IMF projects Vietnam growth at 6%
Vietnam was expected to maintain the second fastest growing economy in ASEAN-5 in 2015, according to the International Monetary Fund's latest World Economic Outlook.
According to the IMF, the trends within ASEAN would continue to diverge.
The report revealed that Vietnam's economy was projected to grow at 6% this year, after the Philippines which rose to 6.7% on stronger consumption from the drop in oil prices.
Other nations in ASEAN-5, including Indonesia, Thailand and Malaysia, are forecast to grow at 5.2%, 3.7% and 4.8%, respectively, this year.
While the GDPs of Indonesia, Thailand and Malaysia were expected to increase in 2016 to respectively 5.5%, 4% and 4.8%, the growth of Vietnam and the Philippines next year was forecast lower at 5.8% and 6.3%, respectively.
The average growth for ASEAN-5 was expected to reach 5.2% this year and 5.3% in 2016.
Consumer prices in Viet Nam were projected to grow at 2.5% this year and 3.2% next year, lower than the projections for ASEAN-5 which were at 4.1% and 4.2%, respectively.
For the whole Asia and Pacific region, the IMF said that growth was moderate but still outperforming other regions with Asia's growth forecast holding steady this year at 5.6% and forecast at 5.5% in 2016.
The IMF forecast the global growth at 3.5% in 2015 and 3.8% in 2016.