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.

Foreign investors have increased their net buying since the end of September, indicating that they still see the bright prospects of Vietnam’s economy and find its stock market attractive in the medium and long term.

Prime Minister Pham Minh Chinh affirmed that businesses and entrepreneurs play a crucial role in the cause of national construction and development when he chaired a hybrid meeting between permanent cabinet members and outstanding businesspeople in Hanoi on October 11.

President of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong on October 11 called on associations and businesses to pool resources to enhance competitiveness and boost innovation to become a core force in implementing industrialisation and modernisation, and building an independent, self-reliant and prosperous economy.