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Vietnam economic growth slowing to 6.3%

Friday, 9 December 2016


HANOI: Vietnam is expected to post annual economic growth of 6.3% this year, slowing from last year, but still topping a World Bank forecast of 6%.

Foreign exchange reserves would reach a record US$41 billion, Prime Minister Nguyen Xuan Phuc said on Friday, noting that actual foreign direct investment inflows could reach nearly US$15 billion.

Vietnam’s estimated growth rate of 6.3% handily tops the World Bank forecast of 6% and is within previous government expectations of 6.3%-6.5%.

“The macro economy is stable, inflation is controlled and major balances of the economy have been maintained,” Phuc told a development conference bringing together government officials, diplomats, and international donors.

He estimated exports would grow around 8%, and Vietnam would post a trade surplus of between US$2 billion and US$3 billion this year.

Vietnam’s consumer price index is expected to rise 3.14%, said Nguyen Duc Kien, deputy head of the National Assembly’s Economic Commission, well within the government’s target of keeping inflation below 5%.

Vietnam’s economy expanded 6.68% in 2015, the fastest pace since 2007 and extending growth momentum that started in 2012.

The government aims for an average expansion of 6.5% to 7% for the 2016-2020 period.

Source by: Internet

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