Standard Chartered ups Vietnam's GDP forecast
Standard Chartered Bank expects Vietnam's gross domestic product growth
to accelerate to 6 percent in 2015, higher than its previous forecast of
5.8 percent.
Standard Chartered Bank expects Vietnam's gross domestic product growth
to accelerate to 6 percent in 2015, higher than its previous forecast of
5.8 percent.
The increase is expected to be driven by the success of structural reforms, which are delivering tangible economic benefits.
The bank made the announcement in a news release on Wednesday, adding that the forecast was highlighted in its recently published global research report entitled "The Year Ahead: Rekindling Animal Spirits".
The report revealed that Vietnam continues to move in the right direction and that the overall global growth is also set to rise this year, although it noted that international investor confidence remained low.
The bank's economists are upbeat about the economic outlook for the country, with foreign investment likely to gather pace and exports to recover this year.
The report also pointed out that multinational companies have expressed a keen interest in increasing investment in the country, thanks to the country's geographic advantages, low labour costs and operational costs, and increasing participation in regional trade pacts.
"We think Vietnam's foreign direct investment and exports are likely to accelerate in 2015, leading to economic growth," said David Mann, the bank's head of macro-research in Asia.
"We also expect some progress to be made on structural reforms in 2015, the last year of the country's five-year socio-economic development plan. This should improve domestic sentiment," he added.
Nirukt Sapru, CEO of Standard Chartered Bank Vietnam, said, "Vietnam is showing early signs of economic recovery and a transformation towards higher-value economic activities.
"The government took important measures in 2014 to improve business conditions, which are expected to bear fruit from 2015."
According to the global research, Vietnam's inflation, contained at 3.4 percent, is likely to provide more room for policy manoeuvrability, and the Trans-Pacific Partnership trade agreement should attract increased foreign direct investment.
The research also highlighted that the country's fiscal policy is likely to be accommodative as the authorities' focus remains promotion of growth, and further progress on reforms is expected.-VNA
The increase is expected to be driven by the success of structural reforms, which are delivering tangible economic benefits.
The bank made the announcement in a news release on Wednesday, adding that the forecast was highlighted in its recently published global research report entitled "The Year Ahead: Rekindling Animal Spirits".
The report revealed that Vietnam continues to move in the right direction and that the overall global growth is also set to rise this year, although it noted that international investor confidence remained low.
The bank's economists are upbeat about the economic outlook for the country, with foreign investment likely to gather pace and exports to recover this year.
The report also pointed out that multinational companies have expressed a keen interest in increasing investment in the country, thanks to the country's geographic advantages, low labour costs and operational costs, and increasing participation in regional trade pacts.
"We think Vietnam's foreign direct investment and exports are likely to accelerate in 2015, leading to economic growth," said David Mann, the bank's head of macro-research in Asia.
"We also expect some progress to be made on structural reforms in 2015, the last year of the country's five-year socio-economic development plan. This should improve domestic sentiment," he added.
Nirukt Sapru, CEO of Standard Chartered Bank Vietnam, said, "Vietnam is showing early signs of economic recovery and a transformation towards higher-value economic activities.
"The government took important measures in 2014 to improve business conditions, which are expected to bear fruit from 2015."
According to the global research, Vietnam's inflation, contained at 3.4 percent, is likely to provide more room for policy manoeuvrability, and the Trans-Pacific Partnership trade agreement should attract increased foreign direct investment.
The research also highlighted that the country's fiscal policy is likely to be accommodative as the authorities' focus remains promotion of growth, and further progress on reforms is expected.-VNA
You should also see
Vietnamese Deputy PM, Venezuelan President hold talks
Vietnamese Deputy Prime Minister Tran Luu Quang held talks with President of Venezuela Nicolás Maduro Moros in Caracas on April 18, as part of his ongoing official visit to the Latin American country.
See more
Business
Vietnam treasures multifaceted cooperation with Côte d'Ivoire: Deputy FM
Vietnam always attaches importance to and wishes to bolster multifaceted cooperation with Côte d'Ivoire – its traditional friendship partner in Africa, Deputy Minister of Foreign Affairs Nguyen Minh Hang has said.
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
