director for Vietnam, said Vietnam’s improving economic performance is being driven by a number of factors, especially stronger output from the manufacturing sector and also rising consumer spending and macroeconomic stability. The report highlights manufacturing output growth of 9.9% in the first half … [Read more...] about ADB: Vietnam economic growth beyond expectations
ADB projects Vietnam economic growth at 5.6% this year
ADB projects Vietnam economic growth at 5.6% this year Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The Asian Development Bank (ADB) has forecast Vietnam’s economy will expand 5.6% this year, up from 5.4% last year, and achieve higher growth next year, at 5.8%, though there will remain some challenges. The projection came out at a function held by the bank in Hanoi on April 1 to announce an Asian Development Outlook 2014 report. There, executives of the bank pointed to low consumer confidence, bad debts and slow restructuring of state-owned enterprises (SOE) as barriers to strong growth. The ADB forecast Vietnam’s inflation can be kept stable at the average rate of 6.2% this year and around 6.6% next year. Dominic Mellor, the ADB economist for Vietnam, said the gross domestic product (GDP) growth of this country and consumer demand remained low, so it would not face short-term risk of high inflation. This year, the State Bank of Vietnam has lowered key policy … [Read more...] about ADB projects Vietnam economic growth at 5.6% this year
Vietnam economic growth slows in January-March
Vietnam's economic growth slowed in the first quarter of the year, the authorities said Wednesday, warning of an "extremely challenging" outlook for the country. Gross domestic product (GDP) grew by 4.89 percent in the three months to March from a year earlier, according to the General Statistics Office, compared with an expansion of 5.44 percent in the fourth quarter of 2012. Corporate difficulties and high interest rates were among the factors contributing to the weak economic climate, the office said. "The situation shows that the economy in the second quarter and the whole of 2013 will be extremely challenging," it added. The figures came two days after the country's central bank announced it was cutting its benchmark interest rates for the seventh time in little more than a year in an effort to boost struggling businesses. The country repeatedly raised interest rates in 2011 to prevent the economy from overheating and to rein in double-digit inflation. As the economy cooled … [Read more...] about Vietnam economic growth slows in January-March
Vietnam economic growth to rise, better quality needed
Vietnam's economic growth will continue to rise next year despite global challenges, but the country still needs to focus on the quality of growth, said two senior economists. The country is planning to boost its growth to 8.5 per cent in 2005. Positive signs The economy has seen many positive signs in 2004, meaning next year's growth will be higher than this year's, said Dr. Tran Du Lich, head of the Ho Chi Minh City Economics Institute. Vietnam's textile markets are expanding as the European Union and Canada have decided to remove its quota restrictions on textiles imports on Vietnam, Mr. Lich told a Thanh Nien reporter. Also, shrimp exports will possibly rise as Vietnam has gained a fair ruling on the U.S. anti-dumping lawsuit so far, he added. Meanwhile, "the country is likely to join the World Trade Organization in 2006, encouraging more investment and establishing a favorable business environment," said Mr. Lich. In December 2005, the WTO ministerial council is … [Read more...] about Vietnam economic growth to rise, better quality needed