Vietnam's GDP projected to grow 6.95% in 2024: CIEM

Releasing a report in Hanoi recently, the institute’s director Nguyen Hong Minh said the country has achieved impressive socio-economic growth in the first half (H1) this year.

The domestic economy expanded by 6.42 per cent and exports leapt by 14.5 per cent, while foreign direct investment (FDI) witnessed a considerable rise in both newly-registered capital and disbursement in H1 2024, he said.

The government kept restructuring the economy, improving the business climate, increasing labour productivity, prioritising policies for digital and green transformation, and maximising incentives of free trade agreements (FTAs), he noted.

CIEM’s general research department sees two scenarios this year. In the first, gross domestic product (GDP) growth is forecast to reach 6.55 per cent, with exports rising by 9.54 per cent year on year (YoY) from the previous year. The average consumer price index (CPI) is anticipated to edge up by 4.31 per cent YoY and the country is likely to rack up a trade surplus of $5.7 billion.

This target would be achieved if global developments are not too much different from initial international projections and Vietnam maintains its growth momentum in the second half of the year, according to domestic media reports.

In the second scenario, GDP growth is projected at 6.95 per cent, with exports increasing by 11.64 per cent YoY. The average CPI for the whole year would inch up by 4.12 per cent YoY and the country would see a trade surplus of $7.3 billion.

This target would be achieved if the global economy sees more positive changes, including rapid economic rebound, a rise in investment in Southeast Asian countries and a recovery in supply chains.

CIEM economists recommended improving growth quality and innovation capacity, adapting to digital transformation and green transformation, and perfecting the legal framework for new economic models.

Fibre2Fashion News Desk (DS)