The Central Institute for Economic Management (CIEM) unveiled two economic scenarios for Vietnam this year at a conference held on January 15 to release the report “Vietnam's economy in 2023 and prospects for 2024: Reforms to accelerate growth recovery”.

Specifically, Vietnamese GDP will grow by 6.13% in the first scenario and 6.48% in the second scenario.

The entire year’s exports are forecast to increase by 4.02% and 5.19% in the first and second scenario, respectively, with the trade surplus likely to fetch US$5.64 billion and US$6.26 billion, respectively.

Furthermore, the country’s average inflation this year is forecast to be at 3.94% and 3.72% in the first and second scenarios, respectively.

Addressing the event, Tran Thi Hong Minh, director of the CIEM, emphasised experts’ recommendations on strengthening fiscal and monetary expansion for the country’s economic growth are also based on the assessments of improving the institutional quality and macro-economic management.

“Vietnam can reap further positive economic achievements in the coming time if the quality of institutional reform has been improved,” she noted.

Insiders also recommended that the country needs to continue to overcome challenges occurring in implementing the Regional Comprehensive Economic Partnership (RCEP), as well as effectively maximising benefits from trade deals.

Source: VOV