Vietnam’s economy to grow at 6.5 percent in 2017: ADB
Vietnam’s economy will grow at 6.5 percent in 2017 and expand to 6.7 percent in 2018, according to the Asian Development Bank (ADB)’s “Asian Development Outlook 2017” report.
Hanoi (VNA) – Vietnam’s🉐 economy willgrow at 6.5 percent in 2017 and expand to 6.7 percent in 2018, according to theAsian Development Bank (ADB)’s “Asian Development Outlook 2017” report.
The figures were revealed by ADB’s economicspecialist Aaron Batten at a press conference on economic development inVietnam – Asia in 2017, which was held in Hanoi on April 10. The country’s economy will be driven by thedevelopment of domestic manufacturing, construction, retails and wholesales,banking and tourism, the report noted. Foreign direct investment will boosts thedomestic manufacturing and Vietnam’s exports earnings. In addition, the number of middle-classVietnamese will double to reach 33 million people in 2030, contributing to theincrease of personal expenditure and retails. Meanwhile, agricultural produce is projected topick up somewhat in 2017 given the outlook of higher global food demand.However, the agriculture sector of the country will continue its slow growthcompared to other sectors, dragging down the economy. Major transformation in agriculture sector is avital element to lifting Vietnam economic growth and enabling it to graduate toupper-middle-income status, according to ADB. Achieving such a transformation requiresaddressing main policy challenges, including rising competitiveness in inputsupply, post-harvest processing and the marketing of produce, said EricSidgwick, ADB Country Director for Vietnam. He also suggested Vietnam expanding its ruralinfrastructure and supporting agriculture products while launching moresustainable natural resource management. Simultaneously, it is necessary for Vietnam touse effectively its existing labour and natural resources, he noted.-VNA
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The domestic economy was stable in 2016, particularly toward the end of the year, after a slump in the first half, said Nguyen Duc Thanh, Director of the Vietnam Centre for Economic and Policy Research (VEPR).
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
At the press conference (Photo: VNA) 
