In the first scenario, the economy is anticipated to grow by 6.5 per cent in 2024, aligning with the target set by the National Assembly. This projection includes a 6.5 per cent growth rate for the third quarter and a slight increase to 6.6 per cent in the final quarter. The second, more ambitious scenario, forecasts a full-year growth of 7 per cent. To achieve this, the economy would need to expand by 7.4 per cent in the third quarter and 7.6 per cent in the fourth quarter.

The ministry has expressed a preference for the second scenario, citing positive developments across various economic sectors. Key factors include a swift recovery in private investment, growth in state-owned enterprises, strong foreign direct investment (FDI) inflows, robust export performance, increased consumer spending, and the introduction of new policies, according to Vietnamese media reports.

To sustain this growth momentum, the ministry emphasised the importance of boosting investment, consumption, and exports. Additionally, they highlighted the need for new drivers of growth through digital and green transitions, alongside efforts to expedite administrative reforms and improve the investment climate.

Vietnam's economy achieved a growth rate of 6.93 per cent in the first half of 2024.

Fibre2Fashion News Desk (DP)