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ADB: Vietnam’s economy to remain steady in 2016

by VTV430 March 2016 Last updated at 15:53 PM

Vietnam’s economy is expected to remain stable in 2016, with growth of 6.7% followed by a modest softening in 2017. This forecast was made by the Asian Development Bank in its new flagship report Asian Development Outlook launched on Wednesday.

The report points out three main drivers of the recent growth: foreign direct investment, consumer confidence, and credit and pro-growth policies. However, the economy still faces short-term challenges  such as a slowing global economy and narrowing macroeconomic buffers in terms of fiscal and monetary policies. In the long-term, Vietnam needs to address low productivity and difficulties of domestic firms in integrating into global value chains.  The report also notes that domestic firms will face increasing commercial pressures from recent free trade agreements.

The annual publication Asian Development Outlook analyses macroeconomic issues in developing Asia-Pacific with growth projections by country and region.

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