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4 May 2009

Vietnam expects GDP to grow 3.8% in Q2

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Vietnam should see higher economic growth the second quarter at up to 3.8 percent, Reuters quoted the the country’s Ministry of Planning and Investment as saying.

'The optimistic forecast for Q2 growth is based on signals of the softening of global financial crisis and signs of recovery in the domestic economy,' the ministry's National Socio-Economic Forecast Centre said in a report, citing a recovery in the once fast-expanding country.

The report said expected growth in the farming industry would be at around 2.5 percent, while the industrial sector would grow at up to 4.1 percent in the second quarter.

Vietnam's economic growth slowed to its lowest level in more than a decade in the first quarter as exports and foreign investment succumbed to the global slowdown, hitting an estimated 3.1 percent from a year earlier. This was much lower than the 7.4 percent expansion seen in the same period last year.

Last month, Prime Minister Nguyen Tan Dung said the economy would pick up
in last three quarters of the year as the government's $8 billion stimulus package kicks in. Vietnam's economy would grow between 5 percent and 5.5 percent this year.

Economists including those from the World Bank have said the government's stimulus package, which includes interest rate subsidies on loans and tax incentives for small and medium-sized companies, had a positive impact on the economy.





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