The export sector has contributed to the resilience of Vietnam's economy. (Photo: moit.gov.vn)
The forecasts are maintained thanks to the country’s economic recovery gaining traction in 2015, rising interest in the country as a destination for foreign direct investment, and recent progress on major trade deals, ADB
said in its “Asian Development Outlook 2015 Supplement” report released Thursday.
Vietnam’s gross domestic product (GDP
) growth accelerated to 6.5%, the fastest growth rate in the past 5 years, ADB added.
The Manila-based bank said that Vietnam’s growth was driven by industry and construction, which contributed nearly half of the total, and boosted by export-oriented manufacturing output and continuing high foreign direct investment.
“On the demand side, available data for the first half of 2015 show domestic demand continuing to serve as the main driver of growth,” says the report.
ADB also kept inflation projections for Vietnam unchanged at 0.9% in 2015 and 4% in 2016.
The World Bank on December 2 revised up its GDP growth forecasts for Vietnam to 6.5% for 2015 and 6.6% for 2016, from respective 6.2% and 6.3% projected in October.