Standard Chartered: Vietnam is the fastest-growing economy in ASEAN

(VOVWORLD) - Vietnam is set to be the fastest-growing economy in ASEAN in 2019 with a growth rate of 6.9%, which will be maintained until 2021, according to Standard Chartered’s recent year-end economic forecast.

According to Standard Chartered, given Vietnam’s rapid growth, with exports being the driving force, an interest rate cut by the State Bank of Vietnam of 0.25 percent has left minimal impact on credit growth and borrowing costs.  The liquidity of the banking system has been plentiful while overnight borrowing costs have fallen among the lowest levels in 2019.

The Ministry of Planning and Investment has reported 10 billion USD of foreign direct investment (FDI) in Vietnam’s industrial parks and economic zones in the first nine months of 2019, increasing the total number of foreign-invested projects to 8,900 with a registered capital of 190 billion USD. Meanwhile, newly-registered domestic investment has totaled 4.2 billion USD.

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