HANOI: Vietnam is expected to post annual economic growth of 6.3% this year, slowing from last year, but still topping a World Bank forecast of 6%.
Foreign exchange reserves would reach a record US$41 billion, Prime Minister Nguyen Xuan Phuc said on Friday, noting that actual foreign direct investment inflows could reach nearly US$15 billion.
Vietnam's estimated growth rate of 6.3% handily tops the World Bank forecast of 6% and is within previous government expectations of 6.3%-6.5%.
"The macro economy is stable, inflation is controlled and major balances of the economy have been maintained," Phuc told a development conference bringing together government officials, diplomats, and international donors.
He estimated exports would grow around 8%, and Vietnam would post a trade surplus of between US$2 billion and US$3 billion this year.
Vietnam's consumer price index is expected to rise 3.14%, said Nguyen Duc Kien, deputy head of the National Assembly's Economic Commission, well within the government's target of keeping inflation below 5%.
Vietnam's economy expanded 6.68% in 2015, the fastest pace since 2007 and extending growth momentum that started in 2012.
The government aims for an average expansion of 6.5% to 7% for the 2016-2020 period, Premier Phuc said.
"We acknowledge there are still many shortcomings, limits and weaknesses which require determination and focus in overcoming to move towards a fast, sustainable and comprehensive growth target," he said. - Reuters
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
