Vietnam's economic growth is expected to accelerate in 2024, driven by a recovery in manufacturing exports, tourism, consumption and investment, according to a new World Bank report released on August 26.
The World Bank (WB) announced an update on Vietnam's economic situation on August 26, 2024. Scene of the announcement ceremony. Photo: Tran Viet/VNA
Accordingly, Vietnam's economy is forecast to grow by 6.1% in 2024 and 6.5% in 2025 and 2026, higher than the 5% in 2023, according to the Taking Stock report. The report shows the resilience of Vietnam's economy in the context of increasing challenges globally. Titled "Reaching new heights in capital markets", the report notes that the economy has not yet returned to the growth path of the pre-pandemic period. Therefore, it is necessary to boost public investment to both stimulate short-term demand and contribute to solving the problem of infrastructure shortage - especially in the fields of energy, transport and logistics - which is a bottleneck hindering growth. In addition, the report also said that it is necessary to closely monitor the asset quality of banks due to increasing bad debts.
Mr. Andrea Coppola, Chief Economist and Program Manager, WB in Vietnam, Cambodia and Laos reports. Photo: Tran Viet/VNA
"In the first half of this year, Vietnam's economy benefited from the recovery in export demand. To maintain growth momentum from now until the end of the year and in the coming years, authorities need to continue institutional reforms, boost public investment, and manage and monitor risks in financial markets," said Sebastian Eckardt, Director of the Macroeconomics, Trade and Investment Department for the East Asia and Pacific region at the World Bank.
Ms. Dorsati Madani, Senior Economist of the World Bank (WB) in Vietnam, presented the report. Photo: Tran Viet/VNA
Speaking at the press conference, Ms. Dorsati Madani, Senior Economist of the World Bank in Vietnam, said that the growth forecast of 6.1% is very positive, but the Vietnamese economy has not yet returned to its full potential. Ms. Madani said that after a strong recovery in the first half of 2024, the growth rate of the Vietnamese economy will slow down in the coming time, affected by the slowing growth trend of major economies in the world such as the US, Europe and China.
Leather bag products for domestic consumption and export of Ladoda company (documentary photo). Photo: Tran Viet/VNA
The World Bank representative recommended that Vietnam should accelerate the disbursement of public investment to continue to boost the economy. In addition, it is necessary to encourage banks to improve their capital adequacy ratios, while improving infrastructure construction to attract private investment. Diversifying trade to further enhance integration will also be a factor to help improve the resilience of the Vietnamese economy. Source: https://baotintuc.vn/kinh-te/wb-du-bao-kinh-te-viet-nam-tang-truong-61-nam-2024-20240826114943492.htm
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