ADB maintains 6% growth forecast for Vietnam's economy

The Asian Development Bank (ADB) has maintained its earlier growth projection for Vietnam this year despite lingering uncertainties in the external environment. The country’s economy is expected to grow at 6.0% and 6.2% in 2024 and 2025, respectively, heard a conference held in Hanoi on April 11.

According to ADB, Vietnam’s economy is expected to grow at a solid pace this year and the next, despite a challenging global environment.

To accelerate growth, stronger measures are required to address domestic structural fragilities, such as heavy reliance on FDI-led manufacturing exports, weak linkages between manufacturing export industries and the rest of the economy, incipient capital markets, an overreliance on bank credit, and complex regulatory barriers to business.

Public investment remains a catalyst for Vietnam’s economic growth, so its effective implementation is crucial. Although the Government has applied various measures to expedite public investment and enhance effective execution, more systematic measures are required to improve legal and regulatory processes and reduce constraints on efficient delivery./.