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Economists still upbeat on Vietnam

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Tuesday, 08/16/2016, 11:56

TCC Thailand plans to

merge Metro Vietnam to
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Despite facing numerous challenges, some international organisations remain optimistic about
Vietnams economic prospects for 2016 due to surging manufacturing and foreign investment.
Agriculture, IT promise success to Vietnamese
firms in Japan

The economy is likely to miss the governments growth target of 6.7% for 2016. But
we find cause for optimism in the coming quarters, HSBC stressed in its report on
Vietnams economy released last week.

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We think that growth will be closer to the 6% handle this year (our GDP growth

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Binh Dinh

forecasts are at 6.3% for 2016 and 6.6% for 2017), broadly in line with projections by
the World bank, which earlier trimmed its 2016 projection to 6% from 6.2%, said the

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report.
The Asian Development Bank (ADB) also stated in its update on Asias economic
situation released in early August that Vietnams growth forecast for 2016 is

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Economists still
upbeat on Vietnam

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downgraded to 6.3% as the unexpected weakness in agriculture will likely keep the
economy from achieving 6.7% growth. GDP growth in 2017 is still expected at 6.5%.

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Trading Economics, a world-renowned provider of economic analysis for governments

and firms in nearly 200 countries, predicted that Vietnams GDP growth rate was
expected to be 6.8% by the end of this quarter. The company wrote Looking forward,

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we estimate the GDP growth rate in Vietnam to stand at 6.7 in 12 months time.
In the long-term, Vietnams GDP growth rate is projected to trend around 6.9% in
2020.
FocusEconomics, which features economic forecasts from the worlds leading
economists, also expects Vietnams economy to rise 6.4% in 2016 and 6.6% in
2017.
The forecasts by HSBC, ADB, Trading Economics, and FocusEconomics are mostly
based on Vietnams well-performing manufacturing and foreign direct investment
(FDI) sectors.

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For example, according to HSBC, as growth in the Vietnamese economy continues

to outpace much of the region, FDI flows have been strong, in turn helping the
economy capture a greater share of the global export market-even as global demand
slows.
Newly-registered and expanded FDI capital in the January-July period surged 47%
year-on-year to US$12.9 billion. More than 1,400 FDI projects were licensed during
the period, mostly in manufacturing processing, and real estate projects.
Meanwhile, Vietnams manufacturing sector activity continues to hold up well
regionally. The expansion seen in its manufacturing sector in July is still the
strongest among the emerging Asian economies. Vietnam is also one of just a
handful of economies still enjoying rising new orders, HSBC stated.
Yoon Young Kim, newly-appointed country president of Schneider Electric Vietnam,
Myanmar, and Cambodia, said that his firm now views Vietnam as the fastestgrowing economy in the Asia-Pacific region.
Schneider Electric plans to expand both business and manufacturing capacity in the
coming years in the country. A new plant is being constructed in Saigon High tech
Park and will be ready for operation in early 2017.
We will continue hitting a double-digit growth rate this year, Kim said.
Nguyen Anh Duc, assistant to the board of directors of International
Telecommunications Investment and Commerce, told VIR that the firms sevenmonth revenue reached over VND200 billion (US$9 million), up 50% year-on-year.
It such revenue streams continue for the year as is expected, the company, which
trades in telecommunication and electronic products, will enjoy a total revenue of

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over VND500 billion (US$22.72 million).

The company is going well, with enterprises confidence growing strongly. In the
time to come, our company will continue expanding its markets and partner
network, Duc said.
VIR

Related news
Opportunities offered by FTAs for Vietnamese economy
ANZ: Vietnamese economy is recovering

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Editor-in-chief: PHAM MANH HUNG
Deputy Editor-in-chief: NGUYEN THUY HOA, NGUYEN TUYET YEN

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