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Media reports:Vietnam’s GDP growth predicted at 6.7% for 2016

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/01/2016 (03:00)
According to a survey by Bloomberg, Vietnam’s economy is set to grow at a steady pace of around 6.7% in 2016, even as many emerging countries are facing slowdowns.

Strong domestic demand and increasing foreign direct investment were cited among the main reasons for healthy growth in Vietnam. Vietnam’s government reported in their socioeconomic plan for 2016 to 2020 that they target an annual rate of expansion of approximately 7% for the next few years.

The plan shows that the government targets to raise gross domestic product per capita from $3,200 to $3,500 by 2020 compared with the International Monetary Fund’s estimate of about $2,171 in 2015. The government’s inflation target, meanwhile, remains below 5% while the budget deficit estimates is expected to hold steady at 4% of GDP.

According to some economists, the central bank’s efforts to make the dollar/dong exchange rate more flexible will also help the economy to stabilize and ease pressure on reserves.

Recent government data showed that Vietnam’s private consumption rose 9.3% in 2015 while disbursed foreign direct investment jumped 17.4% to a record-high of $14.5 billion in 2015 compared with the previous year.
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