Vietnam's 2023 GDP growth to reach 5.8%, 2nd highest in ASEAN

17 Apr '23

1 min read

Pic: Shutterstock/zhaoliang70

Insights

The IMF expects Vietnam's GDP to grow by 5.8 per cent this year, making it the second-highest in the Association of Southeast Asian Nations (ASEAN) region.
The country's public debt is also predicted to remain the lowest compared to other ASEAN countries.
Vietnam's GDP is projected to rebound to 6.9 per cent in 2024, the highest in Southeast Asia.

Vietnam’s gross domestic product (GDP) is projected to grow by 5.8 per cent this year, securing the second position along with Cambodia in the Association of Southeast Asian Nations (ASEAN) region, as per the International Monetary Fund (IMF). The only country expected to outperform them in the region is the Philippines.

IMF has also forecast that Vietnam’s GDP growth will rebound to 6.9 per cent in 2024, making it the highest in Southeast Asia, and its public debt will decrease to 31.3 per cent of national GDP in 2028, the lowest in two decades, from the record 47.5 per cent in 2016. Vietnam’s public debt is also predicted to remain the lowest compared to the other eight ASEAN member countries.

The lender has projected that inflation will reach 5 per cent and 3 per cent in 2023 and 2024, respectively.

The State Bank of Vietnam (SBV) has consistently cut regulatory interest rates, which has resulted in credit institutions lowering their lending interest rates, ultimately leading to a boost in economic growth, local media reports said quoting SBV deputy governor Dao Minh Tu.

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