Vietnam’s economy remains resilient amid weaker external environment

Vietnam’s economy is forecast to maintain healthy growth in 2019 and 2020 at 6.8% and 6.7%, respectively, after growing robustly at 7.1% last year, the Asian Development Bank (ADB) said in an update of its annual economic publication launched on Wednesday. Vietnam’s economy is forecast to maintain healthy growth in 2019 and 2020. Illustrative photo. In the Asian Development Outlook (ADO) 2019 Update, ADB noted that while Vietnam’s gross domestic product growth moderated in the first half of 2019, it will remain resilient this year and next year despite a weaker external environment. Inflation forecasts are revised down to 3.0% from 3.5% for 2019 and 3.5% from 3.8% for 2020. “Despite a slowdown in export growth due to the escalation of the trade conflict between the United States (US) and the People’s Republic of China (PRC) and the consequent downturn in global trade, the economy remains healthy thanks to continued strength in domestic demand and sustained inflows of foreign direct investment,”said ADB Country Director for Vietnam, Eric Sidgwick. “Prospects fordomestic consumption continues to be positive, supported by rising incomes, buoyant employment, and moderate inflation.” The recent signing of a free trade agreement with the European Union promises to further… Read full this story

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