With economic growth this year forecast to fall below the set target, the government has devised a new growth goal for next year, which will be realised by greater support for businesses.

Vietnam’s gross domestic product (GDP) growth has been the highest in Southeast Asia over the last decade, according to US-based website seekingalpha.com.

After the first two sluggish quarters of the year, Vietnam’s businesses have seen the light at the end of the tunnel.

Over the previous six months, Vietnam has admirably overcome obstacles and made significant strides, setting the stage for socio-economic advancement. Vietnam continues to distinguish itself as a prominent player on the global economic landscape.

The planning of the north central region and coastal central region in 2021-2030 is part of national master planning, demonstrating the orientation for national development plans in different sectors.

Domestic industrial production is still facing challenges, but Vietnam’s businesses are optimistic as they see signs of improvement in the global economy.

On the basis of the nine-month results, Vietnam may achieve at least 10 of the 15 targets set for this year, including all the social targets, Prime Minister Pham Minh Chinh said on October 23.

The Government has set GDP growth target at 6-6.5 percent in 2024, Prime Minister Pham Minh Chinh told legislators on Monday.

Dinh Tien Dung, Hanoi Party Committee Secretary, noted that Hanoi and HCM City, the two largest cities in the country, have faced similar problems during the development process.

The country's global investment attractiveness remains strong, with 63% of surveyed businesses ranking the country in the top 10 FDI destinations.

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%.