The year 2023 is forecasted to be a year of many challenges for the Vietnamese economy due to the impact of the gloomy outlook of the global economy and multiple crises. However, there are still many positive signs and with efforts to prepare in advance, Vietnam’s economy is still expected to maintain a good growth momentum compared to regional and global economies. The international press has had many remarkable articles related to this topic.
Vietnam can be called the most interesting macroeconomic and investment story in 2023 – according to Forbes. According to experts, by 2036, Vietnam will become the second largest economy in Southeast Asia and rank 20th in the world.
The World Bank’s new global economic outlook report released recently said that 2023 is the second year the global economy has suffered a severe contraction, which is forecast to grow at only 1.7%. In that context, Vietnam is forecasted to grow at 6.3%, the second highest in the region; At the same time, it is recommended that Vietnam proactively respond to immediate challenges.
Dr. Andrea Coppola – Chief Economist, World Bank recommended: “In order to deal with exchange rate pressure, the State Bank may consider operating the exchange rate more flexibly. In the event that this could lead to higher inflation, the State Bank may consider using a reference interest rate tool. In the medium term, Vietnam can modernize its monetary policy by promoting the monetary policy. gradual transition to an inflation-targeted operating mechanism”.
According to The Star, although Vietnam’s economy is forecasted to continue to face challenges in 2023, there are still bright spots for hope.
There are a number of factors that help economic growth such as the reopening of China, helping Vietnam to boost exports and develop tourism. In addition, Vietnam has stepped up public investment and domestic consumption to offset the drop in exports.
“It can be said that 2023 is the year in which we think Vietnam will face headwinds both at home and abroad. The first is slowing growth in Vietnam’s main partners. Inside Water, consumption, and investment are unlikely to offset the decline in demand. With such effects, Vietnam is likely to grow by around 5.8% in 2023, which is still significant compared to other countries around the world,” said Antoinette Sayeh, Deputy Director General of the International Monetary Fund (IMF).
In the context of many challenges, Vietnam is still an attractive destination for foreign investment. The vietnam-briefing page and the stat trade times page have given the reasons why Vietnam can become Asia’s next industrial hotspot such as competitive advantages in young, skilled workers, and an open FDI environment, expanding trade with many countries.
Source: CafeF
Source: Vietnam Insider