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Vietnam's economy to expand by 6.2 pct in 2015: WB

Xinhua, October 5, 2015 Adjust font size:

Vietnam's economy is forecast to expand by 6.2 percent in 2015, according to an East Asia and Pacific Economic Update released by the World Bank (WB) here on Monday.

"Growth is expected to be over 6 percent in 2015, underpinned by further recovery in domestic demand, in turn reflecting more robust private consumption and investment growth," the WB said in its semi-annual publication.

Despite the expansionary monetary policy stance, inflation would remain low due to subdued global conditions and low global energy and food prices. The WB estimates that Vietnam's inflation would stay at 1.5 percent in 2015.

The trade balance is projected to turn into a deficit in 2015 due to softer export growth and sustained strong import growth stoked by stronger domestic economic activity, said the WB.

The WB also assessed that Vietnam's economy is subject to downside risks, both external and domestic. On the external front, global growth remains sluggish and subject to much uncertainty, with important implications for Vietnam through its significant trade linkages.

Furthermore, weak global prices of rice and other agricultural products may adversely affect rural household income and consumption.

On domestic side, a credible medium-term fiscal consolidation plan together with comprehensive structural reforms to strengthen the finances of the state-owned enterprises and the state-owned banking sector would remain crucial to ward off pressures on public debt and boost private sector confidence.

In 2014, Vietnam's GDP witnessed a growth of 5.98 percent against the 2013 level. Endi