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Vietnam to post faster growth over other countries in 2023: CIEM

Vietnam may record a GDP growth rate of 5.19% in 2023, lower than the 8.02% expansion last year but still higher than many other countries in the region and the world, the Central Institute for Economic Management (CIEM) predicted.
Vietnam to post faster growth over other countries in 2023: CIEM ảnh 1At the Vietnam Economic Pulse forum held in Hanoi on December 6 (Photo: VNA)
Hanoi (VNA) – Vietnam mayrecord a GDP growth rate of 5.19% in 2023, lower than the 8.02% expansion lastyear but still higher than many other countries in the region and the world,the Central Institute for Economic Management (CIEM) predicted.

Economic growth this year is forecastto show quarter-on-quarter improvement with the rate in the fourth quarterestimated at 7.72%, higher than 5.23% in Q3, 4.05% in Q2, and 3.28% in Q1, Dr.Nguyen Huu Tho, a representative of the CIEM research team told the VietnamEconomic Pulse forum held in Hanoi on December 6.

Meanwhile, 461 trillion VND (almost 19 billion USD) in public investment wasdisbursed during the first 11 months, 6.7% and 122.6 trillion VND higher thanthe disbursed during the same period of 2022.

Of the about 28.8 billion USD in foreigndirect investment (FDI) registered during the period, 20.2 billion USD wasimplemented, the highest over the last five years. Vietnam has also delivered onproper control of inflation, he said.

Despitethe positive results, researchers also pointed out certain problems affecting economicgrowth this year, including those related to the corporate bond market, thereal estate market, and foreign trade.

Vietnam to post faster growth over other countries in 2023: CIEM ảnh 2Vietnam may record a GDP growth rate of 5.19% in 2023. (Photo: VNA)
Thougheconomic growth is high – estimated at 5.19%, it still failed to meet the targetof 6.5%, which may impact the development roadmap to 2030, they noted.

Apart from external factors like the complexgeo-political situation in the world, global economic contraction andinflation, the Vietnamese economy has also been affected by internalfactors such as problems in institutional building, overlapping legal regulations,and the slow reduction of business conditions and administrative procedures.

CIEM Director Tran Hong Minh said thecountry will have to make strong efforts to surmount internal and externaleconomic headwinds. To secure breakthroughs in 2024 and beyond, appropriateeconomic policies and strategies are required to capitalise on achievements ofthe Fourth Industrial Revolution to overcome new difficulties and challenges.

UNDPResident Representative in Vietnam Ramla Khalidi perceived that to recoverstrongly in 2024, Vietnam needs to take flexible solutions to currentdifficulties and challenges. In fact, innovation and energy transition processesare bringing about new opportunities for it to enter new markets, increasegoods value, and promote export.

Thecountry can also step up attracting investment and make use of advancedtechnology such as semiconductor and artificial intelligence technologies toseize these opportunities so as to secure higher-level development and escapefrom the middle-income trap, she suggested./.
VNA
#GDP growth rate #CIEM #Vietnam Economic Pulse Forum #FDI #foreign trade #Vietnam News Agency #Vietnamplus
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