Streamlining FDI approval process is a crucial step in driving the development of the Mekong Delta, a vital economic region in southern Vietnam with untapped potential. However, what is impeding FDI inflows into the region?

The GDP growth rate was estimated to hit 4.14 percent in the second quarter of 2023, the General Statistics Office (GSO) announced on Thursday.

The decision to cut interest rates took effect earlier last week, as some commercial banks have announced interest rate cuts for both deposits and loans.

The State Bank of Vietnam (SBV) has cut regulatory interest rates for four consecutive times since the beginning of this year, in the context that world interest rates continue to rise and stay at a high level.

The period of strong volatility of the US dollar has ended, and the USD/VND exchange rate in the last six months of 2023 will remain stable, experts have forecast.

Vietnam is poised to become a major driver of global trade growth, with its export revenue projected to reach US$618 billion by 2030, according to a report by Standard Chartered titled “Future of Trade: New opportunities in high-growth corridors.”

The Vietnam Institute for Economic and Policy Research (VEPR) under the University of Economics and Business outlined three growth scenarios for Vietnam's economic growth in 2023.

Vietnam is expected to continue witnessing a plunge in exports this year due to a drop in demand in key export markets.

Experts say the State Bank of Vietnam (SBV) is expected to cut interest rates further to rates seen during the pandemic. However, the effectiveness of the cut is unclear.

Many companies have been so geared to foreign markets that they find it difficult to find favour at home when the global downturn strikes.

The General Statistics Office (GSO) says that, for statisticians, there is "no beautiful number or ugly number, but only numbers that truly reflect the socio-economic situation".

The six economies of ASEAN, including Malaysia, Singapore, Thailand, Indonesia, the Philippines, and Vietnam are predicted to grow by 4.2% this year, far exceeding the projected global GDP growth of 2.0%.

The State Bank of Vietnam (SBV) is cutting down a series of key interest rates by 0.25%-0.5% from June 19, which is expected to make a double impact on the economy thanks to stronger credit activities and higher liquidity.

A government directive acknowledges that in the coming year, domestic and international circumstances necessitate a continued focus on overcoming limitations and weaknesses, while building upon and promoting the achieved results.

Despite weak global consumer demand, many foreign buyers are still looking to Vietnam for sourcing goods and business cooperation.

The country's attractiveness as a destination for FDI in Southeast Asia with a young, increasingly educated and competitive workforce should help to keep long-term development intact.

In 2022, Vietnam's GDP growth revved up to 8.02%, the highest in 15 years, symbolising a strong recovery from the COVID-19 pandemic, while the Government forecasts that in 2023 the economy will continue to grow at an impressive 6.5%.

The Government's report recently submitted to the National Assembly said that Vietnam has opportunities, intertwined advantages and challenges, but has more challenges.

Agriculture has long been the backbone of Vietnam’s economy for a number of comparative advantages, such as cultivated land, forest cover, sea territories, tropical climate, and available and cost effective labour.

Many reputable international organisations have shown their optimism about Vietnamese economic outlook, predicting that the country can complete its GDP growth target of 6.5% this year.