Vietnam is among emerging countries in the world with strong economic growth forcasts for this year and the years to come, according to the World Bank (WB)’s recent Global Economic Prospects report.
|Part of HCM City, Vietnam (Source:VNA)|
In the context that investment in infrastructure and industry in Vietnam is increasing, the WB forecasts that the country’s annual economic growth will reach 6 percent.
In the report, the bank asserted that Vietnam has strengthened development efforts and promoted privatisation.
The state-owned sector currently accounts for only 40 percent of the economy.
Meanwhile, the private sector is growing thanks to an abundant labour force, increasing salaries and stable prices.
The proportion of agriculture in the economy has dropped, making up only 18 percent of GDP last year while that of the production and service sectors was 82 percent.
Besides Vietnam, other countries with strong growth prospects include Myanmar, the Philippines, Indonesia, Bangladesh and Ethiopia.-VNA