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Financial News: IMF Says Vietnam's Underlying Growth Momentum Remains Robu

IMF Says Vietnam's Underlying Growth Momentum Remains Robust

07/06/2017 - 03:11:00 (RTTNews)

(RTTNews) - The International Monetary Fund said Vietnam's underlying growth momentum remains robust underpinned by strong manufacturing activity and foreign direct investment.

Concluding the Article IV Consultation with Vietnam, the Executive Board of IMF said the dynamic economy continues to perform well, aided by sound economic fundamentals.

Growth moderated to 6.2 percent in 2016 due to drought and land salinization on agriculture and lower oil production.

However, the lender said the underlying growth momentum is supported by the robust manufacturing sector and FDI, strong domestic demand, and a rebound in agricultural production.

Growth is projected at 6.3 percent for both 2017 and 2018. And headline inflation is projected to stabilize at around 5 percent as administered prices continue to be adjusted.

The IMF welcomed Vietnam's 'broad reform agenda', saying it could raise growth potential and increase resilience to shocks.

Executive Directors of IMF said the tightening of the fiscal stance was appropriate. Also, they observed that monetary policy should remain on hold but be alert for signs of rising core inflation.

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