Viet Nam has bright medium-term outlook
VGP - Viet Nam has emerged as a key winner amid the global supply chain reshuffling with a bright medium-term outlook, highlighted the latest Economic Insight report for Southeast Asia.
The report, commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics, forecasts that Viet Nam's economy grows 4.7 percent in 2023 and further rise to 5 percent in 2024.
Despite below-trend growth in 2023 and 2024, Viet Nam's miracle growth story probably hasn't ended yet.
The Southeast Asian nation's share of global goods exports should increase further over the medium term, spurred by multinationals' China Plus One strategies, driving GDP outperformance relative to ASEAN peers until at least 2030.
Economic momentum has picked up in the third quarter of 2023, but there are concerns about potential headwinds in 2024, the report showed.
As a result of both external and domestic challenges, Oxford Economics projects Southeast Asia's economy to grow by 4.3 percent in 2023 and 4.2 percent in 2024./.