Vietnam targets 6-6.5% growth in gross domestic product (GDP) and 4,700-4,730 USD in per capita income in 2024, according to a newly-approved National Assembly (NA) resolution.

Vietnam has the potential to achieve a GDP growth rate of 6-6.5% in 2024, driven by public investment, consumer spending, import-export recovery, and monetary policies, said Huynh Hoang Phuong, head of Investment Research and Analysis Division at FIDT JSC.

VOV.VN - Many prestigious international organizations such as VinaCapital and the International Monetary Fund (IMF) have forecast that Vietnamese GDP will continue seeing strong growth in 2024, rising to be among the 20 highest growing economies globally.

With 90.49% of approval votes, the National Assembly (NA) on November 9 adopted a resolution on the socio-economic development plan for 2024, which sets a target of 6.0 - 6.5% growth in gross domestic product (GDP) for the year.

Vietnam’s gross domestic product (GDP) growth has been the highest in Southeast Asia over the last decade, according to US-based website seekingalpha.com.

Standard Chartered Bank maintained robust 2024 GDP growth forecast of 6.7% for Vietnam in its latest macro-economic updates about the Southeast Asian nation.

VOV.VN - Vietnam’s GDP growth is projected to slow down from 8% in 2022 to 4.7% in 2023 before rising to 6.5% in 2024, according to Michael Kokalari, CFA. Chief Economist at VinaCapital.

Although Vietnam’s economy showed signs of recovery in the third quarter of this year, particularly in industrial production and exports, a significant increase in headline inflation has emerged as a cause for concern, prompting scrutiny from policymakers.

Experts from the International Monetary Fund (IMF) maintained their forecast for Vietnam’s GDP growth at 4.7% in 2023 but expressed their optimism about the medium-term prospects, with GDP growth predicted to reach 5.8% in 2024 and 6.9% in 2025.

Vietnam’s economy has made good recovery since the beginning of this year; however, inflation risks could weight on the country’s growth outlook, according to experts.