Despite the Vietnamese economy’s growth falling below expectations in 2023, it continues to be one of the fastest-growing in the region, thanks to the resurgence of corporate confidence.
The General Statistics Office (GSO) recently reported a 5.05% increase in the economy for the entire 2023, below the National Assembly’s (NA) initial target of 6-6.5%.
Following a 3.32% year-on-year growth in Q1 2023, the Vietnamese economy rebounded to 4.14% in Q2, 5.33% in Q3, and 6.72% in Q4.
In 2023, the agro-forestry-fishery sector expanded by 3.83%, while the industry and construction sector and the service sector had year-on-year growth rates of 3.74% and 6.82%, respectively.
“The economy has been gradually recovering, and the 5.05% growth rate is quite positive, despite being lower than the set goal,” stated the GSO. Business confidence continued to grow in 2023, with over 159,300 new enterprises established, registering a total capital of $64.2 billion and employing 1.05 million individuals.
“Despite difficulties, production and business activities continued to recover, especially the service sector, which is forecasted to be more active going forward,” noted Nguyen Thi Huong, general director of the GSO.
Vu Hong Thanh, Chairman of the NA’s Economic Committee, highlighted the positive recovery trend in the socioeconomic situation, improving month after month and quarter after quarter.
Several international organizations, including the International Monetary Fund (IMF), the World Bank, the Asian Development Bank (ADB), Moody’s Analytics, and Fitch Solutions, have set positive economic growth targets for Vietnam.
Paulo Medas, mission chief for Vietnam of the IMF, stated that Vietnam’s economic performance compares relatively well globally and within Asia, where growth is expected to remain modest.
The IMF anticipates Vietnam’s growth performance to outpace the ASEAN region average in 2024.
The government has set a GDP growth target of 6-6.5% in 2024, based on the expectation of a robust rebound in domestic business and production activities, aligned with the strong recovery in global demand, production, and consumption
