Vietnam's economic growth forecast downgraded: WB

PANO - The World Bank (WB) revised its 2016 growth forecast for Vietnam down to 6 percent from the 6.2 percent predicted earlier in the year.

WB revised its 2016 growth forecast for Vietnam down to 6 percent from the 6.2 percent. (Source: baodautu.vn)

In a report released at a press briefing on July 19 in Hanoi, WB's representative said Vietnam’s economy grew at a slower pace in the first half of this year, with gross domestic product (GDP) growth at 5.5 percent, compared to 6.3 percent last year.

The growth slowdown was attributable to the recent drought and saltwater intrusion’s adverse impacts on agriculture, and weaker industrial production.

According to Achim Fock, the WB’s Acting Country Director for Vietnam, said to maintain a high growth rate, Vietnam needs to push ahead with restructuring to promote productivity.