(VOVworld) – Lower crude oil prices would positively affect the Vietnamese economy, helping it achieve stronger growth in 2015. Japanese magazine, The Diplomat, commented on Tuesday that though oil exports account for about 10% of Vietnam ’s state budget, Vietnam is now much less reliant on oil exports for revenues than it was before, 10 percent is a far cry from the previous 20-25% rate. Lower oil prices would help businesses cut costs, thus stimulating domestic production. Glen B. Maguire, ANZ bank’s chief economist for the Asia-Pacific, said he expects that even if the oil price declines 10% for four successive quarters, Vietnam’s GDP will only lose 0.1% while inflation would be cut 2.6 to 2.7%.

Frontier Strategy Group (FSG) predicts that Vietnam’s GDP growth in 2015 could rise from the current forecast of 5.9% to 8.5%. FSG attributes this to significant improvements in consumer spending power and business margins. The Vietnamese government could also take steps to mitigate potentially negative economic effects.