Malaysia media forecasts Vietnam’s bright medium-term outlook
Malaysia’s digitalnewsasia.com on December 20 reported findings from consulting firm Oxford Economics’ recent research commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW), saying that it offers a positive assessment of Vietnam's economy in 2023 and forecasts a bright outlook for a medium term.
Ho Chi Minh City, the southern economic hub of Vietnam (Photo: VNA)
Hanoi (VNA)𒈔 – Malaysia’s digitalnewsasia.com on December 20 reported findings from consulting firmOxford Economics’ recent research commissioned by the Institute of CharteredAccountants in England and Wales (ICAEW), saying that it offers a positiveassessment of Vietnam's economy in 2023 and forecasts a bright outlook for amedium term.
According to OxfordEconomics, Vietnam has been a regional export outperformer this year, delivering a year-on-year GDP growth of 5.3% in the third quarter from 4.1%in the previous quarter. This was led by a strong recovery in the manufacturingsector thanks to rising export values amidst improvements in electronicsexports, especially to China. Carrying on from the Government’s increasedpublic investment in the third quarter, there is still room to boost investmentspending in the next quarter, it said. About the Southeast Asia economy, it said economicmomentum picked up in the third quarter, but there are concerns about potentialheadwinds in 2024, including slow global growth, tourism bright spotslosing their shine, and declining private consumption. Southeast Asia has displayed resilient economicmomentum in Q3, with improved trade conditions driving GDP growth to surpassexpectations. Export growth in Singapore, Malaysia, and Vietnam expanded fromQ2 to Q3, with Singapore and Vietnam enjoying notable turnarounds with bothmarkets having significant footholds in the electronics trades. However, Southeast Asia's exports will remainweighed down by a prolonged global weakness, particularly from US and China. While inflation is likely to resume its declinefurther in the future, analysts are not expecting rate cuts until Q2 2024./.
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Ho Chi Minh City, the southern economic hub of Vietnam (Photo: VNA) 
