Despite many uncertainties in the global economy , Vietnam has maintained a steady and strong growth momentum and is quickly becoming one of the most dynamic economies in Southeast Asia.
This is the assessment of an article titled "In 2024, Vietnam's GDP could reach a growth rate of 6.8% to 7%" published in the Chinese Financial Times on October 22.
Accordingly, the Vietnamese Government aims to economic growth This year's growth is expected to be between 6.8% and 7%, higher than the expected figure announced a few months ago, and much higher than the 5.05% growth rate in 2023.
Citing official statistics, Vietnam's GDP in the third quarter grew by 7.4% year-on-year, the highest quarterly growth rate in the past two years; in which, the growth of the manufacturing and processing industry was particularly prominent, reaching 11.41%, becoming the highest growth rate in the same period in the past six years; the article affirmed that in the third quarter of this year, Vietnam's economic growth rate reached its highest level in two years, thanks to strong exports and industrial production as well as increasing foreign investment, which offset the economic impact caused by Asia's strongest storm.
Specifically, in September, storm No. 3 swept through northern Vietnam, disrupting power supply in some areas, halting industrial production and causing property damage of up to 3.3 billion USD. However, this natural disaster could not hinder the development of the economy. Vietnam's economy, export turnover in the third quarter increased by 15.7% compared to the same period in 2023.
For this reason, late last month, the International Monetary Fund predicted a growth rate of GDP Vietnam's GDP growth this year will reach 6.1%; Asian Development Bank forecasts Vietnam's growth rate at 6%. Based on Vietnam's better-than-expected economic growth in the third quarter of this year, HSBC has raised its forecast for Vietnam's GDP growth in 2024 to 7%, up from 6.5% previously.
Affirming that Vietnam's ability to attract foreign investment has improved significantly, the article cited statistics from the Foreign Investment Agency, Ministry of Planning and Investment of Vietnam, saying that in the first 9 months of 2024, newly licensed projects, capital increase projects, and mergers and acquisitions projects in Vietnam attracted a total of more than 24.78 billion USD in foreign investment capital, up 11.6% over the same period last year; actual disbursed capital was 17.3 billion USD, up 8.9% over the same period last year.
Foreign investors invested in 18 out of 21 sectors of the Vietnamese economy; of which, the processing and manufacturing industry attracted the most foreign investment capital with more than 15.64 billion USD, accounting for 63.1% of total foreign investment capital in Vietnam, down slightly by 0.4% over the same period last year; followed by real estate business; electricity production and distribution and wholesale and retail.
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