In its Asian Development Outlook released on April 4, ADB said Vietnam’s economic growth will be constrained this year due to the global economic slowdown, continued monetary tightening in advanced economies, and global geopolitical tensions.

However, Vietnam’s growth support policy, along with the large disbursement of public investment, and the reopening of China, will help the Southeast Asian country counter these headwinds.

The bank forecast Vietnam’s agriculture output to grow by 3.2% this year.

Tourist arrivals from China is expected to benefit Vietnam’s tourism industry, which is expected to see year-on-year growth of 8.0%.

However, foreign investment and trade will still be hampered by the global economic slowdown and weakening global demand.

Both imports and exports are forecast to shrink by 7% this year and next, according to the bank./.

VNA