A production line at the Dinh Vu Polyester Fibre Plant in the northern city of Hai Phong.(Photo: VNA)
Hanoi (VNS/VNA) - Vietnam’s economywill grow at 6.6 percent this year, slightly down from last year’s 7.1 percent,HSBC has forecast in a report it released this week.
It said average inflation would be 3.1 percent,meeting the central bank’s target of ‘below 4 percent’.
The GDP growth in the first quarter is estimatedat 6.8 percent, down from 7.3 percent a year ago. Manufacturing industrycontributed the most to the growth while the services sector continued tooutperform. The Export growth in the period was the lowest in the last nineyears.
HSBC said the economy still shows strong signsof growth. In March, the Purchasing Managers' Index (PMI) rose, manufacturingand new export orders increased steadily.
The industry remains optimistic based on thelikelihood of improved demand and investment.
Foreign direct investment (FDI) increasedsteadily since the beginning of the year, and is expected to sustain domesticgrowth despite external difficulties.
Meanwhile, low inflation will enable the centralbank to further focus on growth.
The Government is expected to continue withreform of health-related services.
Manufacturing is expected to remain strong thisyear after growing at 13.1 percent in the first quarter and contributing 2.5percentage points to Q1 growth. This was its highest contribution lastyear.
Domestic demand remained strong as growthcontinued in the wholesale, retail and transportation sectors.
The main negative in the first quarter was theslowdown in the growth of the financial sector as credit growth slowed sincethe second half of 2018 to control inflation.-VNS/VNA
Hanoi has recorded a GDP growth rate of 6.99 percent in the first quarter of this year, equivalent to the same period in 2018, it was reported at a meeting of the municipal People’s Committee on March 26.
Vietnam gained positive economic achievements in the first quarter of this year despite a range of difficulties both in and outside the country, Prime Minister Nguyen Xuan Phuc has said.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
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As the most significant and high-profile event in the global logistics industry, FIATA World Congress 2025 is expected to gather over 1,200 delegates from more than 150 countries.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.
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A production line at the Dinh Vu Polyester Fibre Plant in the northern city of Hai Phong.(Photo: VNA) 
