Fitch Ratings upbeats about Viet Nam's economic growth

Hoang Ha Tuesday | 11/14/2023 13:38

Photo by VGP.

Viet Nam's economic growth is forecast to accelerate to 6.3 percent in 2024 before reaching 7 percent in 2025, according to the latest projection by global credit ratings agency Fitch Ratings.

The rating agency said that Viet Nam's domestic fiscal and monetary policies have supported the national economy.

Fitch Ratings predicted that the Vietnamese economy's medium-term fundamentals remain favorable and has sustained a period of economic expansion, thereby creating positive business prospects for the banking sector.

The country's GDP growth rate slowed to 4.3 percent over the past nine months of the year amid weak external demand coupled with lingering headwinds in the domestic property sector.

Despite the current period of economic turbulence, the Vietnamese economy is poised to recovery in the near future.

Earlier, Standard Chartered Bank maintained robust 2024 GDP growth forecast of 6.7 percent for Viet Nam in its latest macro-economic updates about the Southeast Asian nation.

The International Monetary Fund (IMF) also expressed their optimism about the medium-term prospects, with the national GDP growth forecast to reach 5.8 percent in 2024 and 6.9 percent in 2025.

The 15th National Assembly (NA) on November 9 adopted a resolution on the socio-economic development plan for 2024, targeting the GDP growth of 6.0 - 6.5 percent for next year.

Source: VGP

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