return icon

ADB maintains 6.5% GDP projection for Vietnam this year

The Asian Development Bank, in its flagship economic update released on September 21 in Hanoi, has maintained its favourable economic outlook for Vietnam, with the country’s GDP projected to expand 6.5% this year and 6.7% next year.

adb maintains 6.5 gdp projection for vietnam this year picture 1
The Vietnamese economy has performed well despite global impacts over the past months. (Photo:

According to Andrew Jeffries, ADB country director for Vietnam, the Vietnamese economy recovered faster than expected in the first half of the year and is now expected to grow amid a challenging global environment.

“The steady recovery was supported by strong economic fundamentals and driven by a faster-than-expected bounce back of manufacturing and services,” said Jeffries.

Presenting the Asian Development Outlook (ADO) Update 2022, Nguyen Minh Cuong, ADB chief economist, noted that the local economy is performing reasonably well amid uncertainties occurring in the global economy. Restored global food supply chains will contribute to boosting agriculture production this year, but high input costs will still constrain the overall recovery of the local agriculture sector.

Softening global demand has greatly slowed manufacturing, with the manufacturing purchasing managers’ index in August recording a slight fall to 52.7 from 54.0 in June. However, the outlook for the manufacturing sector moving forward remains bullish, particularly given the strong foreign direct investment in the sector. 

Most notably, fully normalised domestic mobility and the lifting of COVID-19 travel restrictions for foreign visitors will contribute to supporting a robust rebound in tourism moving into the second half of the year, thereby driving the overall growth of the service sector. 

Increasing inflation in the United States and the European Union has heightened inflationary pressure in the country. However, Vietnam’s prudent monetary policy and effective price controls, especially with regard to petrol, should keep inflation in check at 3.8% this year and 4.0% in 2023, unchanged from the bank’s projection made in April.

Despite this, the country’s economic outlook continues to face heightened risks, according to the report. The global economic slowdown could negatively impact Vietnam’s exports, while labour shortages are expected to weigh on the fast recovery of the services and labour-intensive export sectors throughout the remainder of the year.

The slow delivery of planned public investment and social spending, especially the implementation of the Government’s Economic Recovery and Development Programme, could greatly slow growth both this year and next, the report says.

Source: VOV


Successor for Coach Park Hang-seo to arrive in Vietnam soon

If the negotiations are successful, coach Philippe Troussier may sign a contract with the Vietnam Football Federation (VFF) this week, becoming the successor to coach Park Hang-seo to lead Vietnam’s national football teams.

Positive signs ahead for Vietnamese pangasius exports to US, China

Despite a significant fall in exports in 2022, there are bright prospects ahead for pangasius exports this year thanks high demand from China and the United States – the two major markets for Vietnam, according to insiders.

Vietnamese students win gold at Invention Creativity Olympic 2023

Four Vietnamese students from Le Hong Phong High School for the Gifted in the northern province of Nam Dinh won a gold medal at the World Invention Creativity Olympic (WICO) 2023, which recently concluded in the Republic of Korea (RoK).

MIC acts as cradle for digital tech firms to test their products

Minister of Information and Communications Nguyen Manh Hung stressed that MIC is the leading ministry in the Make-in-Vietnam campaign and serves as the cradle for technology firms to experiment with and develop products.

Hanoi among world's top culinary destinations in 2023

Hanoi was voted by readers of the world's largest travel platform Tripadvisor as one of the world's top 20 culinary destinations in 2023.

Vietnamese young people set off for military and public security service

In 2023, more than 4,200 young people in Hanoi will perform military and public security service.


Improvement of consular services to continue: official


Agro-forestry-fishery exports reach 3.7 bln USD in January

Sister Sister 2 to compete at 2023 Osaka Asian Film Festival

"Chị chị em em 2", known as “Sister Sister 2” in English, directed by Vu Ngoc Dang will represent Vietnam at the 2023 Osaka Asian Film Festival scheduled to get underway from March 10 to 19.

VN representative wins first runner-up title at Mrs Universe 2022

Hoang Thi Thanh Nga, the Vietnamese representative at Mrs Universe 2022, was awarded the first runner-up title during the beauty pageant’s grand final held in Bulgaria on February 5.

Proposal to allow HMC City hospital to culture SARS-CoV-2 virus

HCM City’s Health Department has proposed the Ministry of Health permit the city's Hospital for Tropical Diseases to culture the SARS-CoV-2 virus in its laboratory.

Vietnam's Phuoc Thinh finishes fifth at Mister Tourism World 2023

Vietnamese model Phung Phuoc Thinh claimed the fifth runner-up title at the Mister Tourism World male pageant which concluded in the Philippines on February 4.

Over 80% of real estate bonds have low creditworthiness: FiinRatings

Over 80% of real estate bonds have been issued by unlisted firms that are financially weak and have low transparency, said the credit rating agency FiinRatings.

Panama-flagged AH SHIN catches fire in Vietnamese waters

Relevant forces are attempting to put out a blaze which broke out on the Panama-flagged AH SHIN in the waters off Ba Ria – Vung Tau province, southern Vietnam.

Vietnam wins numerous ASEAN tourism awards

Many units of Vietnam were named in categories of the ASEAN Tourism Awards at a ceremony held as part of the ASEAN Tourism Forum (ATF) 2023, which wrapped up in Jakarta, Indonesia on February 5.