ADB revises up Vietnam’s growth forecast to 6.7 percent hinh anh 1Cat Lai Port in HCM City (Photo: VNA)

Hanoi (VNA) – The Asian Development Bank (ADB) has revised up Vietnam’s economic growth forecast to 6.7 percent for both 2017 and 2018, compared to previous forecasts of 6.3 percent and 6.5 percent, respectively.

The first three quarters of 2017 saw GDP grow by 6.4 percent, up from 5.9 percent in the same period of last year, the bank said in a supplement to its Asian Development Outlook Update 2017 report released on December 13.

Vietnam’s agriculture recovered and grew 2.8 percent in the first nine months of this year as drought eased in the Mekong Delta and the Central Highlands. Industry and construction remained strong despite the weakening mining and oil subsector that fell by 8.1 percent in the first half of the year.

The report also mentioned the robust growth of the manufacturing sector that expanded by 12.8 percent in the first three quarters of this year, the sector’s highest rate of growth since 2011. Manufacturing growth in the last quarter is likely to exceed growth in the first three quarters.

The services growth surged to 7.3 percent from 6.7 percent in the corresponding period in 2016, thanks to buoyant tourism and strong banking activity.-VNA