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
ADB: Vietnam economic growth beyond expectations
ADB: Vietnam economic growth beyond expectationsTu Hoang By Tu Hoang - The Saigon Times Daily ADB Country Director for Vietnam Eric Sidgwick (C) speaks at an event held in Hanoi on September 22 to announce the Asian Development Outlook Update 2015 - PHOTO: ADB 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 … [Read more...] about ADB: Vietnam economic growth beyond expectations
ADB projects Vietnam economic growth at 6.7%
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 … [Read more...] about ADB projects Vietnam economic growth at 6.7%
Vietnam economic growth quickens on exports, beating target
Vietnam’s economic growth accelerated in the fourth quarter as banks increased lending and rising foreign investment boosted exports. Gross domestic product rose 6.96 percent in the fourth quarter from a year earlier, quickening from a revised 6.07 percent gain in the three months through September, according to data released by the General Statistics Office in Hanoi today. For the full year, the economy grew 5.98 percent, beating the government’s 5.8 percent target and compared with a median estimate of 5.7 percent in a Bloomberg survey. Vietnam’s central bank lowered the dong deposit rate cap for some terms in October, and has cut other rates and devalued the dong this year in a bid to help businesses. Exports from overseas companies in the country increased 15 percent this year as disbursed foreign direct investment rose 7 percent, data showed yesterday. “The growth is being supported by exports, mainly from foreign companies,” Tran Dinh Thien, director … [Read more...] about Vietnam economic growth quickens on exports, beating target
Vietnam economic growth quickens on investment, manufacturing
Vietnam’s economic growth quickened in the fourth quarter helped by rising industrial output and record-high foreign investment. Gross domestic product rose 7.01 percent in the fourth quarter from a year earlier, quickening from a revised 6.87 percent gain in the three months through September, according to data released by the General Statistics Office in Hanoi on Saturday. In 2015, the economy grew 6.68 percent, beating the government’s 6.2 percent target. That compares with a median estimate of 6.6 percent in a Bloomberg survey. Vietnam’s economic growth “has gained momentum gradually and is now being supported both by exports of foreign-invested enterprises and domestic demand,” Jonathan Dunn, the International Monetary Fund’s resident representative in Vietnam said in a statement released December 5 in Hanoi. The State Bank of Vietnam weakened the dong three times this year to spur exports after China depreciated the yuan, dragging exchange … [Read more...] about Vietnam economic growth quickens on investment, manufacturing