HANOI, Dec. 11 (Xinhua) -- The Asian Development Bank (ADB) raised its forecast for Vietnam's GDP growth from 6.8 to 6.9 percent in 2019 and from 6.7 to 6.8 percent in 2020, according to Asian Development Bank's supplemented report on 2019 Asian Development Outlook released on Wednesday.
ADB's inflation forecasts for Vietnam are unchanged at 3.0 percent for 2019 and 3.5 percent for 2020.
The supplement report revised down the forecasted growth in developing Asia in 2019 and 2020 due to a challenging global environment. However, Vietnam's gross domestic product (GDP) is forecasted to grow 6.9 percent in 2019 and 6.8 percent in 2020, up 0.1 percent compared to latest forecasts by ADB.
ADB increased its growth forecast as the "unexpectedly strong growth momentum" of Vietnam in Q3 is likely to carry into Q4 and next year, the report said.
Vietnam's GDP growth in the first three quarters of 2019 reached 7.0 percent, the highest rate for the period in the last 9 years. Private consumption rose by 7.3 percent, and investment expanded by 7.7 percent, boosted by "an improved business environment, continued investor confidence, and increased foreign direct investment," according to the report.
Earlier Vietnam aimed to achieve GDP growth of around 6.8 percent in 2020, compared to the 6.6-6.8 percent set for this year. The target was part of the socio-economic development plan for 2020 approved by the National Assembly of Vietnam, the country's top legislature in November.