S&P Global Ratings highlights Vietnam’s economic resilience and growth potential, making it a key player in Southeast Asia’s economic landscape.
S&P forecasts Vietnam’s economy will grow by 5.8% in 2024, up from 5% in 2023, driven by increased global demand and domestic improvements. Vietnam remains an attractive destination for foreign investment, particularly in manufacturing and the semiconductor industry. The recovery of cross-border tourism, especially from China, and rising domestic demand are also contributing to economic growth.
Public investment is expected to accelerate, supported by the state budget. S&P anticipates Vietnam’s GDP growth will return to 6.5-7% within the next 3-4 years, bolstered by a diverse economy, a growing manufacturing sector driven by foreign direct investment (FDI), and a competitive, educated workforce.
Vietnam’s stable macroeconomic environment and efficient logistics network enhance its appeal to global corporations in electronics, mobile phones, and textiles. Improved trade activities and a high current account surplus, projected at 5.5% of GDP in 2024, further underscore Vietnam’s positive economic outlook.
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Source: Vietnam Insider