ADB Forecasts 7.8% GDP Growth for Viet Nam in 2006

The Asian Development Outlook 2006, released by the Asian Development Bank (ADB) on April 6, forecasts Viet Nam’s economy would grow by 7.8% this year and 8% next year, higher than other Southeast Asian countries.

The annual economic publication says Viet Nam’s economic performance is being fueled by surging private investment and strong domestic demand. The country will maintain high growth rates due to stable increases in foreign direct investment, strong inflows of remittances and tourism receipts.

A steady transition to a market-based system and closer integration with world markets are driving growth in Viet Nam, says the publication

Based on favorable outlooks for the Vietnamese economy, ADB says Viet Nam is completely able to beat the GDP growth target of 7.5%-8% a year between 2006 and 2010.

Links:
Asian Development Outlook 2006
For Southeast Asia
GDP Growth and Forecasts table

By Bao Minh – Translated by Tuong Thuy

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