Vietnam unlikely to achieve GDP, inflation targets: Ernst & Young

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Vietnam unlikely to achieve GDP, inflation targets: Ernst & Young

Source: VOVNEWS

Inflation in Vietnam could cool down this year, yet by a lower rate than expected, while GDP growth may also lag behind target, foresees a recent report by Ernst & Young.

In its report, Ernst & Young said Vietnam would not be likely to achieve the GDP growth target of 6 – 6.5 percent in 2012, given the low figure of 5.89 percent recorded last year.

The report concerns the economic outlook of the countries with fast economic growth in Asia – Pacific including China, India, Indonesia, the Republic of Korea, Malaysia, Thailand, and Vietnam.

The accountancy firm said that although the country will focus its policies on boosting economic growth and taming inflation, the target could not be achieved since the government has to handle possible risks during its process of restructuring state-owned enterprises and the banking system.

The Ernst & Young forecast also stated that Vietnam’s inflation would remain higher than expected.

However, the report said the country’s economic outlook would get brighter next year, when inflation is expected to drop below 10 percent, and strong export growth would help reduce trade deficit.

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