OECD forecasts Vietnam’s economic growth at 6.5% this year
The Organisation for Economic Cooperation and Development (OECD) has forecast that Vietnam’s economy will grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year, according to an economic survey announced at a ceremony in Hanoi on April 26.
Hanoi (VNA) – The Organisation forEconomic Cooperation and Development (OECD) has forecast that Vietnam’s economywill grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year,according to an economic survey announced at a ceremony in Hanoi on April 26.
This is the first report on Vietnam’s economyconducted by the OECD in conjunction with the Asian Development Bank (ADB).
Vietnam has made remarkable economic progress over thepast decades, sustaining high growth, said Acting Deputy Director of the OECD’sEconomic Country Studies Branch Vincent Koen, calling extensive and continuedreforms since the 1980s a key to this success.
He said the economy has also proven resilient toshocks, including the COVID-19 pandemic, noting that during the outbreak, Vietnam was outstanding among other Southeast Asian nationsin terms of economic growth.
The economic survey is announced in Hanoi on April 26. (Photo: VNA)
According to the OECD, the openness of Vietnam’seconomy leaves it exposed to geopolitical uncertainties and potential supplychain disruptions. Weathering significant challenges ahead, Vietnam needs to makeadditional efforts to advance structural reforms that will further strengthenmarket forces.
To reduce dependence on fossil fuels, new investmentin coal should be halted and the implementation of a carbon market accelerated.As these reforms will require additional fiscal resources, the tax base shouldbe expanded to enhance government revenues.
The survey suggested Vietnam consider providingtargeted financial support to households strongly affected by high energy andfood prices, prepare a concrete medium-term fiscal consolidation plan tofurther enhance revenue, expand the tax base, continue to simplify businessregulations, and enhance digital skills.
To guide all economic sectors to a low carbon path,a clear and predictable long-term climate change strategy should be prepared.This strategy should include an energy sector reform which is crucial toupscale investment in renewable strategy, it said./.
The Vietnam-OECD High-Level Business Forum opened in Hanoi on October 18, gathering economists and representatives from international organisations as well as domestic and foreign businesses.
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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).
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
The economic survey is announced in Hanoi on April 26. (Photo: VNA) 
