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Vietnam Prospects Look Bright

Vietnam Prospects  Look BrightVietnam Prospects  Look Bright

Vietnam’s economy this year can continue to thrive amid better prospects of foreign direct investment inflow and export revenues but low productivity remains a concern, economists said, Yahoo reported. Last month, the Asian Development Bank lifted its economic growth forecast for Vietnam to 6.7% in 2018 from its previous projections of 6.3 to 6.5%. The World Bank gave a more conservative forecast of 6.5%. Meanwhile, after a 10-year high GDP growth of 6.81% in 2017, the government expects the economy to expand 6.5-6.7% this year. Being an export oriented economy, Vietnam’s somewhat surprisingly fast growth last year owes a lot to the recovering global economy, which expanded 3% in 2017, the highest rate since 2011. This trend would continue, said economist Vo Tri Thanh. Vietnam’s export revenue expanded by 21% against 2016 to $213.7 billion, the highest in the past five years. Following what Prime Minister Nguyen Xuan Phuc called a “year of records”, the country is targeting export growth of 7-8% this year.

 

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