Vietnam's economy to surge by 6.6% in 2023: OECD

05 Apr '23

1 min read

Pic: Shutterstock/ Ahmad Faiza

Insights

Vietnam's economy may grow by 6.6 per cent in 2023 due to foreign investment in manufacturing, primarily in textiles and footwear.
Vietnam remains the top economy in Southeast Asia, but weaker demand may lower investment.
The OECD advises monitoring inflation trends and ending pandemic support programmes to improve the country's financial situation.

Vietnam’s economy is projected to grow by 6.6 per cent in 2023 by the Organisation for Economic Cooperation and Development (OECD). This growth is attributed to foreign investment in the manufacturing sector, including textiles and footwear. Additionally, the country has benefitted from China’s easing of COVID-19 prevention and control measures.

The OECD report has indicated that at this rate, Vietnam remains the top economy among the five largest in Southeast Asia.

The end of support programmes implemented during the pandemic will create conducive conditions for Vietnam to boost its public financial situation, local media said quoting the OECD report.

Weaker demand is expected to decrease investment in the Vietnamese economy. The report recommended that the country continue to closely monitor inflation trends.

Fibre2Fashion News Desk (NB)

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