HANOI, Apr 09, 2002 (ODJ Select via COMTEX) -- (Dow Jones)--Vietnam's economy
is expected to expand around 6.2% this year, and will grow a slightly faster
6.8% in 2003, the Asian Development Bank said in a report issued Tuesday.

The forecast is lower than the government's estimates, which expect 2002 GDP
growth at between 7% and 7.3%. Official estimates for next year haven't been
issued.

The ADB's Asian Development Outlook 2002 report said Vietnam's economy expanded
5.8% in 2001. Although that is below the government's 6.8% official estimate, it
was still one of the highest rates of expansion in the region, the ADB said.

The ADB said Vietnam government revenues are expected to grow in 2002, due to
rising oil prices. However, given expected higher spending and costs of
implementing administrative reforms, the country's overall budget deficit may
increase to 5%-6% of GDP in 2002-03, from 4.9% in 2001.

Vietnam's already rather high level of trade as a proportion of GDP is expected
to rise further as a result of a bilateral trade deal with the U.S. and
diversification toward manufactured exports.

Exports, according to the ADB, will grow an estimated 8.5% this year and 12% in
2003, while imports will expand 10% and 13% respectively.

Last year, exports grew 6.5% compared with 25.2% growth in 2000. The slip was
due to a fall in crude oil export revenues and slower growth in non-oil exports.
Imports rose just 6% last year because of government controls imposed throughout
much of the year to protect hard currency reserves.

Vietnam's current account surplus is projected to narrow to 0.3% of GDP in 2002
and move to a deficit of 0.2% in 2003 as "imports pick up along with the
expected economic recovery," the ADB said.

The country's current account surplus was estimated at 1.5% of GDP in 2001, the
ADB said.

The ADB added that Vietnam must restructure it state enterprises and banking
sector to maintain its international competitiveness.

-By Hanoi Bureau; Dow Jones Newswires; 844-8250732; phammuoi.nguyen@dowjones.com