Vietnam's economy is forecast to regain its growth momentum to expand 3.5 per cent-3.8 per cent in the second quarter, higher than 3.1 per cent in Q1 and grow 4.5 per cent-5 per cent this year, the Vietnamese Ministry of Planning and Investment, the country's think-tank, said.
Though lower than 6.2 per cent last year, the country's economic growth is likely and impressive compared with regional and global economies hit by the global slowdown, the MPI's National Socioeconomic Forecast Committee noted.
The economy has positive signs of recovery as the government's demand stimulus packages are demonstrating effectiveness, the ministry said.
“Positive signs of recovery are rising industrial production, sales of electronics, seafood, farm produces, particularly rice and apparels,” the Ministry of Industry and Trade said.
The MOIT noted that higher industrial production value will be based on boosted investments into power generation projects with a combined capacity of 3,000 megawatts.
Consumer price index in April soared 0.35 per cent proving that Vietnam's economy has been out of deflation and is recovering considerably, the government's General Statistics Office noted.
The government will convene a two-way meeting Monday and Tuesday to review performance of the economy and results of its demand stimulus packages and are preparing stronger policies to achieve the set growth target this year.
The government's demand stimulus packages work well, and local lawmakers will likely approve increasing fiscal spending and investments to head off the slowdown, Phung Quoc Hien, head of the National Assembly's Finance and State Budget Committee told state media. (Banking Times, Investment)
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