ADB lowers Vietnam 2018 growth outlook as U.S.-China trade spat lingers
Wednesday, September 26,2018AsemconnectVietnam - The Asian Development Bank (ADB) said on Wednesday it had lowered its 2018 economic growth forecast for Vietnam to 6.9 percent from 7.1 percent projected previously, partly due to an ongoing trade friction between the United States and China.
ADB lowered its growth forecast as the ongoing trade tension between the United States and China could have a spill-over impact on Vietnam. However, the ADB outlook is still higher than the Vietnamese government's target of 6.7 percent.
Last month, Vietnam's Prime Minister Nguyen Xuan Phuc said the country's growth this year might exceed target.
"There may be a beneficial impact in the short term, but we have to see how it plays out over the longer term. The long-term risk is trade contraction in general and high competition from as a result of that Vietnam being squeezed out," he said.
Vietnam's growth this year could be dented by lean strength in key export markets such as China, the European Union and Japan, while unfavourable weather conditions could also undermine agricultural output and mining production, ADB said.
The bank revised Vietnam's inflation rate this year to 4 percent from the previous 3.7 percent, with rising expenses in healthcare and education sectors, higher oil prices and currency risk imposed by changes in the U.S. dollar and the Chinese yuan weighing on the dong VND=VN.
The inflation rate for next year is seen at 4.5 percent, from previously projected 4 percent, while GDP growth forecast for 2019 is maintained at 6.8 percent, ADB added.
DAILY: Vietnamese pepper prices decreased by 500 VND on May 23
DAILY: Vietnamese coffee prices rose by 1200 VND on May 23
Vietnam’s rice exports in April and first four months of 2023
Corn imports increased in first 4 months of 2023
Farmers look to capitalise on increased agricultural product exports to China
Gold remains potential investment channel
Reference exchange rate up 4 VND at week’s beginning
DAILY: Vietnamese pepper prices remained unchanged on May 22
DAILY: Vietnamese coffee prices rose by 300 VND on May 22
Main markets supplying fertilizer to Vietnam in 4 months of 2023
Exports to US reached 28.6 billion USD in first 4 months of 2023
Banking sector invests big in digital transformation
Vietnam will run carbon trade exchange in 2028
FDI sector posts trade surplus of over US$14 billion in four months
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...