Vietnamese ministry lowers 1st quarter GDP development forecast

HANOI, March 11 (Xinhua) — The Vietnamese Ministry of Planning and Investment has lowered its estimate for Vietnam’s gross domestic product (GDP) growth in the first quarter of this year to 6.58 percent from the lowest growth scenario of 6.76 percent released last November.

The new forecast was presented in the ministry’s’s report on the socioeconomic development in the first two months of this year, Vietnam News Agency reported on Monday.

To achieve the GDP growth of 6.6-6.8 percent in 2019 set by the country’s top legislature, measures should be implemented to promote production and business in the remaining quarters of 2019, said the ministry, emphasizing that industry and construction sectors must grow higher than previously expected.

Earlier in January, Standard Chartered Bank forecast that Vietnam would see a stable GDP growth of 6.9 percent in 2019, buoyed by strong manufacturing sector supported by foreign direct investment.

Vietnam achieved GDP growth of 7.08 percent in 2018, the highest rate over the past 10 years, up from the annualized target of 6.5-6.7 percent, according to its General Statistics Office.

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