SCB said the manufacturing sector's contribution to Vietnam's GDP growth is expected to decrease 1.6 percentage points from 2019, Vietnam News Agency cited the report as saying.
Meanwhile, the service sector, accounting for nearly 40 percent of the GDP, is also forecasted to decelerate with an estimated growth rate of 4 percent compared with 7.3 percent last year. SCB said the number of visitors to Vietnam is estimated to fall by 60 percent this year.
Earlier, the World Bank predicted that Vietnam's economy will grow 4.9 percent in 2020. The Asian Development Bank recently forecasted that the country's GDP growth will slow to 4.8 percent this year.
Vietnam is estimated to record a GDP growth of 3.82 percent in the first quarter of this year, the lowest in the 2011-2020 period, according to the country's General Statistics Office.
The country saw a GDP growth of 7.02 percent last year, up from the annualized target of 6.6-6.8 percent, and has set a target of attaining a GDP growth of around 6.8 percent this year.
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