Vietnam’s GDP growth is likely to expand by 5% in the second quarter, and 4% in 2023 before reaching 6% in 2024, Singapore-based Maybank Research Pte Ltd said in a report released on June 27.

Standard Chartered Bank forecasts Vietnam’s second quarter GDP growth to have slowed to 1.5% year-on-year (from 3.3% in the first quarter), posing downside risks to its 6.5% growth forecast for 2023. However, a rebound is expected in the second half of the year.

A recent article posted on portfolio-adviser.com, a news website based in the UK, has pointed out the frequent hope that Vietnam will be upgraded from its frontier-market status to the emerging market status.

VOV.VN - The six economies of ASEAN, including Malaysia, Singapore, Thailand, Indonesia, the Philippines, and Vietnam are predicted to grow by 4.2% this year, far exceeding the projected global GDP growth of 2.0%, according to Maybank Group of Malaysia president and chief executive officer (CEO) Datuk Khairussaleh Ramli.

Agriculture has long been the backbone of Vietnam’s economy for a number of comparative advantages, such as cultivated land, forest cover, sea territories, tropical climate, and available and cost effective labour, according to Surajit Rakshit, head of Global Trade and Receivables Finance, HSBC Vietnam.

VOV.VN - The Vietnamese Embassy in Italy, working in collaboration with the Rome-based Centre for International Studies (Ce.SI), has held a seminar themed “Dynamics in the Indo-Pacific and the Importance of Italy’s Engagement” to mark the occasion of the 50th anniversary of both nations' diplomatic relations.

Many reputable international organisations have shown their optimism about Vietnamese economic outlook, predicting that the country can complete its GDP growth target of 6.5% this year.

The State budget's revenues from export-import activities hit over VND152.94 trillion (US$6.5 billion) in the first five months of this year, making up 36% of the estimate, down 18% year on year, the General Department of Vietnam Customs (GDVC) reported on June 7.

Vietnam remains an attractive market for retailers as local consumers remain optimistic about the economic challenges and are driving premium purchases.

After decades of development, many family-run groups have begun the power transition process. The next generations have taken over leadership, while veteran businesspeople are retiring from their positions.