Tuesday,  Apr 24,2018,13:45 (GMT+7)

ADB revises up Vietnam economic growth forecast for 2017, 2018

Quoc Hung
Thursday,  Dec 14,2017,18:02 (GMT+7)
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ADB revises up Vietnam economic growth forecast for 2017, 2018

Quoc Hung

HCMC - The Asian Development Bank (ADB) has forecast Vietnam’s economy would expand 6.7% this year and keep the projection unchanged for next year, adjusting its earlier forecasts of 6.3% and 6.5% for the two years.

Vietnam’s gross domestic product (GDP) growth had reached 6.5% in the year to end-September compared to 5.9% in the same period last year. The agriculture sector recovered and grew by 2.8% thanks to less severe drought in the Mekong Delta and the Central Highlands.

Meanwhile, manufacturing and construction industries maintained strong growth although mining and crude oil output went down in the first half of the year.

Processing and manufacturing sectors also picked up to 12.8% in January-September, the highest growth rate since 2011. The rate is expected to increase further in the last quarter of the year.

The service sector, buoyed by buoyant tourism, had expanded 7.3% in the year to end-September compared to 6.7% in the year-earlier period.

ADB’s predictions of Vietnam’s economic growth are in line with those of the World Bank, as the latter has recently put Vietnam’s GDP growth forecast this year at 6.7%.

ADB also predicted Asia’s economy would grow 6% this year due to stronger-than-expected exports and domestic fuel sales growth. The growth is expected at 6.5%, excluding Asia’s newly industrialized economies.
ADB’s chief economist Yasuyuki Sawada said Asia’s economic growth is supported by recovering exports.

Economies should invest in human resources and infrastructure to sustain growth.

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