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World Bank raises Vietnams growth forecast

to 6.2%
TUOI TRE NEWS
UPDATED : 10/06/2015 13:26 GMT + 7

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The World Bank has raised the 2015 growth forecast for Vietnam
as the Southeast Asian country has buoyant growth conditions,
compared to a moderate trend in the East Asia Pacific, it said in a
report released on Monday.

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Vietnam is expected to grow 6.2 percent in 2015, instead of the

previous forecast of six percent, and 6.3 percent in 2016, the
Washington-based lender said, citing findings from its East Asia
Pacific Economic Update, October 2015 report.

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The East Asia Pacific region overall is expected to grow 6.5 percent in
2015, moderating slightly from 6.8 percent last year, according to the
report obtained by Tuoi Tre News.
East Asia remains one of the main growth drivers of the world
economy, accounting for nearly two-fifths of global economic growth,
the World Bank said, adding growth conditions will be most buoyant in
Vietnam and the Philippines among the large ASEAN economies.

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Vietnams GDP accelerated by 6.3 percent during the first half of 2015,
the fastest first-half-of-the-year growth rate in the last five years,
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according to the report.

The recovery was driven by strong activity in manufacturing and
construction, which together contributed nearly half of overall GDP
growth, it said.
On the demand side, stronger growth was supported by investment
(spurred by strong FDI inflows) and improved private consumption.
Vietnams consumer price index rose only 0.6 percent year-on-year in
August 2015, down from 4.3 percent a year earlier, while the State
Bank of Vietnam (SBV) was able to loosen its monetary policy stance
thanks to a low inflation environment.
This meant banks were able to maintain lower lending rates than in the
past, thereby stimulating credit growth to an estimated 7.9 percent
(year-to-date) in June 2015, consistent with the SBVs target range for
the whole year.
The report noted, however, that Vietnam should accelerate the reforms
of state-owned enterprises and the banking sector by both policy
makers and private analysts to carry growth closer to the 7 percent
mark and meet Vietnams longer-term aspirations to become a
modern, industrialized nation.
As for the 2015 outlook, the World Bank said the medium-term outlook
for Vietnam is positive on balance but subject to significant downside
risks.
Vietnams inflation should remain low due to subdued global conditions
and low global energy and food prices, whereas the fiscal deficit is
expected to start adjusting through consolidation efforts to avoid further
increases in public debt, according to the report.
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Published twice yearly, the East Asia and Pacific Update is the World
Banks comprehensive review of the regions economies.
The October 2015 issue looks at the challenging global environment
facing the region at a time when global trade is growing at its slowest
pace since 2009, and the widespread slowdown in developing
countries has intensified, the World Bank said in a press release.
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