Vietnam"s economy to grow by 6.6% this year: OECD
Illustrative photo (Photo: VNA)
Vietnam's economy will grow by 6.6% this year and at a similar rate in 2024, according to a report released on March 31 by the Organisation for Economic Co-operation and Development (OECD).
The report “The Economic Outlook for Southeast Asia, China and India 2023: Reviving tourism post-pandemic” states that Vietnam’s economic growth is driven by foreign investment in the manufacturing sector, especially electronics, machine manufacturing, textiles and footwear, and benefits from China's loosening of COVID-19 prevention and control measures.
At this rate, the OECD believes that Vietnam continues to lead the top five largest economies in Southeast Asia. The Philippines is forecast to reach growth of 5.7% in 2023 and 6.1% in 2024, Indonesia at 4.7% and 5.1%, Malaysia at 4.0% and 4.2%, and Thailand at 3.8% and 3.9% in the same period.
The report says that the end of support programmes after the COVID-19 pandemic will create favourable conditions for Vietnam to improve its public financial situation. However, weaker demand is likely to reduce investment in the Vietnamese economy. The report also recommends the country continue to closely monitor inflation trends.
As tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it, the report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia.
The interruption of tourism allowed countries in the region to consider reforms in the sector, including persifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation./.
Related News
![Vietnam - France trade reached nearly US$2.5 billion in the first half of the year](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/14/croped/image0012024072010161720240723142729.png?240724091832)
Vietnam - France trade reached nearly US$2.5 billion in the first half of the year
09:18 | 24/07/2024 Import-Export
![Rubber exports grows sharply in June](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/09/15/croped/0409-cao-su20240709152605.jpg?240711094648)
Rubber exports grows sharply in June
09:46 | 11/07/2024 Import-Export
![Vietnam rises 11 places in budget transparency ranking](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/06/09/croped/hd-bank-tien-mat-zig-1-30882024070407002720240706093504.jpg?240708095114)
Vietnam rises 11 places in budget transparency ranking
09:51 | 08/07/2024 Finance
![South Korea is Vietnam’s leading trading partner](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/05/10/image0012024070108320520240705101827.png?rt=20240705101830?240705102121)
South Korea is Vietnam’s leading trading partner
10:21 | 05/07/2024 Import-Export
Latest News
![Memorial service for Party General Secretary Nguyễn Phú Trọng](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/07202426140706-casket20240726150022.6922290.jpg?rt=20240726150406?240726030531)
Memorial service for Party General Secretary Nguyễn Phú Trọng
15:05 | 26/07/2024 Headlines
![Leaders, people bid last farewell to General Secretary Nguyen Phu Trong](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/13/croped/screenshot-2024-07-25-114547-399120240725135826.7244170.jpg?240725015851)
Leaders, people bid last farewell to General Secretary Nguyen Phu Trong
13:58 | 25/07/2024 Headlines
![State funeral held for Party General Secretary Nguyen Phu Trong](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/state-funeral-held-for-party-general-secretary-nguyen-phu-trong-1-800520240725140013.7976120.jpg?240725020054)
State funeral held for Party General Secretary Nguyen Phu Trong
09:00 | 25/07/2024 Headlines
![(INFOGRAPHICS) Party leader develops diplomacy imbued with "Vietnamese bamboo" characteristics](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/13/croped/tbt20240724135842.jpg?240724020014)
(INFOGRAPHICS) Party leader develops diplomacy imbued with "Vietnamese bamboo" characteristics
14:00 | 24/07/2024 Headlines
More News
![Prime Minister](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/15/croped/anh-ct-712024072209195820240723151002.jpg?240724091811)
Prime Minister's telegram promoting growth, controlling inflation, and stabilizing the macroeconomy in July and the third quarter of 2024
09:18 | 24/07/2024 Headlines
![Gov’t unveils action plan to accelerate industrialisation](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/14/croped/hcm-144420240723143123.4882920.jpg?240723023146)
Gov’t unveils action plan to accelerate industrialisation
14:31 | 23/07/2024 Headlines
![Ho Chi Minh City enterprises overcoming difficulties](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/15/16/142024070910274820240715163152.jpg?rt=20240715163155?240723082455)
Ho Chi Minh City enterprises overcoming difficulties
08:24 | 23/07/2024 Headlines
![PM asks for all efforts to ensure sufficient supply of electricity, petroleum products](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/22/14/croped/363185-petrol20240722143133.3479450.jpg?240722023201)
PM asks for all efforts to ensure sufficient supply of electricity, petroleum products
14:31 | 22/07/2024 Headlines
![Ministries asked to review and revise policies on infrastructure development](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/22/14/croped/362555-screen20shot202024-07-1820at2013313520240722142614.6139270.png?240722022731)
Ministries asked to review and revise policies on infrastructure development
14:27 | 22/07/2024 Headlines
![Vietnam](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/22/09/croped/3-ong-nguyen-anh-duong-truong-ban-nghien-cuu-tong-hop-vien-nghien-cuu-quan-ly-kinh-te-trung-uong-ciem-kich-ban-kinh-te202407151102582024071517223620240722095118.jpg?240722100823)
Vietnam's GDP in 2024 could achieve nearly 7% growth
10:08 | 22/07/2024 Headlines
![Foreign diplomats hail late Party chief’s role in Vietnam’s modern history](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/21/19/croped/party-general-secretary-nguyen-phu-trong-visits-cuba-in-2012-411220240721193440.0137290.jpg?240721073532)
Foreign diplomats hail late Party chief’s role in Vietnam’s modern history
19:35 | 21/07/2024 Headlines
![Highest determination to remove IUU "yellow card".](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/19/16/17-449005821-438292439105506-1900049865909254375-n202407101621112024071211045320240719162813.jpg?rt=20240719162816?240720065016)
Highest determination to remove IUU "yellow card".
18:50 | 20/07/2024 Headlines
![Party General Secretary Nguyen Phu Trong passes away](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/20/18/croped/party-general-secretary-nguyen-phu-trong-8-811220240720184221.2451090.jpg?240720064311)
Party General Secretary Nguyen Phu Trong passes away
18:43 | 20/07/2024 Headlines
Your care
![Memorial service for Party General Secretary Nguyễn Phú Trọng](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/26/15/medium/07202426140706-casket20240726150022.6922290.jpg?rt=20240726150406?240726030531)
Memorial service for Party General Secretary Nguyễn Phú Trọng
15:05 | 26/07/2024 Headlines
![Leaders, people bid last farewell to General Secretary Nguyen Phu Trong](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/13/croped/medium/screenshot-2024-07-25-114547-399120240725135826.7244170.jpg?240725015851)
Leaders, people bid last farewell to General Secretary Nguyen Phu Trong
13:58 | 25/07/2024 Headlines
![State funeral held for Party General Secretary Nguyen Phu Trong](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/25/14/croped/medium/state-funeral-held-for-party-general-secretary-nguyen-phu-trong-1-800520240725140013.7976120.jpg?240725020054)
State funeral held for Party General Secretary Nguyen Phu Trong
09:00 | 25/07/2024 Headlines
![(INFOGRAPHICS) Party leader develops diplomacy imbued with "Vietnamese bamboo" characteristics](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/24/13/croped/medium/tbt20240724135842.jpg?240724020014)
(INFOGRAPHICS) Party leader develops diplomacy imbued with "Vietnamese bamboo" characteristics
14:00 | 24/07/2024 Headlines
![Prime Minister](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/072024/23/15/croped/medium/anh-ct-712024072209195820240723151002.jpg?240724091811)
Prime Minister's telegram promoting growth, controlling inflation, and stabilizing the macroeconomy in July and the third quarter of 2024
09:18 | 24/07/2024 Headlines