Strong belief in GDP growth

According to forecasts made by the International Monetary Fund (IMF), Vietnam's GDP will grow by 5.8% in 2024, making it among the 20 highest growing economies in the world.

Similarly, VinaCapital Group expects the country’s GDP growth to recover to reach 6.5% in 2024 thanks to export recovery.

VinaCapital's prediction is formed based on a number of factors, such as the recovery of the export market, the situation in the manufacturing industry, and financial management.

BNN Network evaluates that, in the face of global economic fluctuations and domestic inflation, the nation can still emerge as a "lighthouse" of recovery, in which the driving force is the combination of cautious policies of the Government, strategic economic planning, and a steadfast commitment to stability and development.

Economic experts have also made positive and optimistic forecasts regarding Vietnamese GDP growth next year. Accordingly, economist Dinh Trong Thinh affirmed that the nation's GDP in 2024 will grow strongly as the country is determined to intensify public investment, production, and business activities; domestic growth; and the attraction of attractive foreign investment capital.

Economic expert Nguyen Minh Phong expects that the national economy will grow strongly in 2024 due to the recovery of industries, and export growth, as well as support measures from the Government coupled with proper economic policies.

What needs to be done?

Amid the world and domestic situation facing plenty of difficulties and with the aim of achieving GDP growth of over 6%, Phong said that the Government needs to have updated solutions in order to adapt to the market. This includes creating a favourable business environment, increasing infrastructure investment, promoting foreign investment attraction, and accelerating administrative procedure reform.
"The first thing that needs to be done is that businesses need to review and restructure their contracts and apparatus and look for new contracts, niche markets, and newly opened markets.

Second, the State must support businesses in finding international markets, while avoiding embargoes from the US and Russia, and must have solutions to neutralize them in a complex world context. Third, it is essential to strengthen investment value reforms to support businesses," said Phong.

Economic expert Dinh Trong Thinh also proposed a number of solutions such as stabilising the Vietnamese currency, containing inflation in a bid to enhance business activities, stimulating consumer demand to help products become better and competitive in the international arena, as well as lowering selling prices to promote domestic consumption.

Furthermore, local businesses need to actively digitise and green the economy as a means of reducing production costs, improving competitiveness, and gaining easier access to the market in line with international standards.

According to experts from VinaCapital, United States President Joe Biden's recent visit to Vietnam in September holds great significance to the nation as it served to elevate both sides’ relationship to that of a comprehensive strategic partnership.

Instead of accounting for less than 3% of total FDI capital invested in Vietnam, the US will invest heavily in the Vietnamese market, with a particular focus on high-tech industries, especially semiconductor equipment, as the agreement has signed.

Moving forward, VinaCapital forecasts that this will promote Vietnamese economic growth in 2024 and ahead in the following years.

Source: VOV