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Vietnamese economy to grow 6.3 pct this year: World Bank

By: Xinhua   Update:2017-07-14
The World Bank (WB) said on Thursday that Vietnam's medium-term outlook remains positive, with gross domestic product (GDP) growth projected to accelerate slightly to 6.3 percent in 2017.
 
The Vietnamese government is determined to pursue the GDP growth target of 6.7 percent.
 
Vietnam's economic growth is projected to stabilize at around 6.4 percent in the 2018-2019, accompanied by broad macroeconomic stability, the WB in the country said on Thursday when releasing a bi-annual report, which recognizes strong momentum of the economy and points to policies to solidify macroeconomic resilience and address structural bottlenecks to growth.
 
Amid strengthening recovery in the global economy since late 2016, Vietnam's GDP expanded by 5.7 percent during the first half of 2017, while inflation has so far moderated and core inflation remains low, at less than 2 percent, said the WB.
 
According to the report, Vietnam's service sector, which accounts for 42 percent of GDP, accelerated in the first half of this year, driven by buoyant retail trade growth, as a result of sustained growth of domestic consumption.