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| Vietnam is still considered a bright spot in growth in the region and the world. (Photo: CafeF) |
High growth compared to other countries in region and the world
Data from the General Statistics Office shows that in 2023, Vietnam's GDP growth reached 5.05%, in a positive trend, with the next quarter being higher than the previous quarter. Specifically, the first quarter increased by 3.41%, the second quarter increased by 4.25%, the third quarter increased by 5.47% and the fourth quarter increased by 6.72%. This is a bright spot in the region and the world, in the context that most international organizations assessed that the global economy in 2023 would decline more.
Macroeconomics stabilized, CPI index in 2023 increased by 3.25%, average inflation in 2023 increased by 4.16%. Vietnam controlled inflation in the context of many fluctuations in the world commodity market. In 2023, the world market was affected by many economic, political and social factors; the world situation continued to have complex and unpredictable changes.
Also last year, the trade balance of goods was estimated at a trade surplus of 28 billion USD (the previous year's trade surplus was 12.1 billion USD).
"This trade surplus positively contributes to Vietnam's economic growth, contributing 1.6 percentage points to the overall growth of the economy," said Ms. Nguyen Thi Huong, General Director of the General Statistics Office.
FDI capital realized in Vietnam in 2023 is estimated to reach 23.18 billion USD, an increase of 3.5% compared to the previous year. This is the highest amount of realized FDI capital in the past five years.
Agriculture is a pillar of support of the economy. Agricultural export has become a notable bright spot when the turnover value in 2023 reaches over 53 billion USD. Of which, rice export turnover could reach 4.8 billion USD, the highest one since 1989. Fruit and vegetable exports are expected to reach 5.6 billion USD, setting a record.
Assessing the picture for the whole year of 2023, Ms. Nguyen Thi Mai Hanh, Director of the National Accounts Department under the General Statistics Office, said that we have accelerated the recovery process and strengthened the resilience of the economy amid global challenges. Although there are still many difficulties, Vietnam's economy in 2023 has achieved positive results.
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| Vietnam is forecast to have strong economic growth opportunities in 2024. (Photo: LDO) |
Thrust for 2024
The economy’s optimistic indicators in 2023 are the driving force for the "ship" of the Vietnamese economics in 2024. Many organizations have made optimistic forecasts about the Vietnamese economy in 2024. For example, the credit rating agency Fitch Ratings forecasts that Vietnam's economic growth will reach 6.3% in 2024 in the context that Vietnam's domestic financial and monetary policies have greatly supported the economy.
In the latest Asian Development Outlook (ADO) Report published by the Asian Development Bank, Vietnam's economic growth in 2024 is forecast to remain at 6%.
The Central Institute for Economic Management (CIEM) also proposed three scenarios for GDP growth in 2024, of which in the base scenario (likely to happen), GDP increases by 6%; the high scenario is 6.5% and the low scenario is 5.5%.
In the recent 6th Session, the National Assembly approved a growth target of 6 - 6.5% for 2024, similar to 2023. Before the new target for 2024, the Government set a priority to focus on promoting economic growth.
With a drastic spirit, closely following reality as well as hot issues of public opinion and society to have timely and effective policy responses from the Government, Vietnam's economic ship is expected to reach its target in the context of many challenges./.