Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

Vietnam's GDP growth expected to bounce back to 6.5% in 2024

Vietnam's GDP growth expected to bounce back to 6.5% in 2024

Posted on October 30, 2023 |

Vietnam's GDP growth is poised to slow down, moving from 8% in 2022 to 4.7% this year.

This deceleration primarily results from reduced exports and production, driven by diminished global demand for products labeled "Made in Vietnam."

During the first 9 months of 2023, Vietnam experienced a 10% decline in exports, with exports to the U.S., its largest market, plummeting by 20%.

In the same period, domestic consumption growth remained relatively consistent year on year, contrasting with the pre-pandemic growth rate of 8-9%.

Notably, foreign tourist arrivals have made a recovery, reaching nearly 70% of pre-COVID-19 levels this year, contributing to the 2023 GDP boost.

Optimism surrounds the potential for an export resurgence and a revival in Vietnam's manufacturing sector.

Projections suggest a transition from stagnation this year to 8-9% growth in 2024, though slightly below the pre-pandemic average of 12%.