Vietnam to post economic growth of 6.9 pct in 2019: Standard Chartered

Source: Xinhua| 2019-01-16 23:46:40|Editor: yan
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HO CHI MINH CITY, Jan. 16 (Xinhua) -- Standard Chartered Bank has forecast Vietnam will see a stable economic growth of 6.9 percent in 2019, buoyed by strong manufacturing sector supported by foreign direct investment (FDI), Vietnam News Agency reported Wednesday.

According to the bank's latest macro-economic research on Vietnam, which was announced on Wednesday in Ho Chi Minh City, the country's manufacturing is likely to expand in double digits in 2019 like it did in the last four years, supported by strong FDI inflows in the sector.

Construction activities are predicted to be stable this year, with growth forecast at 8.9 percent for the whole year. Meanwhile, the agricultural sector will continue the momentum after its growth hit a record high of 2.9 percent in 2018.

The bank's economists reckon FDI inflows to stay strong this year at close to 15 billion U.S. dollars, and most of the capital will be landed in the manufacturing sector. Particularly, the field of electronics is expected to remain high in the medium term.

Vietnam achieved gross domestic product (GDP) growth of 7.08 percent in 2018, the highest rate over the past 10 years, up from the annualized target of 6.5-6.7 percent, according to its General Statistics Office.

Vietnam's top legislature has set a target of attaining GDP growth of 6.6-6.8 percent in 2019.