The official said that the ADB maintains its GDP growth rate for next year at 6%, with an expectation that there will be a certain recovery in the external environment, and domestic growth drivers will regain momentum from 2023.

ADB recently lowers its growth forecast for Vietnam this year to 5.2% from the previous 5.8% forecast.

An important foundation to maintain growth momentum in the coming time will be macroeconomic stability thanks to Vietnam's continuation of prudent fiscal policies, and proactive and flexible monetary policies applied since 2023, he stated, stressing the need to ensure that they are effectively carried out to create stronger momentum for the economy.

To achieve the 6% growth in 2024, the ADB Country Director advised Vietnam to speed up public investment in infrastructure, as it will help stimulate economic activities, support industrial, construction and mining businesses, and provide more employment opportunities.

Domestic consumption can be boosted by fiscal measures that encourage demand, and also supported by appropriate monetary policies that keep interest rates at relatively low levels.

To cope with headwinds, Vietnam's policies need to be more proactive to support enterprises in expanding their markets, and promoting the exploitation of signed free trade agreements.

In the long term, Vietnam needs to promote public investment in green energy transition, upgrade infrastructure to improve the competitiveness of the economy, and strengthen the foundation to increase resilience and boost sustainable development, Shantanu Chakraborty said.

Assessing the country’s economic situation this year, he said that its economy is showing a strong recovery despite the global economy’s instability and increasing geopolitical tensions.

The Vietnamese Government has taken right steps to solve problems posed by global challenges. To date, the Government has achieved a balance between monetary and fiscal policies to ensure high resilience to the global challenges facing the economy.

The bank recently lowered its growth forecast for Vietnam this year to 5.2% from the previous 5.8% forecast. However, according to him, Vietnam's growth rate is quite good compared to many countries in the region.

Vietnam among countries with high economic growth in 10 years

Vietnam, together with China and some other Asian countries, is among the 20 countries with the fastest economic growth over the last 10 years, according to Yahoo Finance.

Vietnam should extend economic support programme to 2024: WB

Vietnam could consider extending the implementation of the economic support programme (2022-2023) into next year to allow its planned investments to be fully implemented, supporting aggregate demand, as the economy still faces headwinds, according to World Bank experts.

Bac Giang Power Company works hard to ensure power supply for socio-economic development

BAC GIANG – The Power Management and Distribution Department of Region VII (referred to as Electricity Department VII), the predecessor of Bac Giang Power Company (PC Bac Giang), was established from a number of units of the Ha Bac Power Plant and officially went into operation on January 1, 1974,. During the 50 years of construction and development, PC Bac Giang has overcome difficulties, made many achievements, and exerted efforts to supply electricity for local socio-economic development.

Bac Giang launches science-technology projects to serve socio-economic development

The northern province of Bac Giang will focus on improving the quality and efficiency of the implementation of science-technology tasks to serve local socio-economic development, Director of the provincial Department of Science-Technology Nguyen Thanh Binh has said.

Press information on socio-economic situation of Bac Giang province in 2023

BAC GIANG - On the afternoon of December 6, the Bac Giang Provincial People's Committee held a press conference on the socio-economic situation in 2023, the main tasks and solutions in 2024.

Source: VNA