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Viet Nam's economy maintains positive outlook: Int'l media

VGP – Viet Nam's economy continues to record positive signals after the first 6 months of 2024, becoming a bright spot in the region.

June 24, 2024 3:12 PM GMT+7
Viet Nam's economy maintains positive outlook: Int'l media- Ảnh 1.

Illustration photo

CNBC cited the comments of Mr Kai Wei Ang, an economist specializing in Asean, emphasizing that Viet Nam is a bright spot in Southeast Asia thanks to its competitive labor market and a series of free trade agreements. These make exporting to markets easier.

In the same vein, Borneo Bulletin quoted a report from Maybank, assessing that Viet Nam, along with Indonesia, Malaysia, the Philippines, Singapore and Thailand, are growth stars. Their recovery in growth is driven by manufacturing and exports.

According to Director of Analysis Department, Maybank Investment Bank, Quan Trong Thanh, the growth drivers that are better than expected are exports.

The second driving forces, which are still as good as expected, included disbursement of FDI capital, foreign direct investment and tourism also recovering well, he said.

The World Bank said that Viet Nam's industrial production index in May 2024 increased by 2.6 percent compared to April and increased by 8.9 percent compared to the same period in 2023. This is due to strong exports and a low comparative base effect from 2023.

Sharing the same opinion, the Star website said that Viet Nam's exports to key markets in the first 5 months of the year increased by 15 percent compared to the same period last year. Among them, textiles, furniture and household appliances led the recovery.

Professor Pankaj Jha, Director of the Center for Strategic and Security Studies, Jindal Global University, India, said that the manufacturing and processing industry plays an important role in the Vietnamese economy.

Besides, real estate still needs some improvements to support the economy. Many trade agreements are still pending and need to be implemented as soon as possible, he noted.

Regarding prospects, in S&P Global's latest assessment, the long-term national credit rating for Viet Nam is at "BB+" and the outlook for long-term credit rating is stable./.