World Bank: Vietnam’s macro economy continues to stabilize
(VOVworld) - Vietnam’s macroeconomic situation continues to stabilize but growth remains below potential and rising inequality is a concern, said World Bank country director Victoria Kwakwa at a ceremony on Tuesday to announce Vietnam’s updated economic report in Hanoi. She said that although gross domestic product is estimated to grow at 5.4% this year, higher than many other countries in the region, it is still below Vietnam’s potential. She added that in the short run, the subdued economic growth was linked to soft domestic demand but longer-term prospects will depend on whether Vietnam can quickly address structural problems to enhance economic efficiency and the competitiveness of the country.
Regarding China’s illegal placement of oil rig Haiyang 981 in Vietnam’s exclusive economic zone, potentially adversely affecting Vietnam’s potential economic growth in the future, Ms. Kwakwa said no effect has been seen so far and trade exchanges between Vietnam and China were continuing as usual. She hailed the Vietnamese government’s timely measures to support business affected by the riots protesting China, adding that this reflects the Vietnamese government’s due attention and efforts to protecting the safety of foreign investors.