World Bank cuts Vietnam growth forecast to 6 percent

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Workers observe a ceramic panel assembly line at a ceramic brick and panel factory in Vinh Yen Town, outside Hanoi in August 2015. Photo credit: Kham/Reuters Workers observe a ceramic panel assembly line at a ceramic brick and panel factory in Vinh Yen Town, outside Hanoi in August 2015. Photo credit: Kham/Reuters

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The World Bank has lowered its forecast for Vietnam’s economic growth in 2016 to 6 percent, down from its previous projection of 6.2 percent in April.
In a statement released on Tuesday, Achim Fock, the World Bank’s acting country director in Vietnam, said despite softer growth this year, the country’s medium term outlook “remains positive.”
“Achieving sustained high growth will depend on Vietnam’s ability to continue and deepen structural reforms to boost productivity,” he said.
Vietnam’s economy has felt the pinch from historic drought in its rice basket, seawater intrusion damaging soil and El Nino weather hurting coffee production. First-half growth cooled to an estimated 5.52 percent, from 6.32 percent in 2015, according to official figures.
However, that growth rate still made Vietnam one of the top-performing economies in Southeast Asia.
The government has a 6.7 percent growth target for the year.

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