Vietnam growth among Asia’s highest despite Covid-19 slump: ADB

The Covid-19 pandemic could see Vietnam’s growth slow down to 4.8 percent this year, but it will remain among Asia’s fastest growing economies.

The 4.8 percent GDP growth forecast, compared to over 7 percent in the last two years, is estimated on the basis of a Q1 slowdown in multiple sectors including manufacturing, retail, exports and imports, according to an Asian Development Bank (ADB) report issued Friday.

Average inflation in the first quarter rose to a four-year high of 5.6 percent and could reach 3.3 percent for the whole year, but if pork prices stay elevated, inflationary pressures could intensify, the report says.  

However, Vietnam’s slower growth is still expected to be higher than the Asia average of 2.2 percent, the ADB report says, which forecasts growth in China at 2.3 percent, India at 4 percent and Singapore at 0.2 percent.

Keep reading

Dat Nguyen