International Organizations Predict Vietnam’s Economic Growth Prospects

Vietnam's economic growth prospects in 2024 are expected to be robust due to advancements in energy supply, training quality, and the development of "soft infrastructure".

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Fitch Ratings, a credit rating agency, has recently issued an optimistic forecast for Vietnam’s economic growth in the coming years.

According to Fitch Ratings, the Vietnamese government’s domestic financial and monetary policies have provided strong support for the economy. The agency predicts that the country’s economy will grow by 6.3% in 2024 and reach 7.0% in 2025.

The Asian Development Bank (ADB) also expects Vietnam’s economy to grow at a rate of 6% this year, according to their latest Asian Development Outlook Report. Similarly, the International Monetary Fund (IMF) predicts that Vietnam will rank 20th in the world in terms of economic growth, with an estimated growth rate of 5.8% in 2024.

In line with the Socio-Economic Development Plan for 2024, the 15th National Assembly has set a GDP growth target of 6% to 6.5%, along with an average CPI growth rate of 4% to 4.5%.

Vietnam’s economic growth next year is highly appreciated by many organizations. Photo: Baobinhduong

Tran Van Lam, a member of the National Assembly’s Finance and Budget Committee, believes that achieving the set growth target of 6% to 6.5% in 2024 is feasible. He points out that exports, investment, and consumption, which are the three pillars of growth, are all showing positive signs.

The domestic market’s demand is also indicating signs of recovery, with a significant injection of money from stimulus packages into the national economy to boost production and consumption. While public investment is expected to be disbursed slowly, private investment is expected to recover.

Furthermore, wage reform is set to take place this year, which will create additional demand and contribute to stronger economic growth in 2024.

“If no adverse or sudden factors come into play, achieving the growth target set for 2024 is completely achievable,” says Lam.

The International Monetary Fund (IMF) predicts that Vietnam’s GDP will grow by 5.8% in 2024, placing Vietnam among the top 20 fastest-growing economies in the world.

VinaCapital Group also expects Vietnam’s GDP growth to recover to 6.5% in 2024, thanks to the recovery of the export market, the situation in the manufacturing industry, and proper financial management.

Despite global economic fluctuations and domestic inflation, BNN Network suggests that Vietnam has the potential to emerge as a “lighthouse” of recovery. This is due to the combination of cautious government policies, strategic economic planning, and a commitment to stability and development.

Economic experts are also positive about Vietnam’s GDP growth in the coming years. Economist Dinh Trong Thinh believes that Vietnam’s GDP will grow strongly in 2024 due to intensified public investment, production, and business activities, as well as the attraction of foreign investment capital.

Economic expert Nguyen Minh Phong expects a strong growth of the national economy in 2024, driven by industry recovery, export growth, and support measures from the government.

In order to achieve a GDP growth rate of over 6%, Phong suggests that the government needs to adopt updated solutions to adapt to the market. This includes creating a favorable business environment, increasing infrastructure investment, attracting foreign investment, and streamlining administrative procedures.

“Businesses need to review and restructure their contracts and apparatus, seek new contracts, niche markets, and newly opened markets,” says Phong. “The state must also support businesses in finding international markets and have solutions to neutralize embargoes from the US and Russia. Furthermore, investment value reforms are necessary to support businesses.”

Economic expert Dinh Trong Thinh proposes solutions such as stabilizing the Vietnamese currency, containing inflation to enhance business activities, stimulating consumer demand, and reducing selling prices to promote domestic consumption.

Charlotte Pho