Vietnam's economy remains strong in the face of "big waves and strong winds"

Promoting public investment and implementing key transport infrastructure projects will open up new development space and promote socio-economic growth.

Maintaining positive growth outlook to 2025

In the recently released Asian Development Outlook Report, the Asian Development Bank (ADB) assessed that external uncertainties such as tariff escalation, retaliatory measures, the prolonged conflict between Russia and Ukraine and ongoing instability in the Middle East... could hinder global economic growth in the short to medium term.

In addition, the ADB believes that the changing global economic environment poses major challenges for economies that depend on export-oriented growth, including Vietnam. The ADB believes that global political and trade developments are posing significant challenges to Vietnam's growth this year.

In addition, the slowing growth in Vietnam's major trading partners could further impact Vietnam's economic prospects in the coming time. Sharing with the press, Ms. Deborah Elms - Director of Trade Policy at Hinrich Foundation commented that the world in 2025 is no longer the same as in 2024, especially with US tariff policies. With the increasing importance of this market for Vietnam's exports and changes in trade policy, Vietnam will face many significant impacts.

Assessing the current context in general, Minister of Finance Nguyen Van Thang said that the economy will face many difficulties, and the growth target for 2025 will face serious challenges. This is a huge pressure in directing and managing socio-economic development to achieve the set growth target...

However, ADB forecasts that Vietnam's growth will remain solid, expected to be 6.6% in 2025 and 6.5% in 2026. Inflation is forecast to increase slightly to 4% in 2025 and 4.2% in 2026. "The Government of Vietnam has set out an ambitious growth target, which can significantly reduce external risks. Economic growth can be higher if institutional reforms are implemented quickly, through stimulating domestic demand, improving state management efficiency in the short term, thereby promoting private sector development in the medium and long term," Mr. Shantanu Chakraborty - ADB Country Director in Vietnam analyzed.

According to Ms. Deborah, Vietnam has been very successful in attracting FDI in recent times and this trend will continue, and may even accelerate in the coming time. At the same time, we will see more intra-regional trade activities in the Asian region - that is, production and consumption within Asia, instead of focusing on exporting to markets such as the US or Europe. This may attract another group of investors.

Adjusting export and investment strategies to suit the new situation

According to economic experts, Vietnam still has many incentives to take advantage of to achieve the growth target as set. According to Mr. Nguyen Ba Hung - Chief Economist of ADB in Vietnam, the fact that ADB forecasts a growth of 6.6% shows that Vietnam still has many opportunities to continue with growth stimulus measures to achieve the set target of 8%. The Government's policy orientation on promoting public investment, increasing investment in infrastructure and technology is in the right direction.

In particular, at the recent regular Government meeting in March, Prime Minister Pham Minh Chinh emphasized that export is an important growth driver but not the only one. There are many other important drivers such as investment, consumption, science and technology, innovation, circular economy, knowledge economy, creative economy, emerging industries... Similarly, the US is the largest export market, but not the only market. We have many other potential markets that need to be exploited more effectively, especially exploiting the 17 free trade agreements signed with more than 60 economies around the world...

Vietnam's economy continues to maintain positive growth momentum.

In fact, Vietnamese enterprises have been actively searching for suitable output markets. The US has always been a large market, but in the future, that role may decrease somewhat. Ms. Deborah Elms believes that the current context is an opportunity for Vietnam to adjust its strategy, proactively seeking new investment flows and new export markets.

Not only that, when accelerating and diversifying the market, making the most of the benefits of FTAs, Vietnam also shows foreign investors the opportunity to rise from internal strength, attracting new investors...

Regarding this issue, the General Statistics Office also stated that there is a lot of room for economic growth in the coming quarters. Public investment and foreign investment continue to be a strong support for economic growth. The trend of shifting global supply chains is creating great opportunities for Vietnam. In addition, fiscal and trade policies to stimulate demand and focus on tourism development will support economic growth.

According to VTV

Source: https://baothanhhoa.vn/kinh-te-viet-nam-van-vung-vang-truoc-song-to-gio-lon-245295.htm