Vietnam’s economic growth in 2015, 2016 to go beyond expectations
(VOVworld) - Vietnam’s economic expansion is to exceed expectations for 2015 and 2016, according to the latest Asian Development Outlook Update 2015. Speaking at the press meeting to release its flagship report in Hanoi on Tuesday, ADB country director for Vietnam, Eric Sidgwick, said Vietnam’s improving economic growth performance was being driven by a number of factors, particularly stronger output from the manufacturing sector, rising consumer spending, and macroeconomic stability. Therefore, ADB has raised its growth forecasts for the country from the original outlook made earlier this year to 6.5% in 2015, and 6.6% in 2016.
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Despite these achievements, Vietnam does face some growing macroeconomic challenges, the ADB warned. The report remarked that slowing economic growth in China, one of Vietnam’s largest trade and investment partners, may dampen trade prospects while continued low global commodity prices will reduce export earnings for key sectors such as oil and agriculture. Sidgwick advised that in order to mitigate such challenges, it will be vital for the country to “continue to deepen structural and financial sector reforms, increase productivity growth and boost Vietnam’s international competitiveness”.