Vietnam emerges as a beacon of growth and resilience: French media outlet
VOV.VN - French newswire reportlinker.com published an article on January 8, highlighting that Vietnam is emerging as a beacon of growth and resilience amid the dynamic landscape of global economies.
The medial outlet outlined that recent forecasts made by prestigious financial institutions like the Asian Development Bank (ADB) and Standard Chartered Bank spotlight the momentum of the Vietnamese economy, projecting an impressive GDP growth trajectory for the years 2024 and 2025.
The ADB’s optimistic revisions envision growth of 6.4% in 2024, surging from an initial 6%, and a further leap to 6.6% ahead in 2025, up from 6.2%. This upward trend was echoed by Standard Chartered, which anticipates a growth rate of 6.8% for 2024, a notable jump from its previous forecast of 6%.
According to the article, such robust growth projections are underpinned by the strong performance of the Vietnamese economy over recent quarters, a factor which has not only exceeded initial expectations, but also garnered upward revisions from several foreign agencies.
This positive outlook is further bolstered by ambitious targets set out by the Vietnamese Government, with the Prime Minister specifically advocating for a groundbreaking 8% growth rate by 2025.
The banking sector stands at the heart of the nation’s economic resilience, playing a critical role in propelling the country towards its ambitious growth targets. A significant driver of this momentum is therefore the surge in consumer credit growth. With approximately 20% of costumers previously unable to access traditional banking credit now leveraging alternative credit forms, the banking sector’s contribution to the economy has become increasingly pivotal.
This expansion in consumer credit not only underscores the sector’s adaptability to market needs, but also highlights its integral role in facilitating both economic inclusivity and growth.
Despite some of the challenges posed by limited access to bank loans for industrial production enterprises, the Government’s proactive stance, led by Prime Minister Pham Minh Chinh, emphasises a concerted effort towards achieving double-digit economic growth moving forward. This ambition in turn reflects a comprehensive approach to economic development, where easing lending rates and expanding credit access play essential roles.
The newswire pointed out that as the country strides towards exceptional economic milestones, the banking sector remains a critical player in this journey of growth and resilience.
