Vietnamese women with typical conical hat on a tea field in the Central Highlands province of Lam Dong. (Photo: Internet)
Vietnam’s gross domestic product (GDP) growth is projected to accelerate to 6.7% in 2016, up from 6.5% seen for this year, the government has said in a report submitted to the National Assembly.
The consumer price index (CPI) is expected to increase by 5% and total investment is estimated at 31% of GDP next year.
The country’s export turnover is planned to grow 10% from 2015 with a trade deficit curbed at 5% of the exports.
Based on the economic performance in the nine months ending September, the government affirmed that the country’s GDP would reach 6.5% this year, 0.3 percentage point higher than the Nation Assembly-approved plan.
Consumer prices are forecast to climb between 1.5% and 2.5% from 2014, far below the initial forecast of 5%. A trade deficit is seen at 3.6% of export turnover, inferior to the 5%-of-exports target.
Vietnam’s GDP expanded 6.81% in the third quarter this year, quickening from increases of 6.47% in Q2 and 6.12% in Q1, bringing the three-quarter growth rate to 6.5%, the highest for the same period of the past five years, according to government data.
A number of international institutions such as the World Bank, the International Monetary Fund, the Asian Development Bank and HSBC have recently lifted forecasts for Vietnam’s GDP in 2015 and 2016, citing stronger domestic demand.