Reputable organisations optimistic about Vietnam’s economic outlook
Many reputable international organisations have shown their optimism about Vietnamese economic outlook, predicting that the country can complete its GDP growth target of 6.5% this year.
The Organisation for Economic Cooperation and Development (OECD), Standard Chartered Bank and ADB forecast that Vietnam's GDP in 2023 will expand by 6.5%. (Photo: baochinhphu.vn)
Hanoi (VNA) – Many reputable international organisations have shown their optimism about Vietnamese economic outlook, predicting that the country can complete its GDP growth target of 6.5% this year.
The World Bank (WB) has announced its updated forecast of Vietnam’s GDP growth of about 6% in 2023, down about 0.3% compared to the prediction that the lender made in January. However, the growth rate is still the highest in the Southeast Asian region despite the gloomy global economic situation.
The global trade of goods is recording extremely dismal growth in 2023. This situation is likely to affect the performance of some economies having trade as the main growth engine, especially Malaysia and Vietnam, where growth is forecast to be moderate, according to a WB report.
Reputable organisations optimistic about Vietnam’s economic outlook (Photo: laodong.vn)
In fact, the growth rate of 6.5% for the whole year as set by the Government is considered the most optimistic scenario. Although the country’s GDP increased only 3.32% in the first quarter of this year, many reputable organisations in the world still believed that the country can achieve this goal.
The Organisation for Economic Cooperation and Development (OECD), Standard Chartered Bank and ADB forecast that Vietnam's GDP in 2023 will expand by 6.5%.
However, experts held that the Vietnamese economy will face many risks, including those from the slow recovery of major trade partners, high global inflation, the tightening of monetary policies in many countries, disruption of the global supply chain, energy and food security, disasters and climate change.
Meanwhile, a survey announced by McKinsey & Company showed that around 70% of millennials (persons born between 1981 and 1996) are optimistic about the country’s economic outlook, the highest level among Asian countries.
According to WGSN, a global trend forecasting company, Vietnam will soon become the fastest growing digital economy in Southeast Asia and one of the fastest growing economies in Asia this year.
Alongside, improvements in logistics infrastructure are expected to contribute to boosting Vietnam's e-commerce industry, which is estimated to reach 49 billion USD by 2025.
Vietnamese consumers are increasingly confident in domestic brands and products with 76% preferring domestic and "Made in Vietnam" brands to foreign brands, said Helen Sac, WGSN's Consultant Director for Asia Pacific./.
Vietnam’s consumer price index (CPI) rose 3.55 % while its foreign investment and import-export revenue fell 7.3% and 14.7% during January - May, respectively.
Minister of Foreign Affairs Bui Thanh Son is taking part in the Organisation for Economic Cooperation Development (OECD) Ministerial Council Meeting 2023 in Paris on June 7 - 8.
Andrea Coppola, World Bank Lead Economist for Vietnam speaks to Vietnam News Agency about his recommendations for the country to speed up economic recovery and development in the time to come.
The building of a regulatory sandbox for circular economy development in Vietnam was discussed at a forum held on June 12 by the Central Institute for Economic Management (CIEM) and the Programme for Sustainable Economic Development under the German Agency for International Cooperation (GIZ).
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The Organisation for Economic Cooperation and Development (OECD), Standard Chartered Bank and ADB forecast that Vietnam's GDP in 2023 will expand by 6.5%. (Photo: baochinhphu.vn) 
Reputable organisations optimistic about Vietnam’s economic outlook (Photo: laodong.vn) 
