VN’s economic prospects hailed
The World Bank (WB) named major growth momentums in Viet Nam including consumption recovery, improved investment environment, and accelerated investment attraction.
The Asian Development Bank (ADB) on September 22 upgraded Viet Nam’s gross domestic product (GDP) to 6.5% in 2015 and 6.6% in 2016. Earlier, the lender forecasted Viet Nam’s GDP growth rates at 6.1% in 2015 and 6.2% in 2016.
The UK-based Financial Times on September 22 also assessed that the Vietnamese economy entered a recovery period and became one of few emerging economies with increasing growth rates. Viet Nam is one of few countries enjoying two-digit export growth rates thanks to positive effects of Free Trade Agreements with large-scale markets like the EU, the U.S. and Japan.
Former British PM Tony Blair extremely lauded Viet Nam’s macro-economic stability and reform achievements especially in the banking system. He also predicted that the country would continue to expand vigorously if it applies appropriate growth and integration policies.
Japanese enterprises also highly valued Viet Nam’s potentials and its most charming investment destination in Southeast Asia and are interested in such areas as infrastructure, construction, mechanics, and auxiliary industries.
A large number of foreign press agencies also assessed that Viet Nam is one of countries mostly benefit from the Trans-Pacific Partnership (TPP) Agreement especially market-oriented reform, export boom (garments, textiles, footwear, and agro-products) and FDI attraction.
However, economists also warned that export-oriented processing industries with low labour costs would not enjoy many benefits from TPP tax cuts. In addition, the surging FDI inflows would raise labour costs. Agriculture and service would encounter with heavier competitive pressure.
The WB also noted Viet Nam’s short-term challenges including public debts, the reforms of commercial banks and SOEs. Moreover, Viet Nam’s export, budget collection and labour incomes is influencing by external impacts from the globaleconomy particularly lower oil food and input material prices./.
