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Asian Development Bank ADB predicts Vietnam's economic growth rate (2019) to be 6.8%
The Asian Development Bank (ADB), which aims to promote economic growth, economic cooperation and the development of developing member countries in Asia and the Pacific, has forecast Vietnam's growth rate of 6.8% in 2019.
67 countries around the world participate in ADB, and the world's three largest rating agencies, Moody's Investors, Fitch Ratings, and S&P Global, rank among the top rating agencies along with the World Bank and the Asian Infrastructure Investment Bank (AIIB). I'm here.
According to the annual report of the Asian Development Bank (ADB), Vietnam's economic growth over the next two years will remain steady, with growth of 6.8% in 2019 and 6.7% in 2020.
Eric Sidgwick, ADB Country Director for Vietnam, said Vietnam's economic performance reached a high level in 2018, driven by strong exports and domestic demand, with export-oriented manufacturing, foreign direct investment and strong domestic demand. He said that economic growth will continue to be strong in the near future.
Strong consumer spending, manufacturing, service, and agricultural expansion, as well as increased exports from Vietnam due to free trade agreements, will continue to drive the economy.
ADB Forecast of Vietnam Dong and Inflation Rate
Inflation has averaged 3.5% this year and is projected to rise to 3.8% in 2020, according to the ADB Annual Report. Keeping key interest rates on hold in 2019 will ease upward pressure on the Vietnamese dong and inflation.
On Vietnam trade, ADB hit by global economy and US-China trade war
The ADB annual report mentions the impact on the Vietnamese economy due to the global economic slowdown. Vietnam's economy is highly dependent on the Trade Commission, with the value of trade reaching twice the Gross Domestic Product (GDP). Moreover, both the US and China are Vietnam's major trading partners, raising concerns about the impact of a US-China trade war.
Problems of SMEs in Vietnam and future growth
It points out that Vietnam's participation in the global value chain is mainly due to foreign companies. The domestic private sector is predominantly small and medium-sized, and very few have effectively embraced inward foreign direct investment due to limited access to finance, lack of skills, and the ability to purchase and adapt new technologies. He points out that there are limits.
It is expected to improve the funding environment for SMEs, promote human resource development and the introduction of new technologies at SMEs, and create more added value in the global value chain.
Vietnam investment economy article
World Bank predicts Vietnam's GDP growth of 6.6% in 2019
On April 24, the World Bank forecast that Vietnam's economic growth rate (2019) will reach 6.6%.
Hanoi Q1 2019 FDI more than 10x year-on-year
As noted by ADB, there has been a clear increase in inward direct investment by foreign companies in Vietnam. On the other hand, how domestic SMEs can cooperate with foreign companies is an urgent issue in Vietnam.
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