A corner of Ho Chi Minh City - the southern economic hub of Vietnam (Photo: VNA)

The growth rate will be despite credit tightening, slower private consumption, and weaker external demand. For the medium term, growth is projected to stay around 6.5 percent as the current cyclical uptick dissipates, the report said, adding that poverty may decline further if labor market conditions remain favorable. In its report, the World Bank advised Vietnam to stay ready to respond to changes in the global economy and to continue managing its macro-economy actively and carefully. It predicted growth in other developing countries in East Asia and the Pacific to soften to 6 percent this year and next year.