According to the bank’s report “Global Economic Prospects 2015” released on January 13, Vietnam’s gross domestic product (GDP) growth will further improve in the next two years, reaching 5.8% in 2016 and 6% one year later.Vietnam’s economy may grow stronger in the years to come thanks to recent political-economic reforms and sharply increasing foreign direct investment (FDI) flows, said the report.
“In Vietnam, although macroeconomic stability is solidifying, banking sector balance sheets need to be strengthened to improve access to credit,” the WB said, adding that regulatory reform is also needed to level the playing field for private businesses – especially domestic ones – in relation to state-owned enterprises.
The WB report also indicated that the Asia-Pacific growth is expected to ease slightly to 6.7% in 2015 from 6.9% in 2014 and remain stable over the projected period.
In the Southeast Asian region, some economies such as Cambodia, Myanmar and Malaysia are forecast to grow slower than 2014.
Meanwhile, the Philippines, Indonesia and Thailand will see remarkable economic growth in the next two years after a series of political and economic fluctuations last year.
