Standard Chartered foresees Vietnam's 2024 GDP growth at 6.7%

27 Mar '24

1 min read

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Standard Chartered has maintained Vietnam's 2024 GDP growth forecast at 6.7 per cent.
GDP is projected to accelerate from 6.2 per cent in the first half this year to 6.9 per cent in the second.
The country's retail sales, export growth rate and import value are anticipated to rise at 9.2 per cent, 5.2 per cent and 5 per cent respectively this year.

Standard Chartered has maintained Vietnam’s 2024 gross domestic product (GDP) growth forecast at 6.7 per cent. GDP is projected to accelerate from 6.2 per cent in the first half this year to 6.9 per cent in the second.

While the Vietnamese government has set a target of 6-6.5 per cent GDP growth rate this year, the Asian Development Bank has projected the figure at 6 per cent. The International Monetary Fund has forecast 5.8 per cent.

The World Bank has said Vietnam’s economy is likely to grow at 5.5 per cent this year and at 6 per cent in the next.

The country’s retail sales, export growth rate and import value are anticipated to rise at 9.2 per cent, 5.2 per cent and 5 per cent respectively this year. Trade surplus is projected to drop to $0.8 billion, according to a domestic media outlet.

Standard Chartered feels that even though GDP growth rate in the first quarter this year is likely to slow down, Vietnam still maintains its recovery momentum. The bank is, however, cautious about the growth overview in the first half due to challenges in global trade.

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