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Standard Chartered sustains Viet Nam’s 2024 GDP growth at 6.7%

VGP - Standard Chartered maintains its GDP growth forecast for Viet Nam at 6.7 percent in 2024 of which GDP is projected to accelerate from 6.2 percent in the first half to 6.9 percent in the second half.

March 25, 2024 9:46 PM GMT+7
Standard Chartered sustains Viet Nam’s 2024 GDP growth at 6.7%- Ảnh 1.

Illustration photo

In the latest forecast report, the international bank forecast that retail sales may increase by 9.2 percent, export growth rate at 5.2 percent, import value at 5 percent. Trade surplus is projected to drop to US$0.8 billion. 

Inflation rate is likely to go up 4.2 percent, higher than the rate of 4 percent last month. Price hikes of education, housing (building materials) and food were attributed to increasing inflation rate.

Tim Leelahaphan, Economist for Thailand and Viet Nam, Standard Chartered said that even though GDP growth rate in Q1 is likely to slow down, Viet Nam still maintains its recovery momentum. However, the bank is also cautious about the growth overview in the first half due to challenges in global trade.

2024 is a breakthrough year, holding special significance for the successful implementation of the 5-year Plan for 2021-2025.

The Government set the goal of 6-6.5 percent GDP growth rate in 2024.

The latest report from the Asian Development Bank (ADB) puts Viet Nam’s 2024 growth at 6 percent.

The International Monetary Fund (IMF) forecast Viet Nam’s 2024 growth at 5.8 percent, doubling the global average and among the top 20 highest growth rates in the world.

According to the World Bank (WB), Viet Nam’s economy is likely to grow 5.5 percent this year and 6 percent next. It is expected to remain among the top global economies posting the highest growth./.