Vietnam’s GDP growth rate is forecast to reach 9.3 per cent in the fourth quarter and to be driven by sharp increases in domestic consumption and exports, which will attract more foreign investments in the near term, the Ministry of Planning and Investment’s statistics showed on October 10.
The country’s economy grew 8.16 per cent on average in the January-September period,-the fastest pace in the past ten years-based on strong growth of foreign investments and domestic consumption, MPI noted.
The foreign moneys are being funneled into Vietnam via three main channels: the foreign direct investment (FDI), official development assistance (ODA) and foreign indirect investments (FII).
During the time, FDI soared 38.8 per cent on year, reaching US$9.6 billion with disbursement of around US$3.5 billion, up nearly 20 per cent. Vietnam is predicted to attract US$14 billion and the disbursed figure of more than US$4.5 billion this year, up from US$12 billion and roughly US$4 billion in 2006, respectively.
The pledged ODA loans reached roughly US$4.5 billion, and more than US$2 billion was disbursed, the ministry said.
The FII inflow is forecast to double this year when the country’s stock market is heated with several big IPOs.
Vietnam’s domestic consumption and retailing services increased 7.53 per cent on year, 1.7 times higher than its GDP growth.
The ASEAN country is expected to export US$48 billion worth goods this year, accounting for 67 per cent of its GDP value.
Vietnam is now facing challenges such epidemics of poultry, husbandry, and particularly unexpected natural calamities. The country is estimated to incur growing trade deficits of about US$9 billion in the year. (Vietnam Financial Times)
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