20-12-2023 (HANOI) As Vietnam grapples with ongoing economic challenges, the World Bank has recommended the country extend the implementation of its economic support program for 2022-2023 into the following year. This move would allow for the full realization of planned investments and the bolstering of aggregate demand, according to the recently released World Bank’s Vietnam Macro Monitoring report.
The report emphasizes that restoring confidence and promoting the healthy development of real estate markets will be crucial in supporting short-term economic stability in Vietnam and fostering long-term economic growth.
Despite global uncertainties, Vietnam has witnessed a steady increase in cumulative foreign direct investment commitments during the first 11 months of 2023. The figures reached a total of $28.8 billion, reflecting a 14.8% rise compared to the same period in 2022. The World Bank sees this as a positive sign, indicating investors’ confidence in Vietnam’s economic prospects.
In its previous forecast, the World Bank projected that Vietnam’s economy would grow by 4.7% in 2023, followed by a 5.5% growth in 2024, and a further increase to 6.0% in 2025. These figures provide a glimpse of the country’s potential for sustained economic expansion in the coming years.
