ADB Increases Growth Forecast for Vietnam

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Oct. 4 – The Asian Development Bank increased its economic growth forecast for Vietnam this year to 6.7 percent from the 6.5 percent it projected in April.

The bank has also increased the its growth forecast for2011 to 7 percent from 6.8 percent, while lowering inflation projection to 8.5 percent this year and 7.5 percent next year.

“The shift from strong fiscal and monetary stimulus implemented during the global recession to a more balanced policy stance helped to stabilize financial and economic conditions and, together with the global economic recovery, paved the way for solid economic growth this year,” the report said.

Vietnam registered 7.16 percent growth in the third-quarter growth according to government data released last Tuesday. The country’s GDP only grew by 5.8 percent in the same period in 2009. The government’s growth target for the full year is 6.5 percent.

Vietnam’s nine-month economic growth was 6.52 percent, a “relatively high rise” compared with last year’s 4.62 percent over the same period, the General Statistics Office said.