Vietnam's economy to revive in second half of 2023, says Standard Chartered

Xuan Thinh Wednesday | 09/27/2023 13:10

Photo: VGP

Following early signs of recovery in the second quarter, Standard Chartered Bank forecasts a comeback in Vietnam's economy in the second half of the year.

According to the bank's most recent global research report, Vietnam's GDP growth is expected to accelerate to 5.1 percent year on year in the third quarter of this year, up from 4.1 percent in the second quarter.

The bank maintains its 5.4 percent GDP growth prediction for Vietnam in 2023.

According to Standard Chartered, September statistics will likely show a small rise over August, aided by retail sales. September retail sales growth is predicted to remain healthy at 8.2 percent year on year, while industrial output growth is likely to accelerate to 3.2 percent.

In the first eight months of 2023, Vietnam welcomed about 7.8 million international tourists, close to the full-year target of 8 million.

However, the recovery is still tentative--trade is still falling, manufacturing may remain sluggish for some time, and FDI recovery prospects are unclear, according to the bank.

Vietnam's GDP growth surged to 4.14 percent in April-June from 3.32 percent the previous quarter, according to the General Statistics Office.

Source: VGP