Mr. Shantanu Chakraborty, Asian Development Bank (ADB) Country Director for Vietnam, said that ADB's recent forecast released in September showed that Vietnam will still lead growth in Southeast Asia at 5.8% for 2023.
ADB lowers Vietnam's growth forecast from 6.5% to 5.8%
The ADB has reduced Vietnam's growth forecast from 6.5% to 5.8% and the forecast for the entire Southeast Asia region to 4.5%. But Vietnam is still a bright spot in the region thanks to its sound policies. Vietnam has controlled inflation very well, its economic growth rate is also good, and the tourism and service industry is recovering.
Although GDP did not reach expectations, it still shows a positive trend. With great efforts from the Government , the target that the Government adjusted and set at 6% is completely achievable.
"Vietnam is not the only country that ADB has lowered its growth forecast. In Southeast Asia, economic performance is weaker across the region. Cambodia, Laos, Malaysia, the Philippines, Singapore, and Timor-Leste are all expected to see lower growth this year. Only a few countries have brighter prospects, including Brunei, Indonesia, and Thailand," Shantanu said.
ADB experts also recommended that Vietnam should pay more attention to developing the private sector - a sector that plays a key role in the economy. The current infrastructure gaps and shortages are still large, and ODA funds are limited. Therefore, it is necessary to mobilize more resources from the private sector for infrastructure, especially infrastructure that is resilient to climate change.
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