Vietnam’s growth likely to reach 6.47 percent

The Central Institute for Economic Management (CIEM) forecast Vietnam’s growth at 6.47 percent in 2023.

The CIEM under the Ministry of Planning and Investment announced two scenarios to forecast Vietnam's economic prospects in 2023 at a seminar this morning. The first scenario is considered a more feasible scenario with economic growth in 2023 possibly reaching 6.47 percent.

This level is approximately equivalent to the economic growth target of 2023 that the Government has determined, which is 6.5 percent. In the second scenario, according to the CIEM, the country’s growth can reach 6.83 percent. Vietnam is showing the image of a country that is trying to materialize strong commitments and clear orientations from COP26 on attracting high-quality investment toward a carbon-neutral economy and green growth, said Mr. Nguyen Anh Duong, Head of the CIEM’s General Research Department.

Regarding Vietnam's economic prospects in 2023, CIEM said that Vietnam may be influenced by more factors such as its ability to control the spread of SARS-CoV-2 virus variants and new diseases, increased geopolitical competition, the possibly prolonged Russia-Ukraine conflict, the tightening monetary policies of in key economies to handle inflationary pressures. The country’s economic growth will depend significantly on the ability to diversify export markets in connection with opportunities from free trade agreements. Moreover, its growth relies on handling risks associated with trade confrontations - technology among the superpowers, and the downtrend of regional currencies against the US dollar.

CIEM researchers re-emphasized the message that it is necessary to continue to focus on improving the microeconomic foundation and renewing the economic institutional system in a direction that is more friendly to innovation and the environment, associated with treatment effectively managing risks in a volatile international economic environment.