ADB forecasts slight growth in Vietnam's GDP

HANOI (VNS) — The Asian Development Bank today forecast that Viet Nam's GDP growth would rise slightly to reach 5.6 per cent in 2014 and 5.8 per cent in 2015.

The Asian Development Bank today forecast that Viet Nam's GDP growth would rise slightly to reach 5.6 per cent in 2014 and 5.8 per cent in 2015.— VNA/VNS Photo Ngoc Ha

The bank said that this follows the progress made in addressing the weaknesses of the domestic banking sector, accompanied by the economic recovery in the US and the Euro zone.

In its Asian Development Outlook 2014 report released in Hanoi, the bank officials called upon the Government to create a level-playing field for public-private partnerships in order to engage more private investment in developing public infrastructure and services.

Dominic Mellor, country economist for ADB Vietnam, said the new Public Private Partnership decree needs to put greater emphasis on competition, which means projects must be awarded through competitive bidding and should follow standard international practices.

The outlook also forecasts that the growth patterns in Southeast Asia would be dominated by country factors and would be around 5 per cent in 2014, as the gains made from better export markets are offset by moderate domestic demand.

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