ADB urges VN to impetus economic restructuring for growth

(VOVworld) - Vietnam’s Gross Domestic Product (GDP) growth is likely to increase to 6.1 percent this year and 6.2 percent next year if the Vietnamese government maintains the current monetary and fiscal policy and speeds up the restructuring process.

ADB urges VN to impetus economic restructuring for growth - ảnh 1
Asian Development Outlook 2015 forecasts economic indicators and notes further support needed for enterprises. (Photo:

The announcement was made in the Asian Development Outlook (ADO) report 2015, published by the Asian Development Bank (ADB) on Tuesday.

The ADO also forecast annual inflation at 2.5 per cent this year and rising to 4 per cent in 2016 as domestic demand and global oil prices pick up.

Tomoyuki Kimura, ADB Country Director for Vietnam, said at a press conference in Hanoi to announce the report, that better economic performance in major industrial economies, especially the US, Vietnam’s biggest export market, will boost Vietnam’s exports. Vietnam will also benefit from lower global oil prices, which will increase disposable incomes and lower business costs. But the positive impacts will partly be affected by China’s slow growth.

Dominic Mellor, country economist for ADB Vietnam, said that investment potential, the key drive of Vietnamese GDP growth, is spurred by a sliding inflation rates, growing credit rating, and commodity exports.