Standard Chartered maintains robust 2024 GDP growth forecast of 6.7% for Viet Nam

The international lender has lowered the country's 2023 GDP growth to 5 percent from the previous 5.4 percent. The revised forecast would require growth of 7.0% in the fourth quarter of this year. 

According to the bank, macro indicator shows a tentative improvement. Domestic recovery continues and is likely to strengthen further, with a robust retail sale.

Construction and accommodation sectors maintain strong growth while manufacturing has started to expand. 

External outlook is improving with the current account surplus rising to 3.5 percent of GDP in 2024 and from 2 percent in 2023.

Inflation forecast for 2023 is revised up to 3.4 percent from 2.8 percent previously.

The medium-term outlook remains promising given Viet Nam's economic openness and stability. To reinvigorate foreign direct investment inflows, Viet Nam needs to resume rapid GDP growth and develop its infrastructure, said Tim Leelahapan, Economist of Thailand and Viet Nam at Standard Chartered.

Source: VGP