Vietnam will continue to be one of the fastest growing mid-range economies with an economic expansion of around 6% in 2023, according to Andrew Huntley, Senior Managing Director at BDA Partners, a London-based investment banking advisor for Asia.
Vietnam could face many new challenges in 2023, although experts believe that despite adverse effects from the outside, the Vietnamese economy has remained rather resilient so far.
International capital has flowed into many Vietnamese banks in 2022, which is a good sign indicating the capacity of domestic joint stock commercial banks.
Several countries are raising interest rates in an effort to curb inflation, even though higher interest rates can push economies into even deeper recession.
Standard Chartered Bank has raised its Vietnam GDP growth forecast for 2022 to 7.5 percent from the previous 6.7 percent and for 2023 to 7.2 percent from 7.0 percent to reflect robust Q3 growth of 13.7 percent year-on-year. The last quarter 2022 growth is anticipated at 4.0 percent.
The Vietnamese economy is likely to grow 10 percent year on year in the third quarter of this year, driven by strong domestic consumption, according to Michael Kokalari, chief economist at VinaCapital, one of the country’s leading investment management and real estate development companies.
Workers’ average monthly income stood at VND6.5 million (US$278) in the first half of this year, respectively rising 5.3 percent and 11percent from the same period of 2021 and 2020, statistics showed.
These are promising signs for Vietnam and its economic recovery this year, Caitlin Wiesen, United Nations Development Program (UNDP) representative in Vietnam has said.
Some foreign financial organizations have issued relatively positive predictions for Vietnam’s economy this year, with growth expected at 6.5 - 6.7 percent.
Egyptian newspapers have published articles lauding Vietnam’s outstanding accomplishments in recent years, especially as the 13th National Congress of the Communist Party of Vietnam (CPV) is on the horizon.
The Ministry of Information and Communications (MIC) yesterday held its 2020 summary and 2021 mission meeting. At the moment, Vietnam stands at the second position in the world as to mobile phone and parts manufacturing, and the tenth position regarding electronic parts production. It was able to surpass many developed nations like the US, Germany, Singapore.
The Vietnamese economy urgently needs to find new drivers for growth in the period from 2018-20 to achieve rapid but sustainable development, Deputy Prime Minister Vuong Dinh Hue said at a conference held by the Vietnam Academy of Social Sciences in Hanoi on Wednesday.
