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Vietnam predicts significant 7% GDP growth for 2024

Vietnam predicts significant 7% GDP growth for 2024

Posted on January 15, 2024   |  

Vietnam is eyeing a potential 6.5% GDP growth in 2024, influenced by several key factors.

The manufacturing sector is expected to recover from less than 4% growth in 2023 to 8-9% in 2024. 

However, this is still below pre-Covid levels due to challenges in the U.S. and global economy.

The majority of products manufactured in Vietnam are exported, particularly to the U.S., contributing significantly to the overall economic outlook.

Vietnam anticipates stable and lower interest rates, aiming to positively impact the economy by encouraging consumption and fostering credit growth.

While consumption is expected to see a modest increase supported by various factors, real retail sales growth may only show a slight uptick in 2024, potentially later in the year.

Despite a projected rebound in manufacturing, a substantial increase in consumption growth is not foreseen, as the surge in foreign tourist arrivals in the previous year is not expected to recur in 2024. 



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