Two drivers of Vietnam's economic growth – exports and domestic demand – are moderating, according to a report released by the World Bank (WB) on December 14.

Vietnam’s strong economic performance in 2022 has been driven by several factors, including export, domestic demand and private investment, according to Andrea Coppola, the World Bank (WB)’s lead economist.

VOV.VN - The Asian Development Bank (ADB) has raised its economic growth forecast for Vietnam this year to 7.5%, despite regional and global gloom, the bank said in a regular supplement to the Asian Development Outlook (ADO) 2022 released on December 14.

The State Bank of Vietnam (SBV)’s recent decision to increase credit room by 1.5-2% for credit institutions aims to increase resources and the supply of credit to businesses and key sectors of the economy, SBV Deputy Governor Dao Minh Tu has said.

The night-time economy of major cities in the country has remained underdeveloped due to a lack of proper investment and an absence of a legal framework and policies to promote it, authorities said.

Vietnam’s economic growth is forecast to reach 8% this year before falling to 6.5% in 2023. The strong growth has created a positive “platform” for investment and business activities, especially mergers and acquisitions (M&A).

VOV.VN - The capital city of Hanoi has set a target of recording its gross regional domestic product (GRDP) of at least 7% in 2023.

VOV.VN - Ho Chi Minh City, the most populous and larget economic centre in Vietnam, aims to achieve Gross Regional Domestic Product (GRDP) growth of 7.5 – 8% in 2023 – a target which is equivalent to the figure recorded in previous years but lower than 2022’s gains.

Increasing labour productivity is an important factor to promote economic growth in the long run, and is a prerequisite for Vietnam to narrow its development gap with other regional countries and fulfill the goal of becoming a developed country with high income by 2045, said Deputy Minister of Planning and Investment Tran Quoc Phuong.

Strong purchasing power and demand have created a fast and strong locomotive for economic growth, and Vietnam is forecast to record a GDP growth rate of over 8% this year, said Executive Chairman of Dragon Capital Dominic Scriven.