World Bank headquarter in Washington (Photo: AFP/VNA)

The World Bank and International Monetary Fund forecast that developing economies like Vietnam will see a stronger recovery in the near future as global economic headwinds ease.

The International Monetary Fund (IMF) predicts that Vietnam's economic growth will recover in the second half of this year, reaching about 4.7% for the whole year. Inflation will likely be controlled below the State Bank of Vietnam's 4.5% target and the country can return to high growth rates in the medium term as it implements structural reforms.

According to Ms. Michele Wee, General Director of Standard Chartered Bank Vietnam, advantages in labor, global trade integration, supply chain, political stability and potential resources along with the Government's commitment to promoting trade and sustainable growth have helped Vietnam minimize the impact of headwinds.

DBS Bank in Singapore says Vietnam is an attractive FDI destination thanks to the shift of production, many free trade agreements, bright medium-term growth prospects, and a growing e-ecosystem.

Ms. Yun Liu, Southeast Asia Market Research Economist, HSBC Bank, assessed that Vietnam's economy is performing better than most countries and is still an attractive destination for investment in the manufacturing sector. 

The Business Times of Singapore says in recent years, the Government and private sector have strongly promoted attracting talent to make Vietnam a regional technology production center. This has attracted the attention of a series of global technology "giants" and many corporations have increased investment in high-tech in Vietnam.