Vietnam’s economic growth likely to expand 6.7 pct in 2021: ADB
Vietnam’s economic growth is expected to rebound to 6.7 percent this year despite the recent resurgence of the COVID-19 pandemic in nearby countries, and rise to 7 percent in 2022, according to the Asian Development Bank (ADB).
A view of Ho Chi Minh City (Photo: ADB)In its Asian Development Outlook (ADO) 2021 released on April 28, the ADB said Vietnam’s economic growth will be boosted by export-oriented manufacturing, increased investment, and expanding trade.
The growth momentum is expected to continue, thanks to ongoing reforms to improve the business environment and Vietnam’s participation in multiple free trade agreements (FTAs) involving almost all advanced economies.
Rising international oil prices and increased domestic consumption is expected to push inflation up to 3.8 percent this year and 4.0 percent in 2022, the report said, adding that faster-than-expected recovery in China and the US would significantly expand Vietnam’s trade and growth prospects.
The report said Vietnam can maintain inclusive growth by softening the pandemic’s impact on poverty and incomes.
The ADB also raised its 2021 economic growth projection for developing countries in Asia amid ongoing COVID-19 vaccine campaigns and the sharply increasing export demand in the world market.
The developing region in Asia, comprising 45 countries in Asia Pacific, is forecast to grow 7.3 percent by 2021, and 5.3 percent in 2022.
Meanwhile, the growth rate forecasted for the Southeast Asian region is 4.4 percent, down from the earlier projection of 5.5 percent due to the instability in Myanmar. The Philippines, the slowest economy in Southeast Asia last year with a 9.6-percent contraction, is forecast to grow 4.1 percent this year./.
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