Foreign press optimistic about Vietnam's economic growth

According to statistics from the Department of Foreign Information, Ministry of Information and Communications (MIC), in October 2023 alone, there were 452 news and articles from foreign news agencies and newspapers about Vietnam's socio-economy.

According to foreign press, Vietnam is forecast to become the 25th largest economy in the world by 2030. Photo: Hai Nguyen

In October 2023, foreign public opinion generally published many positive news and articles reflecting Vietnam's socio-economic development situation. In addition, foreign press analyzed the difficulties and challenges of Vietnam's economy.

Specifically, Vietnam's short-term economic growth prospects remain fragile due to continued influence and impact from external factors; Vietnam's export manufacturing sector still faces significant obstacles due to weak growth in the US, the European Union and declining foreign demand.

Positive information about Vietnam's socio-economic situation this month focuses on the following contents: Growth is forecast to slow down in 2023, but will recover in 2024 - 2025; Vietnam will become one of the fastest growing emerging markets in Asia in the next 5 years; Vietnam is forecast to become the 25th largest economy in the world by 2030.

Specifically, international financial institutions forecast that Vietnam will continue to grow rapidly in the medium term as exports recover: The International Monetary Fund forecasts Vietnam's growth in 2023 at 4.7%. According to Reuters, Vietnam has become the fastest growing country in Southeast Asia. The World Bank - WB forecasts that Vietnam's economic growth in 2023 will slow to 4.7%, recover to 5.5% in 2024 and 6.0% in 2025.

According to BNN, Vietnam's economic outlook remains positive mainly due to its successful efforts to contain the COVID-19 pandemic. This allows economic activity to recover faster than other countries. The government has taken proactive measures to support businesses and stimulate domestic consumption.

The policies were enacted to provide financial support to businesses hit hard by the COVID-19 pandemic, while encouraging consumer spending to boost economic growth.

Meanwhile, Spglobal believes that Vietnam will become one of the fastest growing emerging markets in Asia in the next 5 years thanks to a number of key growth drivers: Benefiting from relatively low manufacturing labor costs compared to coastal provinces of China; having a fairly abundant and well-trained workforce compared to many other competitors in the Southeast Asian region, making Vietnam an attractive manufacturing center for multinational corporations...

Vietnam is forecast to become the world's 25th largest economy by 2030, with an expected GDP in 2030 reaching 878.99 billion USD - according to Finance.

According to Nikkei Asia, Vietnam has benefited the most from the repositioning of global export markets, given its relatively small export volume and economic size. In addition to gaining a significant share of China’s declining export sectors, Vietnam has also become closely linked to China’s emerging sectors.

According to the comparative advantage analysis report of the ASEAN+3 Macroeconomic Research Office, Vietnam and China have similar production structures. Therefore, Vietnam has the potential to continue to increase its export market share.

Vietnam has developed from one of the world's poorest countries to become an important player in the global economy, according to the daily newspaper De Morgen. Western manufacturers are coming to Vietnam thanks to its advantages: a long coastline with deep ports; a young population of nearly 100 million people with relatively good education; a minimum wage of 230 Euros per month; preferential tax rates (an average of 4.35% business tax per year for the first 15 years); and a stable political system.

Laodong.vn