Vietnam Sees Robust Economic Growth: WB

Vietnam has still maintained an encouraging economic growth this year following robust growth in 2005, the World Bank said.

 

The WB has made such comments in a recent update report on Vietnam’s economic development and reform process which is released every six months.

 

In the first five month, the country posted a year-on-year export increase of 24 per cent. In addition, the production value of the private economic sector rose 24.1 per cent followed by the foreign investment sector with a growth of 20.9 per cent and the state economic sector 8.7 per cent.

 

Domestic consumption and investment continued rising sharply during the January-May period. Meanwhile, inflation stood at 3.6 per cent in the first five months and 8.5 per cent in 2005.

 

According to the Ministry of Planning and Investment (MPI), the country’s economic growth is estimated at between 7.5 per cent and 7.6 per cent in the first half of 2006 compared to the whole year’s target of 8 per cent.

 

The MPI minister Vo Hong Phuc said that Vietnam would have to strive to obtain GDP growth of 8-8.2 per cent in 2007 in a bid to catch up with the economic development of regional and world countries.
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