Vietnamese economy on path to surpassing expectations: French paper

Việt Nam 's import and export of goods in 2024 will continue to grow strongly. — Photo vneconomy.vn

Việt Nam’s economy, buoyed by optimistic growth forecasts and a proactive government, is on a path to surpassing expectations, according to France’s reportlinker.com on January 9.

The website said the banking sector, in particular, becomes a cornerstone of this economic resurgence, driving consumer credit growth and facilitating expansive economic opportunities.

In the dynamic landscape of global economies, Việt Nam emerges as a beacon of growth and resilience. Recent forecasts from prestigious financial institutions like the Asian Development Bank (ADB) and Standard Chartered spotlight Việt Nam’s economic momentum, projecting an impressive GDP growth trajectory for the years 2024 and 2025.

The ADB’s optimistic revisions envision a growth of 6.4 per cent in 2024, surging from an initial 6 per cent, and a further leap to 6.6 per cent in 2025, up from 6.2 per cent. This upward trend is echoed by Standard Chartered, which anticipates a growth rate of 6.8 per cent for 2024, a notable jump from its previous 6 per cent forecast.

Such robust growth projections are underpinned by Việt Nam’s strong economic performance in recent quarters, which has not only exceeded initial expectations but also garnered upward revisions from foreign agencies.

This positive outlook is further bolstered by ambitious targets set by the Vietnamese Government, with Prime Minister Phạm Minh Chính advocating for a groundbreaking 8 per cent growth rate in 2025.

According to the article, the banking sector stands at the heart of Việt Nam’s economic resilience, playing a critical role in propelling the country toward its ambitious growth targets.

Despite the challenges posed by limited access to bank loans for industrial production enterprises, the Government’s proactive stance underlines a concerted effort toward achieving double-digit economic growth.

This ambition reflects a comprehensive approach to economic development, where easing lending rates and expanding credit access play essential roles.

The sector’s robust performance, coupled with the Government’s growth-oriented policies, paves the way for both domestic and international investors to explore new ventures. The increase in consumer credit growth, alongside the Government’s ambitious economic targets, signals a fertile ground for investment in financial services, fintech innovations and banking infrastructure development, it added.