The Asian Development Bank (ADB) has raised its forecast for Asian economic growth to 6.7% this year thanks to increases in exports and higher domestic fuel consumption.
The Bank adjusted Vietnam’s growth rate to 6.7% for 2017 and 2018. In the first 3 quarters of this year, GDP was at 6.4% compared to 5.9% in the same period last year.
Agriculture had rebounded 2.8% as droughts have eased in the Mekong Delta and Central Highlands. Industry and construction have maintained a strong growth rate, despite a 8.1% reduction in mining and crude oil exploitation in the first half of this year.
In its Asian Development Outlook Update 2017 report released on December 13, ADB acknowledged Vietnam’s achievements in processing and manufacturing that expanded by 12.8% in the first three quarters of this year, the sector’s highest rate of growth since 2011. Manufacturing growth in the last quarter may exceed growth in the first three quarters.
The services growth soared to 7.3% from 6.7% in last year's corresponding period thanks to expanding tourism and strong banking activity.VOVWorld