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Vietnam GDP growth forecast lowered to 5.8 percent: ADB

The Asian Development Bank lowered its forecast for Vietnam for 2023 to 5.8 percent from 6 percent which it forecast earlier in the year in its Asian Development Outlook September 2023, The Investor is reporting.

Key reasons for the downgrade listed in the report include

  • Vietnam’s manufacturing output shrinking by 0.4 percent as a result of declining external demand;
  • Regulatory constraints delaying public disbursements;
  • Weak credit growth; and
  • A shrinking corporate bond market.

It also notes:

  • Inflationary pressures in Vietnam have eased due to lower oil prices;
  • That domestic tourism has benefited from efforts to keep the currency stable and economic stimulus programs;
  • The service sector is expected to continue to expand; and
  • That public investment will be the key driver of growth.
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