Reputable institutions positive about Vietnam's economic outlook

Vietnam's GDP is expected to rise by roughly 6% in 2023, according to the World Bank, a slight decrease of 0.3% from the lender's earlier forecast in January.

Despite the dire state of the world economy, Southeast Asia continues to have the greatest growth rate.

In 2023, the growth of the world's trade in products is severely gloomy. According to a WB assessment, this situation is likely to have an impact on the performance of several economies where trade serves as the primary driver of growth, particularly Malaysia and Vietnam, where growth is expected to be moderate.

The most optimistic scenario is the government's annual growth rate of 6.5%. Many renowned organizations across the world continued to hold the belief that the country can accomplish this target even though the GDP of the nation only grew by 3.32% in the first quarter of this year.

According to forecasts from the OECD, Standard Chartered Bank, and ADB, Vietnam's GDP would increase by 6.5% in 2023.

However, experts asserted that several risks, such as those posed by the slow recovery of important trading partners, high global inflation, the tightening of monetary policies in many nations, disruption of the global supply chain, energy and food security issues, natural disasters, and climate change, will affect the Vietnamese economy.

According to a McKinsey & Company survey, the proportion of millennials (those born between 1981 and 1996) who are positive about the country's economic prospects is over 70%, the highest percentage among Asian nations.

Vietnam will soon surpass Indonesia as Southeast Asia's fastest-growing digital economy and one of Asia's fastest-growing economies this year, predicts WGSN, a worldwide trend predicting firm.

Along with this, upgrades to the country's logistics network are anticipated to help the country's e-commerce sector, which is anticipated to grow to 49 billion USD by 2025.

According to Helen Sac, WGSN's Consultant Director for Asia Pacific, Vietnamese consumers are becoming more confident in domestic brands and products, with 76% choosing domestic and "Made in Vietnam" labels over foreign brands.

Source: Vietnamplus