The Singapore-based United Overseas Bank (UOB) has kept its forecast for Vietnam's GDP growth in 2023 unchanged at 6.6% in line with the official forecast of 6.5%, although growth momentum is likely to be weaker.
Vietnam’s GDP grew by 13.7% year-on-year in the third quarter of this year and 8.9% over the first three quarters, according to a report released by the World Bank (WB) on October 20.
Vietnam has recorded a strong and impressive socio-economic rebound in the context that the COVID-19 pandemic has been controlled effectively, said Minister-Chairman of the Government Office Tran Van Son at a regular press conference of the Government on October 1.
Vietnam’s economy in Quarter 3 is forecast to expand 13.67 percent against the same time in 2021 when the COVID-19 outbreak struck and affected all production activities.
Leading officials of the Standard Chartered said the recovery of Vietnam’s economy will proceed strongly in the second half of this year, especially now that tourism has been reopened following two years of closure.
Vietnam is aiming for economic growth of 7 percent this year, higher than that National Assembly’s set target of 6-6.5 percent, said Minister of Planning and Investment Nguyen Chi Dung.
Vietnam is targeting to control public debt below 60 percent of gross domestic product (GDP) by 2030 to ensure debt safety and national financial security.
Covid-19 was largely brought under control in the first 5 months of this year and the economic recovery programme was implemented thoroughly around the country, driving socio-economic development in a host of fields. The CPI, meanwhile, rose 2.25 percent year-on-year in the period.
Vietnam’s economic growth in the first quarter of 2022 was consolidated thanks to the solid performance of export-oriented manufacturing and recovering service sector, according to the Vietnam Macro Monitoring report recently released by World Bank.
Vietnam’s GDP is expected to expand by about 4.8 percent in 2021, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5 to 7 percent from 2022 onward, the World Bank has forecast.
Vietnam’s economic growth in the first quarter is estimated at 4.48%, higher than the 3.68% posted in the first quarter of last year. However, there is still much to be done to reach the annual target of 6.5%, according to insiders.
In the 10 years of implementating the socio-economic development strategy (2011-2020), Vietnam's economic growth has been maintained at a relatively high level, listed in the group of high-growth countries in the region and the world.
Vietnam posted the fastest growth in Asia in 2020 and will once again be among the most outstanding performers in the region this year, according to the Hong Kong Shanghai Banking Corporation (HSBC).
The Asian Development Bank (ADB) has revised its 2020 GDP forecast for Vietnam from 1.8 percent to 2.3 percent following positive signs in public investment and domestic consumption.
Vietnam’s estimated Gross Domestic Production (GDP) of 340.6 billion USD this year could exceed that of Singapore by nearly 1 percent for the first time, the IMF says.
Though the COVID-19 pandemic may linger into the end of 2020, the property market will bounce back soon and develop strongly in 2021 and 2022 thanks to the Government’s resolve and timely action, according to Savills Vietnam Managing Director Neil MacGregor.
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