Vietnam to hit 2019 growth target early

12-Oct-2019 Intellasia | Vietnamnet | 6:02 AM Print This Post

Vietnam is on track to reach its 6.6-6.8 percent growth target this year. However, the country needs to remain cautious about external risks.

ANZ International Bank has forecast Vietnam’s growth rate to reach 6.7 percent this year, while the Asian Development Bank has put it at 6.8 percent and the World Bank a more modest 6.6 percent.

The figures show that Vietnam’s economy will achieve the goals set by the National Assembly, thanks to a number of positive factors.

GDP calculation includes investment, government expenditure, and the trade surplus or deficit. According to international organisations, the driving forces for Vietnam’s economy to achieve its GDP target are exports and domestic consumption.

Although there are good prospects for growth in the short term, international organisations are still warning that the impacts of risks will increase. That is why they appear cautious about Vietnam’s economic growth forecast for 2020.

Vietnam’s economy has a high degree of openness, largely depending on exports. To maintain its growth rate, institutional reform, equitisation of state-owned enterprises, and handling of bad debts in banks are radical and long-term solutions to maintain a sustainable economy in the current context of global economic instability.


Category: Economy, Vietnam

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