Economists at a workshop in Hanoi on January 4 shared the view that despite a host of difficulties forecast for 2024, inflation would not be a big issue for Vietnam in the year.
According to economists, despite a host of difficulties forecast for 2024, inflation will not be a big issue for Vietnam in the year. (Photo: VNA)
Hanoi (VNA) – Economists at a workshop inHanoi on January 4 shared the view that despite a host of difficulties forecastfor 2024, inflation would not be a big issue for Vietnam in the year.
Speaking at the workshop, jointly held by theInstitute of Economics and Finance under the Academy of Finance and the PriceManagement Department at the Ministry of Finance, Deputy Director of the Institute Nguyen Duc Do explained that the world economy, especially the US andChina, is expected to slow this year.
Given this, Vietnam’s exports are projected to remainmodest, he said. The struggling real estate market will adversely affectthe entire economy and lead to low growth in the year.
Do also set out several scenarios for the consumer priceindex (CPI) growth, the main gauge of inflation, ranging from 2.5% to 3.5%.
Participants at the workshop. (Photo: hanoimoi.vn)
Economist Dinh Trong Thinh said Vietnameseenterprises will optimise opportunities generated by free trade agreements(FTAs) and the economy would grow 5.5%-6.5%, with inflation hovering around 3.2% - 3.5%.
Associate Professor, Dr. Ngo Tri Long stressed thatthe inflation target of 4% - 4.5% approved by the National Assembly would bepossible thanks to the Government’s experience in price management, plus aggregatedemand yet to show signs of rebound.
However, the factors that cause inflationary pressurestill remain, but the outlook is better in a number of countries, reducing the once high CPI growth forecast due to service fee adjustments,heard the workshop.
Its Price Management Department will also keep aclose watch on economic developments and impacts of global inflation on Vietnamto take appropriate solutions, while closely monitoring the domestic market togive policy consultation and flexible management scenarios.
Statistics show that Vietnam’s CPI rose 3.25% in2023, much lower than the target of about 4.5%.
Economists reported that the building of pricemanagement scenarios that match the reality is an important basis to controlinflation./.
Vietnam is now a thriving regional hub with ample scope for further rapid development, assessed an article recently published on the UK news site of financial analysis moneyweek.com.
With the pace of economic activities on the mend and inflation rates already easing below the target level, the State Bank of Vietnam (SBV) will maintain its refinancing rate at the current level of 4.5% to support economic recovery, the United Overseas Bank (UOB) said in a report.
Vietnam’s consumer price index (CPI) in 2023 is estimated to rise 3.25% year-on-year, meeting the target set by the National Assembly (NA), the General Statistics Office (GSO) reported on December 29.
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According to economists, despite a host of difficulties forecast for 2024, inflation will not be a big issue for Vietnam in the year. (Photo: VNA) 
Participants at the workshop. (Photo: hanoimoi.vn) 
