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Three economic growth scenarios for Viet Nam in 2024

VGP - The Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment, has outlined three potential economic growth scenarios for 2024, with the highest GDP growth rate forecast at 6.5 percent.

December 06, 2023 4:53 PM GMT+7
Three economic growth scenarios for Viet Nam in 2024- Ảnh 1.

The third annual Viet Nam Economic Pulse (VEP) forum, Ha Noi, December 6, 2023

The scenarios were announced at the third annual Viet Nam Economic Pulse (VEP) forum, which was co-organized by the UNDP and the CIEM in Ha Noi on December 6.

In other scenarios, the country's GDP growth rates will be 5.5 percent and 6 percent, according to the CIEM.

The event, held under the theme "Leveraging Technology to Foster Prosperity in Viet Nam," brought together business leaders, scholars, experts, and policymakers to delve into the transformative potential of new technologies, Industry 4.0, and the digital revolution.

The forum highlights the importance of science, technology and innovation for middle-income countries like Viet Nam.

Discussion at the forum focused on directions suitable for Viet Nam's potential capacity in taking advantage of science and technology in economic development.

Educators, scientists and business leaders shared their perspectives on seizing opportunities, training and investing in cutting-edge technologies like semiconductors and artificial intelligence, and building an innovative and competitive business environment.

UNDP Resident Representative Ramla Khalidi, in her opening remarks, emphasized, technological innovation, energy transition and shifts in geopolitical strategies have created historic opportunities for Viet Nam to accelerate economic transformation, penetrate new markets for higher value-added goods and services and increase the sophistication and domestic content of exports.

Viet Nam's ability to capitalize on these opportunities will have important implications for the Southeast Asian country to sustain productivity growth at higher level incomes—in other words, to avoid the middle-income trap, she added./.