This is the forecast given in the "Review" report on Vietnam's economy recently announced by the World Bank (WB).
According to the World Bank, recent growth decelerated due to the impact of external disadvantages on important economic sectors. At the same time, weak external demand has slowed growth in export-oriented manufacturing and processing industries. Risks continue to increase, as global uncertainty rises with trade tension escalating and more financial volatility.
GDP growth is forecast at 6.6% due to the impact of fiscal and credit policies. The expected inflation index is still maintained under the official inflation target of 4%.
Mr. Ousmane Dione, Country Director of WB in Vietnam, said that Vietnam needs to prepare to adjust macroeconomic policy in case the above risk becomes a reality, leading to a deeper decline compared to the expectation. "Vietnam will also have to continue to deepen structural reforms, improve export competitiveness, enhance trade depth through regional and multilateral agreements," said Ousmane Dione.
The WB's thematic report goes into the development of Vietnam's tourism industry, the country's largest service export sector, contributing to 8% of GDP in 2017. The World Bank stated that strong growth made The industry have reached a boom in development, which means that if growth continued without being well managed, it could have adverse economic, social and environmental impacts.
According to the General Statistics Office, GDP in the first 6 months of 2019 is estimated to increase by 6.76%, of which the second quarter increased by 6.71% compared to the same period last year, the macroeconomic was stable and the export made an important imprint. Consumer confidence reached a record, inflation was controlled the lowest in the past 3 years.
According to a representative of the statistics agency, the growth target of 6.6% -6.9% in 2019 has been achieved. Because manufacturing industry processing manufacturing, although not growing as fast as 2018, still maintains a high level.
According to Chau An