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Vietnam’s economy growing faster

Vietnam’s economy growing faster

Thursday, September 28, 2023, 08:57 GMT+7
Vietnam’s economy growing faster
Representatives of firms are pictured networking at a trade promotion program in Vietnam. Photo: T. Vu / Tuoi Tre

Vietnam’s gross domestic product (GDP) expanded 4.12 percent in the second quarter of 2023, well above the 3.28-percent increase in the previous quarter, given gradual rebounds in multiple sectors.

The figures were detailed in a report on socio-economic performance presented by the Ministry of Planning and Investment at a session held by the National Assembly Economic Committee on Wednesday morning.

Besides, Standard Chartered Bank forecasts the Southeast Asian nation will achieve GDP growth of 5.1 percent in the third quarter, up nearly one percentage point over the second quarter.

Singapore lender United Overseas Bank made a higher forecast for Vietnam’s GDP growth at 5.6 percent in the July-September period. 

The lender also predicts a 7.6-percent expansion in the fourth quarter for the Vietnamese economy.

Despite the slow global economic growth, Vietnam is striving to get the GDP growth rate as high as possible this year, according to the report.

Multiple sectors are among main drivers of the economic growth.

Farm produce exports reached US$33.2 billion during the January-August period, at an upswing pace of an estimated 3.34-3.51 percent, while the growth of the service industry is estimated at 6.31-6.95 percent this year.

The index of industrial production in August increased 2.9 percent month on month, while the purchasing managers’ index hit over 50 in August, the highest since March, showing an expansion in production and new orders.

As for the investment aspect, many key projects have got off the ground over the past few months.

As of August, the disbursement of public investment capital had met 42.35 percent of the target, well above the 39.15-percent level in the same period last year.

Vietnam will keep removing obstacles facing enterprises, promote consumption, foster tourism, diversify exports, and speed up traffic projects to achieve the challenging GDP target of 6.5 percent in 2023, according to the ministry.

National Assembly deputy Tran Anh Tuan from Ho Chi Minh City said that the global economic growth remains complicated, while global consumption and spending are on the downward trend.

However, Vietnam is seeing a mild rise in new orders in the apparel, processing, and production and wood industries.

The government has enhanced efforts in seeking new import markets such as South America, the Middle East, and Africa to make up for the decrease in Vietnam’s exports to its traditional buyers, including the United States, Europe, and Japan, Tuan said.

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Tieu Bac – Ngoc An / Tuoi Tre News


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