The World Bank (WB) has forecast that Viet Nam’s economy will grow 5.6% in 2015, the same level as last year.

Producing copra for export

According to the bank’s report “Global Economic Prospects 2015” released on January 13, Viet Nam’s gross domestic product (GDP) growth will further improve in the next two years, reaching 5.8% in 2016 and 6% one year later.

Viet Nam’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.