HANOI, May 24 (Xinhua) -- Vietnam's economy could grow by 7.02 percent in 2018 under a high growth rate scenario, according to the country's National Center for Socio-Economic Information and Forecast (NCIF).

The NCIF predicted two economic development scenarios for Vietnam's economy this year, including a basic scenario marked by a medium growth rate and a high economic growth rate scenario, Vietnam News Agency reported on Thursday.

According to the NCIF, the basic scenario is more likely to occur. Under this scenario, investment in the public sector would help maintain a steady growth rate, playing an important role in regulating the economy.

This economic model could see more restructure, but the capital and exports are expected to remain the backbone of economic development. The financial system is projected to maintain its stability, while financial and monetary management are expected to become flexible.

Domestic economic growth this year could reach 6.83 percent under this scenario, while inflation is projected to remain low at about 4.5 percent.

The NCIF forecasts a higher GDP growth rate under the high economic growth rate scenario if the economy can sustain the results expected in the basic scenario in addition to government efforts in economic reform and governance aimed at removing bottlenecks in several sectors of the economy, including land policy, credit and administration.

These efforts are expected to create a favorable business environment for the development of the business community. Under this scenario, the economy could grow by 7.02 percent in 2018, with average inflation at 4.8 percent.

The Vietnamese economy grew by 7.38 percent in the first quarter of this year, up from 5.48 percent in the same period last year.

Vietnam is taking synchronous measures to achieving the targets of posting GDP growth of over 6.7 percent and curbing inflation rate at around 4 percent this year, according to a government report released early this week.