Madani noted that Vietnam's major trading partners, including the US, Europe, and China, have all experienced negative impacts in recent times due to global instabilities and reduced demand.

In the first scenario, Vietnam’s GDP is predicted to expand by 5.34% in 2023.

Low demand has dampened Vietnam's economic momentum, leading to a decrease in economic growth. The import and export turnover has declined, impacting industrial production value.

Director of the Central Institute for Economic Management (CIEM)'s General Research Department Nguyen Anh Duong said to achieve robust economic growth, Vietnam needs to do its utmost from various perspectives, including reform, policy management, and maintaining a stable and favourable economic environment for investors.

Maintaining macroeconomic stability serves as the foundation, but it's still important to create a favourable environment and improve capital absorption capacity, Duong stressed.

Duong put forth three growth scenarios for Vietnam in 2023.

In the first scenario, Vietnam’s GDP is predicted to expand by 5.34% in 2023, with exports for the whole year decreasing by 5.64% and the average Consumer Price Index (CPI) increasing by 3.43%. The country is expected to enjoy a trade surplus of 9.1 billion USD.

In the second one, CIEM expects the country's GDP will rise by 5.72%, with the export turnover decreasing by 3.66%, and the average CPI increasing by 3.87%. The trade balance will reach a surplus of approximately 10.3 billion USD.

The third scenario forecasts a more positive global economic context with improvements in growth recovery and credit and public investment disbursement, business environment and labour productivity; a significant reduction in supply chain disruptions, decreased inflation in the US, more favourable weather conditions, and Vietnam’s determined reforms and effective management.

CIEM expects the country’s GDP growth to surge by 6.46% in 2023. Accordingly, full-year exports will decrease by only 2.17%, while the average CPI increasing by 4.39%. The country will enjoy a trade surplus of around 6.8 billion USD.

Phan Le Thanh Long, CEO of AFA Group, predicted that the exchange rate of VND/USD will slightly increase within 1%.

Vietnam’s economy to see stronger growth in next two years

The World Bank forecasts that Vietnam’s economy will grow 4.7% in 2023, and accelerate to 5.5% in 2024 and 6.0% in 2025.

PM commends HSBC's contributions to Vietnam's economy

Prime Minister Pham Minh Chinh has thanked HSBC Holdings Plc and HSBC Vietnam for their assistance and contributions to the development of the banking - financial industry in particular and the economy of Vietnam in general.

UK to recognise Vietnam as market economy

The UK is set to recognise that Vietnam’s industries are operating in a market economy and will not impose unfavourable rules should they be investigated under trade defence measures, according to the Trade Remedies Authority of Vietnam.

Netherlands, UNDP team up to accelerate circular economy in Vietnam

The Embassy of the Netherlands and the United Nations Development Programme (UNDP) have signed to launch their Accelerate Circular Economy for Business (ACE-Biz) project serving a shared commitment to pushing the acceleration of the circular economy in Vietnam’s private sector.

Vietnamese economy strives to overcome difficulties in 2024

It is halfway through 2023, and it is now time that the Government assigns ministries and localities to formulate the socio-economic development plan and budget for 2024.

Source: VNA