Vietnam Economy to Grow 6.4% in 2010: Economist Intelligent Unit
The Economist Intelligence Unit (EIU), an offshoot of the U.K. Economist magazine, has raised its forecast on Vietnam’s gross domestic products (GDP) in 2010 to 6.4% from 6.2% in its earlier analysis.
Thanks to strong economic fundamentals, the Southeast Asian country proved it could live well through the global financial crisis and economic downturn by applying well-directed policies.
Its political stability has also contributed to the economic growth, the EIU said, adding that the global economic recovery has helped brighten the country’s export sector while a rise in imports suggests improved consumer confidence.
The EIU predicted that growth in the industrial sector will accelerate in the 2010-2011 period, mainly driven by the foreign investment.
Vietnam currently ranks the third among six favored emerging markets, or CIVETS that stands for Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa. The communist-ruled nation boasts for positive long-term economic outlook.
Though foreign investors are optimistic about Vietnam’s long-term prospects, investment in manufacturing will remain relatively low as a result of a global financial crisis last year.
Vietnam’s economy expanded 6.16% on-year in the first half of this year.
The Asian Development Bank (ADB) has said in its Asia Economic Monitor report that the Southeast Asian country is on track to reach the National Assembly’s GDP growth target of 6.5% this year, compared to a slow expansion of 5.32% in 2009. (VNS, chinhphu.vn)
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