BizLIVE - Vietnam’s gross domestic product is projected to expand 6.7% in 2016, the highest rate since 2011.
Vietnam Economic Growth Set to Quicken to 6.7% in 2016
A production line of earphones of Glonics Company. (Photo: Internet)
The National Assembly (NA), Vietnam’s top legislative body, on Tuesday unanimously approved a socio-economic plan for 2016 under which the local economy is set to grow 6.7%, higher than an estimated expansion 6.5% in 2015.
Based on forecasts for international and domestic situations, such an economic growth rate is feasible, the NA’s Steering Committee said in a report. Moreover, Vietnam’s GDP growth has been on the rise over the past few years, from 5.89% in 2011, 5.25% in 2012, 5.42% in 2013, and 5.98% in 2014.
Consumer prices are projected to rise 5% next year, compared to a 2% increase this year, as global commodity prices are forecast to rebound slightly and prices of some public services at home could be raised, the committee explained.
The state budget deficit is set at 4.95% of GDP in 2016, below 5% of GDP projected for 2015.