The national economy is expected to improve in the second half of the year thanks to a series of government support policies including a loosened monetary policy and expansionary fiscal policy.

Countries like Vietnam and Indonesia could be beneficiaries if firms start to look for low-cost production centres in Asia, particularly for labour-intensive and low-margin industries, Savills Asia Pacific has said.

Although the growth rate has slowed down amid global economic difficulties, Vietnam is outperforming than most countries in the world, and is regarded as an attractive destination for FDI in the manufacturing sector.

Vietnam has vowed to gain a high GDP growth rate every year despite difficulties around the globe, as this has been the only way to narrow the development gap with other countries.

Steadily holding the economic growth target for 2023, the government has set a prime priority on boosting growth, with brand new solutions ordered to fuel enterprise performance.

Vietnam’s export-import landscape is beginning to regain momentum on the back of some foreign markets gradually recovering.

Vietnam’s gross domestic product (GDP) is expected to grow 5.34% this year under the first scenario set out by the Central Institute for Economic Management (CIEM).

Experts have expressed concern about the rapid increase in imports in recent years, saying that while Vietnam has opened its market widely, it has not applied any measure to control imports.

Satisfactory results have been reported about Vietnam’s economy in the first half of the year. The GDP growth rate of 6.3-6.7 percent for 2023 appears within reach.

Amidst the overall gloomy economic conditions faced by manufacturers in both local and international markets, a few businesses are showing positive signs of growth, managing to navigate through challenges to expand their operations.

As external factors – like weaker consumption in the U.S. and EU markets and stagnant recovery in China – are unfavorable, Vietnam will have to make the most of the domestic market in the second half of the year to achieve the growth target of 6.5%.

The latest statistics unveiled by the General Statistics Office (GSO) show the Vietnamese economy expanded just 3.72% during the first half of the year.

Vietnam is expected to resume rapid economic growth over the medium-term economic outlook, and this “rising star” will be one of the fastest growing emerging markets in Asia, some foreign newswires have said.

The GDP growth rate in the second half of the year may reach 8 percent in one scenario and 8.9 percent in a more optimistic scenario, if Vietnam takes measures to increase production and improve the disbursement of public investment.

Despite encountering numerous difficulties this year, especially the impact of complications globally, the national economy is now showing positive signs moving towards the second half of the year.

The Ministry of Planning and Investment (MPI) has built two scenarios for GDP growth in the second half of the year, based on the situation in the first half.

At the Government's teleconference with localities and the regular Cabinet meeting in Hanoi on July 4, the Ministry of Planning and Investment (MoPI) presented two growth scenarios for the third quarter and the whole year 2023.

Manufacturers in Vietnam continued to struggle in the face of weak market demand as the second quarter drew to a close. Output and new orders fell again, with the former in part reflecting power outages caused by heatwaves, according to S&P Global.

Local consumers in Vietnam are displaying a heightened sense of caution regarding their financial future, resulting in more prudent choices in saving, spending and investment, according to a recent report by Decision Lab.

Vietnam can return to high growth rates over the medium term, as structural reforms are implemented, Division Chief of the International Monetary Fund (IMF)’s Fiscal Affairs Department Paulo Medas has said.