Vietnam's economy continues on high growth path
Ha Noi, Apr. 15 (VNA) -- Viet Nam's economic growth is expected to increase by 6.2 percent and 6.8 percent, respectively, in 2002 and 2003, compared to 5.8 percent in 2001, according to the Asian Development Bank (ADB).
"Viet Nam's growth rate was one of the highest rates of expansion in Asia last year. Developing Asian countries recorded an average GDP growth of only 3.7 percent in 2001," Country Director of the ADB for Viet Nam John Samy noted.
Viet Nam's growth level will continue to exceed the region's average in the next two years, the ADB's Asian Development Outlook 2002 (ADO) - an annual publication that analyses and forecasts economic trends - said. It added that the country's economy will gain ground on several fronts this year with industry and construction being projected to grow annually by about 10 percent. Consumer spending will expand by 4.5 percent while the services sector will post a growth of 5-6 percent, the ADO said.
The country's trade outlook looks bright due to a bilateral agreement with the US and diversification toward manufactured exports. Exports are expected to jump to USD 16.7 billion in 2002 and to USD 18.7 billion in 2003, showing growth of 8.5 percent and 12 percent, respectively.
Recent trade liberalization and a rise in capital goods imports to implement approved foreign direct investment will result in import growth of 10 percent in 2002 and 13 percent in 2003, the ADO forecast.--VNA
