Vietnam GDP to grow 5.6 percent in 2014: ANZ
Vietnam GDP to grow 5.6 percent in 2014: ANZ
Vietnam’s GDP growth rate is forecast at 5.6 percent in 2014 while inflation is seen varying from 7.5 to 8 percent on average this year, the Australia and New Zealand (ANZ) Banking Group says in a report released in early 2014.
The prediction is made based on the increase of inflation rate and energy input costs in most developing countries. Inflation might rise slightly in both 2014 and 2015, according to ANZ’s report.
Vietnam’s inflation indicator is expected to reach 7.5 to 8 percent by the end of this year, a 1.46 percent increase in comparison with that of last year while the gross domestic product (GDP) is estimated to rise 5.6 percent year on year, ANZ says.
The export sector continues to grow in the next months as Vietnam will benefit from Taiwan and Korea’s supply chain. The exchange rate is also predicted to reach VND21,900 a US dollar at the end of 2015.
A report issued by the Hongkong and Sanghai Banking Corporation (HSBC) also predicts Vietnam’s GDP could grow from 5.4 percent in 2013 to 5.6 percent in 2014. Vietnam still maintains strong economic growth despite global financial crisis, HSBC says.
A new strategy which aims to increase the competitiveness among local businesses and to maintain the sustainable development is encouraged to be applied as soon as possible, HSBC asserts.
In late 2013, the Government has released a resolution on the development plan for 2014 in which the major tasks include stabilizing macro-economic conditions, restraining inflation and gaining a reasonable growth rate.
The country hopes to obtain a GDP growth rate of around 5.8 percent, an export turnover increase of about 10 percent, and a trade deficit of under 6 percent. A number of other targets include CPI increase of 7 percent, total investment for social development of around 30 percent of GDP, state budget overspending of 5.3 percent, and 1.6 million new jobs.
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