Vietnam’s 2024 GDP forecast to expand 6.12-6.48 percent

The Central Institute for Economic Management (CIEM), at a workshop in Hanoi on Monday, unveiled two scenarios for Vietnam’s economic growth in 2024 with the gross domestic product (GDP) projected to expand 6.12-6.48 percent.

The country’s GDP will grow 6.48 percent with favorable domestic and international conditions, Nguyen Anh Duong, head of the CIEM’s General Research Department, said at the workshop on Vietnam’s economy in 2023 and prospects for 2024, jointly held by the institute and the German Agency for International Cooperation.

The CIEM also revealed two export scenarios for 2024, with shipments rising 4.01-5.19 percent.

Vietnam’s trade surplus was predicted at US$5.64-6.26 billion, respectively.

The institute projected Vietnam’s inflation at 3.94 or 3.72 percent in the two scenarios.

Its recommendation underscores the importance of directing efforts toward policies aimed at stimulating economic growth recovery.

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This involves enhancing the foundations of the macro-economy, innovating economic institutions to align with environmental considerations, and adeptly managing risks amidst the uncertainties of the global economy.

Global trade showed signs of recovery despite many economic uncertainties.

New technologies, especially artificial intelligence, posted dramatic growth last year, forcing countries to build appropriate governance frameworks, Duong said.

Notwithstanding the global economic slowdown, foreign investment remains a bright spot of the Vietnamese economy.

The Southeast Asian country attracted nearly $36.6 billion in foreign investment in 2023, surging 32.1 percent over 2022.

Of the total, $23.18 billion was disbursed, inching up 3.5 percent year on year and being the highest over the past five years.

Vietnam recorded an import-export turnover of $683 billion and enjoyed a trade surplus of some $28 billion last year.


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