ADB maintains 5.2% GDP forecast for Vietnam
(VOVworld) - The Asian Development Bank has maintained its 5.2% GDP growth forecast for Vietnam in 2013 and said gradual progress in settling non-performing loans would prompt its economy to grow by 5.5% in 2014. At its launch of the 2013 Asian Development Outlook update in Hanoi on October 2, ADB economist Dominic Mellor said the economy will grow by 5.5% next year and the inflation rate would be adjusted to 6.5%. Dominic said that transport services and real estate saw improvements this year but the retail and whole-sale sectors declined. The agricultural sector grew 2.1% due to low rice prices and bad weather in coffee plantation regions. Personal consumption was down due to the closures of many businesses, which resulted in increasing unemployment.