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ADB forecasts Vietnam’s GDP growth to reach 5.6% in 2014

MONday - 21/04/2014 20:54
ADO 2014 is the best publication of ADB providing the assessments on updated economic situation of Asia and Pacific area and macroeconomic outlook of this area.
ADO 2014 gives projection on   Viet Nam’s GDP growth to rise slightly to 5.6% in 2014, picking up further to 5.8% in 2015 with economic recovery in the US and the euro zone, as progress on addressing the weaknesses of domestic commercial banking system. Inflation is expected to average 6.2% in 2014, generally stabling food production, reducing policy stimulation, and slightly devaluating Vietnam currency. Inflation is forecasted to average 6.6% in 2015 as economic activity picks up.
The ADO noted progress on financial sector reforms, including stepped up efforts by State Bank of Vietnam to supervise bank lending, merging and restructuring of some weaker banks, easing restrictions on foreign investment in domestic banks. It also acknowledged performance of the new loan classification and provision standards intended to close the gap with international norms that come into effect in June 2014.
“Accelerating progress on resolving bad debt settlement will require to set clear and firm goals, and timelines for closing the remaining gap between national and international standards, as well as strengthening capacity of enforcing agencies,” noted Mr. Tomoyuki Kimura and simultaneously he appreciated positive steps of Vietnam Government.
The ADO also discussed the potential of PPP to be considered as an efficient approach to build physical and social infrastructure, delivering benefits to people.  It pointed that to date private investment in such crucial infrastructure has been limited. Moreover, the favored PPP structure of Vietnam often departs from international standard practice and most of PPP projects have not been awarded through competitive bidding. However, the ADO commended the Government’s efforts to develop a unified legal framework for private sector investment in infrastructure, creating more favorable conditions for PPP transactions occurred.
“Attracting private investment mainly through PPP could contribute to fund projects, and also help Vietnam access to international expertise knowledge and technology, improving the effectiveness and quality of the public services provided,” said Mr. Kimura. “A solid legal framework for PPP can enhance the comprehensiveness and quality of the public services provided.”
                                                     Nguyen Huong
                                                        MPI Portal
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