Vietnam’s economy resilient despite weaker external environment

02:51' PM - Thursday, 26/09/2019

Vietnam’s economy is forecast to maintain healthy growth in 2019 and 2020 at 6.8% and 6.7%, respectively, after growing a robust 7.1% last year, the Asian Development Bank (ADB) said in an update of its flagship annual economic publication, launched today, September 25.

In the Asian Development Outlook 2019 Update, ADB noted that while Vietnam’s gross domestic product growth moderated in the first half of 2019, it will remain resilient this year and next despite a weaker external environment. Inflation forecasts have been lowered to 3.0% from 3.5% for 2019 and 3.5% from 3.8% for 2020.

“Despite a slowdown in export growth due to the escalation of the trade conflict between the United States and China and the consequent downturn in global trade, the economy remains healthy thanks to continued strength in domestic demand and sustained inflows of foreign direct investment,” said ADB Country Director for Vietnam Eric Sidgwick.

“Prospects for domestic consumption continue to be positive, supported by rising incomes, buoyant employment and moderate inflation.”

The recent signing of a free trade agreement with the European Union promises to further open market access for trade and investment, as does the regional Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

A recent amendment to the Public Investment Law should improve public investment by accelerating processes, simplifying procedures and enabling faster disbursement of public investment.

While retaining the growth outlook for Vietnam for this year and next, the report highlighted significant risks to the forecast. The ongoing U.S.-China trade tension and the continuing global economic slowdown could lead global trade to shrink, thus adversely affecting the country’s trade performance and economic growth.

ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to US$21.6 billion. - Source: VNN -

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