Vietnam's economy maintains high growth rate

Illustration photo.

Over the past 9 months, Vietnam's economy has continued to grow, maintaining a positive growth rate, according to a recent report at the Government's online conference with localities in September. In the context of many fluctuations in the world economy, especially due to tariff policies, Vietnam's economy has maintained its resilience with strong growth rates from traditional pillars such as exports, domestic consumption and public investment... towards the growth target of 8.3 - 8.5% for the whole year.

To achieve the growth target of 8.3-8.5% for the whole year as set by the Government, according to the Ministry of Finance , Vietnam's economy in the fourth quarter needs to achieve an increase of at least 8%. The latest figures show a positive outlook, with exports increasing by nearly 15%, FDI disbursement reaching a record, and total retail sales of goods and services increasing by 9.4%.

UOB is also the first financial institution to raise its forecast for Vietnam’s economic growth by 0.6% compared to the previous year. This adjustment is based on the impressive results in the first half of the year, with GDP growth reaching 7.5%, the highest in the region.

"There are many grounds for this optimism because the Vietnamese economy has performed very positively in the first half of the year and I think it will still be very positive in the second half of the year. The Vietnamese government is promoting public investment, especially in the infrastructure sector, which is a very important factor contributing to economic growth," said Mr. Suan Teck Kin - Director of Global Market and Economic Research, UOB Bank.

In the first 9 months, the total disbursed public investment capital reached VND440,000 billion, up 5% over the same period and is continuing to be accelerated. Along with accelerating disbursement, international institutions also emphasized the importance of renewing growth drivers.

Mr. Sacha Dray - Economist, World Bank in Vietnam recommended: "Vietnam needs to continue negotiating to expand the market, while diversifying export products, not only limited to manufactured goods but also expanding to services, digital services and high-value products in the high-tech sector. In addition, it is necessary to strengthen ties with domestic enterprises so that they can contribute to maintaining short-term growth by promoting private consumption".

Vietnam’s economic growth prospects for the fourth quarter as well as this year are still positively assessed by international organizations. Vietnam is facing an opportunity to accelerate to the finish line, but the important thing is to continue reforming to increase its resilience, both achieving short-term goals and creating a foundation for high and sustainable growth in the coming years.

Source: https://vtv.vn/kinh-te-viet-nam-duy-tri-nhip-tang-truong-cao-100251006152735001.htm