The World Bank (WB) on December 2 announced an on Viet Nam's recent economic developments in Ha Noi.
WB Country Director Victoria Kwakwa stressed that higher domestic demands, maintained export turnover, low inflation rate, and increased trust have created a consolidated foundation for Viet Nam’s middle-term growth.
It is time to stabilize the macro-economy and amend policies to control the fiscal imbalances and address shortcomings of the banking system.
Viet Nam’s GDP growth is estimated to attain 6.5% in 2015, said WB Senior Economist Sebastian Eckardt, adding that the growth is thanks to increasing domestic demands and individual consumption.
Favorable conditions in the macro-economy have helped stabilize the banking system. The nation’s total export turnover in the first nine months of 2015 saw a year-on-year increase of 9.2%.
Regarding the Trans-Pacific Partnership (TPP) Agreement, WB Senior Economist Pham Minh Duc affirmed that the TPP is expected to bring hue benefits for Viet Nam. The nation will gain special benefits compared to other nations, especially in such areas as the manufacturing and processing industry.
It is forecasted that in the next 20 years, the TPP will contribute 8% to the nation’s total GDP, 17% of the export turnover and 12% of the production capacity.
The TPP not only improves the ability to get access to markets but also plays as a crucial factor in the nation’s next restructuring process./.