Vietnam is considered to have a stable macroeconomic environment.

The long-term outlook for the credit rating is stable, reflecting forecasts that Vietnam's economy will accelerate over the next 12 months, driven by improving global demand and Vietnam's gradual resolution of domestic challenges. The organization stated that the national credit rating reflects Vietnam's strong economic growth prospects, moderate government debt levels, and generally stable external position.

Vietnam's economy is projected to accelerate over the next 12 months.

S&P Global Ratings forecasts Vietnam's economic growth to reach 5.8% in 2024, after slowing to 5% in 2023. Vietnam remains an attractive destination for foreign investment, particularly in the manufacturing sector, as businesses continue to diversify their operations across the region. The semiconductor industry's growth cycle is likely to boost Vietnam's growth in 2024 as exports from this sector increase.

In the service sector, cross-border tourism is recovering, with a surge in Chinese tourists. According to the National Tourism Administration, the total number of tourists to Vietnam in the first five months of 2024 increased by 165% compared to the same period in 2023. Domestic demand is also recovering, although still slower than GDP growth. Public investment is likely to gradually accelerate in the coming years, mainly from the state budget.

Over the next 3-4 years, S&P Global Ratings projects that Vietnam's real GDP growth rate will return to its long-term trend of 6.5-7%. According to the organization, although Vietnam's economic recovery still faces some risks, its economic outlook remains positive. The economy is increasingly diversified, with a booming manufacturing sector, primarily driven by foreign direct investment (FDI). Vietnam is an attractive FDI destination in Southeast Asia due to its young, increasingly educated, and competitive workforce, which will help sustain long-term growth.

S&P Global Ratings assesses Vietnam as having a stable macroeconomic environment and an increasingly sophisticated export-oriented logistics network, making its manufacturing sector attractive to global corporations in the electronics, mobile phone, and textile industries. Foreign direct investment (FDI) sectors continue to drive domestic activity, offering better job opportunities and higher wages, thereby boosting personal consumption growth.

According to S&P Global Ratings, trade activity has improved significantly since the beginning of 2024 following a rise in the current account surplus in 2023. Both exports and imports are likely to return to strong growth in 2024. The current account surplus will remain high, at around 5.5% of GDP in 2024.

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Source: https://baolaocai.vn/viet-nam-duoc-danh-gia-co-nen-kinh-te-vi-mo-on-dinh-post385677.html