Vietnam’s economy is believed to have overcome the most difficult period and is on the way to recovery. Analysts say that a decade of breakthroughs is ahead.

Vietnamese enterprises should develop solutions to comply with international labour standards to be able to participate in global support chains and promote export sustainability, experts have said.

Experts from the International Monetary Fund (IMF) maintained their forecast for Vietnam’s GDP growth at 4.7% in 2023 but expressed their optimism about the medium-term prospects, with GDP growth predicted to reach 5.8% in 2024 and 6.9% in 2025.

The documents of the 13th Party Congress say that Vietnam needs to continue to accelerate industrialization and modernization by focusing on science and technology, innovations and technological achievements of the fourth industrial revolution.

The National Assembly (NA) Economic Committee has revised down its GDP growth forecast for 2023 to slightly above 5% from the target of 6.5% earlier approved by the NA.

The Vietnamese labor productivity rate has been increasing in both value and speed, thus helping boost growth. However, there is still a big gap between Vietnam and developed economies.

Vietnam’s economy has made good recovery since the beginning of this year; however, inflation risks could weight on the country’s growth outlook, according to experts.

Vietnam has become stronger after Covid-19. Deputy Minister of Planning and Investment Tran Quoc Phuong said the outstanding factor in the last nine months was the 4.24 percent GDP growth rate, a satisfactory level compared with other countries.

Vietnam’s consumer price index (CPI) this year is projected to rise in the range of 3.2-3.6%, according to the Ministry of Finance.

Vietnam’s economy has passed its trough, staging a modest recovery with stronger-than-expected growth of 5.3% in the third quarter, but upside risks to inflation have resurfaced, prompting the upgrade of 2023 average inflation forecast to 3.4%.

Vietnam may not be able to realise its ambitious economic goals this year due to lingering difficulties which have dented growth thus far.

The changes in international relations and geopolitical conditions may lead to a shift of the multi-trillion dollar cash flow. Vietnam now has opportunities to attract more cash flow and obtain high export value.

Vietnam’s businesses are viewed as resilient combatants who can adapt to difficult circumstances and struggle hard to survive. But they also need support.

With the growth of e-commerce, Vietnam has become a destination for many manufacturing and logistics firms, which is coupled with a high demand for high-quality logistics real estate, said CEO of Cushman & Wakefield Trang Bui.

EuroCham VN's quarterly Business Confidence Index (BCI) has regained its upward trajectory in Q3 of 2023, offering a glimmer of hope for the Vietnamese business environment moving forward following a turbulent year.

The ASEAN+3 Macroeconomic Research Office (AMRO) has just revised the growth forecast for Vietnam’s economy in 2023, increasing it to 4.7% from the previous 4.4% stated in the July report.

Over the medium-term outlook for the next five years, a number of key drivers are expected to continue to make Vietnam one of the fastest growing emerging markets in the Asian region.

Vietnam’s economic growth is predicted to expand by between 9.3% and 10.6% in the fourth quarter, thereby achieving annual GDP growth of 5.8% to 6% providing that growth drivers are fully tapped into and the global market rallies.

Vietnam is making strides to expand export markets, which has brought about a remarkable increase in revenues and a major change in structure.

Green energy, semiconductors, healthcare and high-tech are among the sectors in which Vietnam attracts the most interest from foreign investors, according to VinaCapital Group.