Prestigious world organizations optimistic about Vietnam’s economic prospects
According to data from the General Statistics Office, Vietnam’s socio- economic situation in April and in the first four months of the year has achieved positive results. Specifically, industrial production in April continued its recovery growth trend with the entire industrial production index (IIP) estimated to increase 0.8% over the previous month and up 6.3% over the same period last year.
In first four months of 2024, IIP is estimated to increase by 6.0% over the same period last year. Many international organizations are optimistic about Vietnam’s economic prospects for the whole year 2024. The International Monetary Fund (IMF) forecasts that Vietnam will rank 20th in the world with a growth rate of 5.8% in 2024. However, in the medium term, the IMF expects Vietnam to have many opportunities from digitalization, green transformation and forecast economic growth of 6.5%.
The World Bank forecasts Vietnam’s GDP growth in 2024 of 5.5% and continues to be in the top group in the world in terms of economic growth rate. By 2025, the growth rate of the country may reach 6%. According to Fitch Ratings. According to Fitch Ratings, Vietnam’s domestic financial and monetary policies have greatly supported the economy. Accordingly, Vietnam’s economic growth is forecast to reach 6.3% in 2024 and 7.0% in 2025. Quarterly economic update reports from international organizations emphasize the rapid recovery of Vietnam’s exports. According to S&P Global, Vietnam’s purchasing managers index (PMI) in April reached 50.3 points, showing high new orders and output. This signal also clearly reflects in the 4-month export figures, which reached over 123 billion USD, up 15% over the same period.
The reports also emphasize the Government’s economic management in a flexible and proactive manner, focusing on supporting growth. Notably, fiscal policy and public investment promotion are working effectively, strengthening the recovery.
