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Vietnam’s economy to expand 6.8 percent in 2019: ADB

The Asian Development Bank forecasts Vietnam’s economy to grow by 6.8 percent in 2019 and 6.7 percent in 2020.
Vietnam’s economy to expand 6.8 percent in 2019: ADB ảnh 1ADB Country Director for Vietnam Eric Sidgwick (Source: laodong.vn)

Hanoi (VNA) - The Asian Development Bank forecasts Vietnam’s economy to growby 6.8 percent in 2019 and 6.7 percent in 2020.

In its flagship annual economic publication, Asian Development Outlook (ADO)2019, the ADB said Vietnam’s economy remains strong growth momentum thoughmoderating amid weakening global outlook.

Speakingat a press conference held in Hanoi on April 3 to announce the publication, ADBCountry Director for Vietnam Eric Sidgwick said that the economic performancein Vietnam reached a sweet spot in 2018, driven by strong exports and domesticdemand.

Economicgrowth will likely hold up well in the near term, supported by export-orientedmanufacturing, foreign direct investment, and sustained domestic demand. Thegrowth momentum is expected to continue, thanks to ongoing reforms to improvethe business environment and encourage private investment,” he added.

Vietnam’s inflation is expected to average 3.5 percent in 2019 and 3.8 percentin 2020, the report said.

According to the report, growth will continue to be broad-based, underpinned byrobust private consumption, the continued expansion of manufacturing, services,and agriculture, and greater market access for Vietnam’s exports throughvarious free trade agreements, including the recently ratified theComprehensive and Progressive Agreement for Trans-Pacific Partnership

It also mentionedrisks for Vietnam’s economy, saying that the world’s major economies -Vietnam’skey trading partners- are weakening. Vietnam is one of the most trade-dependentcountries in the region, with trade volume reaching twice the size of its grossdomestic product (GDP).

Domestically, lackluster progress in state-owned enterprises reform could be adrag on growth, it added.

The report underlined the importance for Vietnam to strengthen private firms’integration in the global value chains (GVCs), which is a key policy challengefor Vietnam’s long-term growth.

Improving small-and medium-sized enterprises’ (SMEs) access to finance, andenhancing SMEs’ capability, including workers’ skills, are among importantmeasures to enable SMEs to better adopt new technologies and have more valueaddition in GVCs, it stressed.-VNA
VNA
#Asian Development Bank #Vietnam’s economy #Asian Development Outlook #growth momentum #business environment #GDP #Vietnamplus #Vietnam News #Vietnam News Agency

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