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Standard Chartered: Vietnamese economy may expand 7% in second half

VGP - Standard Chartered has predicted that Viet Nam's economy would continue recovery and expand 7 per cent in the second half of this year compared to 3.7 in the first half.

July 08, 2023 9:14 PM GMT+7
Standard Chartered predicts 7 percent growth rate for Viet Nam in second half  - Ảnh 1.

In its latest report, the bank attributed this positive growth trend to sustained improvements in trade data since the beginning of 2023, indicating a clearer recovery in the latter part of the year.

Tim Leelahaphan, economist at Standard Chartered Bank covering Thailand and Viet Nam, noted that Viet Nam's economic openness and stability as key factors supporting the country's promising medium-term outlook, adding that a continued recovery of tourist arrivals will help strengthen the services balance.

Standard Chartered has revised down its GDP growth forecast for Viet Nam in 2023 from 5.2 per cent to 5 percent.

The bank also emphasized that sustained investment inflows may require an improved global backdrop and government efforts.

To attract foreign direct investment, Viet Nam needs to achieve rapid GDP growth and develop its infrastructure. Robust infrastructure, particularly in the logistics sector, could incentivize more manufacturers to relocate their operations to the nation, suggested Standard Chartered.

 Viet Nam's GDP growth accelerated to 4.14 percent in April-June period from 3.32 percent in the previous quarter, the General Statistics Office (GSO) announced.

During January-June, Viet Nam's GDP expanded 3.72 percent./.