ADB: VN’s economic growth to reach 6.8% in 2019

Photo: VNA

ADB Country Director for Viet Nam Eric Sidgwick said that Viet Nam’s economy will strongly grow in 2019, adding that the nation’s economic growth attained high growth in 2018 thanks to increasing exports and domestic demand. 

The high economic growth may be maintained in the time ahead with the support of the export-oriented processing and manufacturing sector, foreign direct investment and domestic demands, he said, adding that the growth motivation will be continued by reforms to improve business environment and encourage private investment. 

According to the report, the growth will be manifested comprehensively at all fields such as strong personal consumption, expansion of processing, manufacturing, service and agriculture sectors as well as bigger market access ability for Viet Nam’s export items through a number of free trade agreements, including the recently-approved Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).   

ADB forecasts the average inflation rate of 3.5% in 2019 and 3.8% by 2020. 

The report highlights the importance of Viet Nam in enhancing integration of private enterprises into the global value chain. 

The improvement of ability to get access financial resources of the small and medium-sized enterprises (SMEs) and its capacity, including laborers’ skills are key measures to allow the SMEs to apply new technology and gain more values in the global value chain. 

By Thuy Dung