Standard Chartered: “Vietnam economy is recovering”

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According to the report that Standard Chartered has just announced, Vietnam economy will recover modestly in 2013 and the foreign direct investment flows continue to enter.

The reporters predict that Vietnam’s GDP growth in 2013 will recover at 5.5%. Investment and exports are the areas expected to be the biggest contribution to this recovery.

Vietnamese exports still grow well during the recent global economic downturn. Electronics exports has doubled in the first nine months of 2012 and Vietnam has became one of the top oil-exporting countries in Asia. Cost advantage has made ​​Vietnam become the new assembly market which is highly competitive.

Standard Chartered predicts there will be the movement of the plant from other developing countries to Vietnam and this will continue to benefit the commercial sector in Vietnam. The free trade agreement is in the process of negotiations will also contribute to the development of export and trade in the coming years.

“Investing is likely to return in 2013 when the Government attempts to attract investment from foreign investors in infrastructure. The wave of shifting the global factory to lower-cost markets such as Vietnam will create favorable conditions for investment in Vietnam to grow” according to the report.

Also according to the reporters, domestic consuming growth tends to maintain stability in the context of Vietnam is ranking as average income. The gradual recovery of the economy and the openness of the Government in the reform and wage prospects in 2013 will increase consumer confidence and domestic consumption.

(Source: VnEconomy)

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