Vietnam’s strong economic growth would continue this year, driven by increasing FDI and robust domestic demand.-VNS Photo Le Vy Meanwhile, Vietnam has emerged as a prime manufacturing location in Asia. Vietnam’s economy expanded 7.1 per cent last year, the fastest growth in the past decade. All major sectors recorded notable growth, buoyed by manufacturing, construction, wholesale and retail, and tourism. Vietnam’s strong economic growth would continue this year, driven by increasing FDI and robust domestic demand, said Suan Teck Kin, executive director of global economic and markets research of the United Overseas Bank (UOB), at the conference. In the first half of this year, the economy grew 6.8 per cent year-on-year, driven by agriculture, forestry and fishery, industry and construction, and services. Exports and industrial production remained significant growth drivers. Due to solid growth in the export of technological products and various free trade agreements, exports increased 7.3 per cent year-on-year, while imports jumped 10.5 per cent during the first half of this year. Industrial production was boosted by continued opening of new multinational enterprises in labour-intensive, export-oriented manufacturing and processing industries. “As a result, we are projecting Vietnam’s gross domestic product (GDP) growth at 6.7 per cent and inflation… Read full this story
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