Credit growth in the first months of this year slowed significantly due to high interest rates and firms’ poor health, raising concerns about rising bad debts.

VOV.VN - Local markets throughout Hanoi have become bustling with a diversification of goods, despite there being a decline in purchasing power on the Kitchen Gods’ Day, which falls on 23th day of the last month of the lunar New Year, known locally as Tet.

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.

The demand for warehousing space is increasing dramatically as consumers' purchasing power is hiking up as the year comes to a close.

VOV.VN - Vietnam is anticipated to be placed among the top 15 with the largest GDP based on purchasing power parity (PPP) in Asia this year, according to the latest projections made by the International Monetary Fund (IMF).

Although textile export was riding high in the first half of the year with a growth of 23%, insiders are pessimistic that the rest of 2022 will not match up.

Vietnam reported a year-on-year surge of 23.5% in textile and garment exports to earn US$18.7 billion in the first five months of this year in the midst of lingering market uncertainties coupled with rising prices of inputs.

VOV.VN - Vietnam's real estate industry has developed alongside the recovery of the economy following the COVID-19 pandemic and is predicted to enjoy a brighter picture compared to 2021 before gradually returning to its pre-pandemic trajectory, according to the Vietnam Report Joint Stock Company.

Input cost increases have forced manufacturers to increase selling prices. However, purchasing power is weak, which is a warning about a tough year ahead.

Vietnam is expected to add 36 million people to its middle class by 2030, according to a recent report by McKinsey.