Vietnam’s GDP is projected to grow 5.8% this year, sharing the second position with Cambodia in the region, only after the Philippines, according to the International Monetary Fund (IMF).

Representatives of ministries and sectors highlighted measures to achieve the GDP growth target for 2023 at the Government’s regular press briefing on April 3.

Major targets for the first quarter of 2023 were basically reached, with political security, macro-economic stability and major economic balances maintained, inflation controlled, security-defence and social order ensured, and external relations and international integration strengthened, stated Prime Minister Pham Minh Chinh.

The private business sector has been an important driving force of the economy and is expected to raise GDP contribution to 55% by 2025, a top economist told the second Private Economic Forum 2023 in Hanoi on April 2.

The Government wants the private sector to be a main driver in the country’s development, with a target of establishing 1.5 million businesses by 2025.

VOV.VN - Vietnamese gross domestic product (GDP) grew by 3.32% in the first quarter of the year, the second lowest rate in the 2011 - 2023 period, according to the General Statistics Office (GSO).

The Singapore-based United Overseas Bank (UOB) anticipates the State Bank of Vietnam (SBV) will cut its refinance rate in the second quarter this year by 100 basis points to 5.00%.

VOV.VN - Foreign retail giants such as Central Retail, AEON, and MM Mega Market have set their sights on capturing a larger share of the Vietnamese market, according to industry insiders.

Vietnam’s economy is well supported by its policy, but headwinds in the world’s financial market, with risks from the European and American financial systems, have caused concern.

The State Bank of Vietnam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to World Bank.