Credit Suisse Pins High Hope on Vietnam Economic Growth
Credit Suisse has predicted that Vietnam's economic growth will hit 8.8 per cent in 2007 and 9.2 per cent in 2008, which are higher than the Vietnamese government’s projected figures.
The Swiss bank made such forecast after Vietnam government announced 2007’s GDP growth reach 8.2 per cent on year in first nine months, saying this translates to 8.7 per cent on year in the third quarter.
“We expect Vietnam's exporters will become increasingly influential growth contributors in the long term, as WTO accession and FDI are driving its industrial development and also help penetrates new markets,” Credit Suisse said.
“The development momentum of the domestic economy provides a buffer for Vietnam’s GDP against the wider global cycle, which seems to be likely to moderate next year."
Meanwhile, the Vietnamese government has earlier set target to achieve GDP growth rate of 8.5 per cent this year and 8.7 per cent next year.
The Asian Development Bank, or ADB, even forecast the country’s lower growth rates of 8.3 per cent and 8.5 per cent in two years, respectively.
After Credit Suisse released its forecast, Vietnam’s stock market index went up for two straight days, gaining 15.73 points, or 1,5 per cent to close at 1,097.36 Tuesday. (CS Report Oct)
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