Vietnam Daily News

Vietnam may not achieve GDP growth and inflation targets: Ernst & Young

Written by Dailynews.vn Thursday, 02 February 2012 16:46

Ernst & Young has lately announced its evaluation report on the economic prospects of countries with rapid development growth in Asia - Pacific, including Vietnam, China, India, Indonesia, Korea, Malaysia and Thailand.

According to Ernst & Young, in 2012, Vietnam will focus on policies to promote economic growth and tame inflation. However, after gaining economic growth of 5.89 percent in 2011, Vietnam's GDP (gross domestic product) growth in 2012 may be lower than target of 6-6.5 percent set by the Vietnamese government as it needs to focus on dealing with potential risks in the process of restructuring state-owned enterprises and small banks.

Besides, Vietnam is also trying to raise accumulated capital in gold and strong foreign currencies.

According to forecasts of Ernst & Young, in 2012, Vietnam's inflation will be higher than target and economic growth will be lower than plan again.

However, Ernst & Young said that the Vietnam's economic growth prospects in 2013 will be better when inflation is below 10 percent and export growth will essentially help narrow the current account deficit.

Source: www.intellasia.net/news/articles/economy/111355051.shtml