Vietnam’s economy expected to grow at 6.0% in 2024: ADB

Thursday, 11/04/2024 18:45
The Asian Development Bank (ADB) has maintained its earlier growth projection for Vietnam this year despite lingering uncertainties in the external environment. Vietnam’s economy is expected to grow at 6.0% and 6.2% in 2024 and 2025, respectively, heard a conference held in Hanoi on April 11, reported Vietnam News Agency.
ADB maintains 6% growth forecast for Vietnam's economy (Photo: VNA)

At the event, Nguyen Ba Hung, ADB Chief Economist in Vietnam, said slowing global demand and high international interest rates have impacted Vietnam's growth in 2023. However, the rapid shift to pro-growth monetary policy and large-scale public investment is one of the key measures taken to sustain growth recovery.

A relatively broad-based restoration in export-led manufacturing and services and the stable performance of the agriculture sector are expected to support Vietnam’s recovery momentum. Positive inflows of foreign direct investment (FDI) and remittances, a sustained trade surplus, recoveries in domestic consumption, and continued fiscal stimulus characterised by a substantial public investment programme are seen as key to boosting growth in 2024.

ADB Country Director for Viet Nam Shantanu Chakraborty said that Vietnam’s economy is expected to grow at a solid pace this year and the next, despite a challenging global environment. However, global geopolitical uncertainties and domestic structural fragilities could impact the outlook. Therefore, policy measures in 2024 will need to combine short-term growth support measures to strengthen domestic demand with long-term structural remedies to promote sustainable growth.

Softened global demand caused by a slow economic recovery and delayed normalisation of interest rates in the US and other advanced economies, coupled with continued geopolitical tensions, are likely to hamper a full recovery of Vietnam’s export-led growth in 2024.

To accelerate growth, stronger measures are required to address domestic structural fragilities, such as heavy reliance on FDI-led manufacturing exports, weak linkages between manufacturing export industries and the rest of the economy, incipient capital markets, an overreliance on bank credit, and complex regulatory barriers to business.

Public investment remains a catalyst for Vietnam’s economic growth, so its effective implementation is crucial. Although the Government has applied various measures to expedite public investment and enhance effective execution, more systematic measures are required to improve legal and regulatory processes and reduce constraints on efficient delivery.

Fifty outstanding FDI firms receive 2024 Golden Dragon Awards

Among the excellent brands honored with the Golden Dragon Awards 2024 are Samsung, LG Display, Intel, Qualcomm, Heineken, HSBC, Lego, SCG, UOB and Coca-Cola.

Representative of Gamuda Land Vietnam LLC, one of the 50 FDI enterprises receiving the Golden Dragon Award. (Photo:

Following the plenary session of the fourth Vietnam Development Bridge Forum taking place in Hai Phong City on April 10, a ceremony was held to announce and honor outstanding FDI enterprises receiving the 2024 Golden Dragon Awards.

The 2024 Golden Dragon Awards focus on surveying and reviewing pioneering businesses in green transformation, circular transformation, ensuring low carbon emissions in production, business and corporate governance; with focus and plans to implement ESG (Environmental, Social, & Governance) criteria.

Pioneering businesses announce their roadmap towards “Net – Zero”, contributing to the goal of successfully implementing Vietnam’s Net Zero commitment by 2050.

In 2024, the organizers received more than 486 nominations and registrations for the awards. Through two rounds of survey and review, the 2024 Golden Dragon Awards announced and honored 50 typical FDI enterprises in six industry groups, including: processing and manufacturing industry; digital technology and digital services; financial and insurance services; infrastructure, industrial park and real estate development; education and health care; and agriculture, food and beverages.

Among the honored brands are Samsung, LG Display, Intel, Qualcomm, Heineken, HSBC, Lego, SCG, UOB and Coca-Cola.

TV show on rural scenery and Vietnamese farmers to be launched

Artists participating in the program as guests will carry their suitcases and explore destinations across the S-shaped land.

Yeah1 Group will coordinate with the Center for Agricultural Trade Promotion under the Ministry of Agriculture and Rural Development and the TikTok platform to launch a reality TV show, called “Haha Farmers”, in the fourth quarter of 2024, said the unit’s representative on April 10.

President of Yeah1 Group Le Phuong Thao affirmed: “The program aims to popularize and promote the image of Vietnam without limitation. These are beautiful landscapes, craft village tourism, people, culture and agricultural products of each region.”

“Haha Farmers” also aims to promote the national program “One Commune One Product” (OCOP), intensify building brands, and popularize and support consumption of agricultural products on digital media. This will contribute to promoting domestic e-commerce and international trade for local products.

Artists participating in the program as guests will temporarily leave the city to return to peaceful lands. To become real farmers, they will have to make their livelihood by farming, raising livestock, fertilizing and harvesting agricultural products to together create a small and cozy family which is full of laughter in the countryside.

During the program, the audience will have the opportunity to admire the beautiful scenery throughout the countryside, feel the warmth of human love, cultural identity and the richness of Vietnamese agricultural products.

According to Mr. Nguyen Xuan An, a media representative, the program hopes to strongly convey the message to urban youth to form natural connections with local people, culture and natural scenery, stimulating the desire to experience and the spirit of freedom of young people and the broader public, contributing to promoting the development of the country’s tourism.

The program was inspired by the original “Haha Farmer” produced by MangoTV in 2019. Since airing exclusively on Hunan Television, “Haha Farmer” has been rated one of the most popular shows in China, attracting a large number of young audience members.

Michelin Guide continues to add Da Nang to culinary destinations list

This is the third Vietnamese city evaluated by the Michelin Guide’s team of appraisers in Vietnam, after two destinations announced in 2023, Hanoi and Ho Chi Minh City.

Michelin Guide continues to add Da Nang city to the list of culinary destinations. (Illustrative photo: VNA)

International Director of the Michelin Guide, Mr. Gwendal Poullennec said that Da Nang is the next city to be added to the Michelin Guide’s culinary destination list. This is the third Vietnamese city evaluated by the Michelin Guide's team of appraisers in Vietnam, after two destinations announced in 2023, Hanoi and Ho Chi Minh City.

He shared: “We are very excited to continue the Michelin Guide journey in Vietnam. After a promising debut early last year in Hanoi and Ho Chi Minh City, Da Nang joining the Michelin Guide family is a testament to the excitement and quality of Vietnamese cuisine, along with the rich history and unique flavors of each region’s dishes.”

According to the Michelin Guide representative, anonymous appraisers have begun their evaluation journey. “We are very proud to be able to announce a selected list of dining establishments for Vietnamese gourmets, the community of tourists and international culinary enthusiasts this coming June,” Mr. Gwendal Poullennec said.

As a famous tourist destination recognized globally, Da Nang is considered a "paradise" for those who love to eat and drink. The culinary center representing the cultural quintessence of the central region has deeply impressed anonymous Michelin Guide appraisers with its excellent food quality and rich culinary heritage, from Quang noodles to bun cha, banh xeo, and countless fresh seafood dishes at restaurants and unique street food stalls that cannot be missed.

Appraisers enjoyed sitting on the side of the road and enjoying culinary gems, such as a bowl of duck porridge.

Mi Quang, one of Da Nang's culinary specialties. (Photo: VNA)

Besides familiar specialties and street eateries, Da Nang also offers diners attractive high-class cuisine with a variety of cooking methods. The dishes are made by local culinary masters, who are familiar with creating regionally specific ingredients.

The list of restaurants of the Michelin Guide Hanoi, Ho Chi Minh City and Da Nang will be announced at a special event this coming June./.