ADB ups Vietnam growth forecast to 7.5%

Inflation is projected to be at 3.5%, down 0.3 percentage points from its earlier estimate in September.

Vietnam’s economy is operating well amid instabilities but is facing rising risks.

Global demand for Vietnamese exports is weakening, and for this reason the bank lowered its growth forecast for the country for next year to 6.3%.

The World Bank also warned Vietnam of slowing exports in a report released Wednesday.

Last month, exports fell for the first time since October last year. Exports declined by 8.4% year-on-year and imports fell by 7.2%, it added.

The World Bank said that the fall in exports was broad based. The decline was partly due to weakening external demand but also reflected high-base effects as both registered exceptional growth rates in November 2021 due to the reopening of the economy after months of lockdown.

All major import products experienced sharp declines compared to a year earlier, except for imports of fuel, which increased by 61.7% year-on-year in November 2022.