Amidst the challenges in the US and EU markets, and a slower than expected recovery in China, Vietnam is facing more pressure to drive domestic growth.

Foreign direct investment (FDI) attraction, consumption, and tourism are considered silver linings in Vietnam’s economic growth in the coming months of this year, insiders said.

High inflation has forced consumers around the world to tighten their purse strings. Vietnamese farmers and exporters are concerned that farm exports may not see growth this year.

The government is placing prime priority on boosting economic growth via key drivers, with the business community set to get more assistance.

Currently, there are over 40 coastal cities across the country, including HCM City, Da Nang, Nha Trang, Vung Tau, Rach Gia, Phu Quoc.

Vietnam’s economic growth is projected to be still positive in the short term, according to the London-based audit service supplier PricewaterhouseCoopers (PwC).

Vietnam’s economy has begun to gather steam again since the start of the third quarter of this year, helping consolidate confidence of businesses and investors, experts have said.

The World Bank forecasts that Vietnam’s economy will grow 4.7% in 2023, and accelerate to 5.5% in 2024 and 6.0% in 2025.

The first products exported by Viet Air Filters Manufacturing Corporation (VAF) to the US were the high-end Hepa H14, meeting European standards. The emails from customers to the company all contained the word "excellent".

The Government will not change the growth target of 6.5% for 2023 and strive to reach an economic expansion of about 9% in the rest of the year, stated Prime Minister Pham Minh Chinh at a cabinet meeting in Hanoi on August 5.

Vietnam’s marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

The decline in deposit interest rates has prompted investors to explore alternative investment channels offering higher profits, as the stock market shows signs of recovery and specific segments of real estate prosper.

Vietnam’s Gross Domestic Product (GDP) has nearly doubled after 10 years of implementing the Resolution No. 22-NQ/TW, dated April 10, 2013 of the Politburo on international integration.

International organisations and media have continued to make positive assessment of Vietnam’s economic recovery and outlook in the second half of 2023.

Sustainable resource management and the development of eco-friendly, reusable materials are crucial in building an innovative, circular economy in Vietnam.

The face of the world has changed, posing many challenges but also bringing great opportunities. Vietnamese enterprises have been adapting to the new circumstances.

Prime Minister Pham Minh Chinh has issued a directive aimed at fostering economic growth by further reducing interest rates and revising up the credit growth limit.

Reducing cost is top priority for Vietnamese businesses as high inflation has affected 94% of businesses surveyed in 2022, according to a new study by the Singapore-based United Overseas Bank (UOB).

About 67 percent of people aged 30-44 want to be independent in their old age, but 30 percent of them have made plans to do so. About 20 percent believe that people need to begin drawing up plans on health and financing when they turn 40 years old.

Vietnam recorded a trade surplus of about 15.23 billion USD in the first seven months of this year, an increase of 1.34% over the same period last year, according to data released by the General Statistics Office of Vietnam (GSO) on July 29.