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Vietnam’s GDP projected to grow 6.83% in 2018

Aug 09. 2018
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By Viet Nam News
Asia News Network

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Vietnam’s gross domestic product (GDP) is expected to grow 6.83 per cent in 2018, almost unchanged from 6.8 per cent in the same period last year.

The forecast was made by the National Centre for Socio-economic Information and Forecast (NCIF) under the Ministry of Planning and Investment, which organised a seminar on Wednesday in Hanoi on the theme “Vietnam ’s economic prospects for the last six months of 2018 and the impact of US-China trade tensions”.

The seminar reviewed the country’s macroeconomic situation during the first six months of 2018 and discussed likely challenges in the second half as well as the impact of external factors, particularly US-China trade tensions, on Vietnam’s economy.

The NCIF expects the GDP growth rate in the third and fourth quarter to reach 6.72 per cent and 6.56 per cent, respectively.

Average annual inflation is forecast to be in the range of 4 to 4.2 per cent.

“In the second half of this year, Vietnam will still have to face many challenges, including pressure from the appreciation of the US dollar against other currencies after the US Federal Reserves raised interest rates on June 14 and signalled two more hikes to come later in 2018,” said Dang Duc Anh, head of NCIF’s Analysis and Forecast Division.

He said American trade protectionism and fluctuations in the prices of basic commodities and energy will affect Vietnam ’s economic growth as the pressure to stabilise exchange rates and inflation is increasing.

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