Tan Cang - Thot Not terminal in Thot Not district, Can Tho province (Photo: VNA)

In its Asian Development Outlook 2021 released on Wednesday, the ADB said Vietnam’s economic growth will be boosted by export-oriented manufacturing, increased investment, and expanding trade.

The ADB also raised its 2021 economic growth projection for developing countries in Asia amid ongoing COVID-19 vaccine campaigns and the sharply increasing export demand in the world market. The developing region in Asia, comprising of 45 countries in Asia Pacific, is forecast to grow 7.3 percent by 2021, and 5.3 percent in 2022.

Meanwhile, the growth rate forecast for the Southeast Asian region is 4.4 percent, down from the earlier projection of 5.5 percent due to the instability in Myanmar.

It also projected that China and India will take the lead in economic recovery in a region stretching from the Cook Islands in the Pacific Ocean to Kazakhstan in Central Asia.