Hanoi (VNS/VNA) - Standard Chartered Bank forecasts Vietnam’seconomic growth at 7.2% in 2023 and 6.7% in 2024, following a solid recovery to8.0% in 2022.
The forecast is highlighted in the bank’s recently published global researchreport on Vietnam, titled “Vietnam – Still enjoying high-growth status”.
“We still have a conviction on Vietnam’s high growth potential over the mediumterm,” said Tim Leelahaphan, Economist for Thailand and Vietnam, StandardChartered. “While macro indicators moderated somewhat in Quarter 4 2022, theyremain largely robust. Retail sales posted solid growth in the second half of2022, implying improved domestic activity.”
According to Standard Chartered’s economists, trade balance has tentativelyimproved; exports may face global headwinds; imports are at risk of reversal.FDI disbursements have continued to increase, but the outlook hinges on theglobal economy. Inflation may pose a threat to Vietnam’s continued recovery.
Inflation is anticipated to rise throughout 2023, potentially reaching 6% inthe final months of the year and averaging 5.5% in both 2023 and 2024 (from 3.2%in 2022). Vietnam’s fiscal deficit may persist and be a source of inflation.
Standard Chartered Bank expects the State Bank of Vietnam (SBV) to hike ratesby another one% in Quarter 1 2023 and to stay on hold through end-2024 as itshifts to a tightening stance with a view to maintaining stability.
“We expect the central bank to stay vigilant against inflation, a weakeningVietnamese dong, and financialinstability arising from risky loans in the real-estate sector. The SBV mayprefer a relatively strong Vietnamese dong,as long as it does not harm the country’s trade competitiveness,” said TimLeelahaphan, Economist for Thailand and Vietnam, Standard Chartered.
According to Tim, the Vietnamese dong hasrecovered sharply in recent weeks, however, the pace of Vietnamese dong appreciation is likely to slowdown, as several headwinds persist. The replenishment of FX reserves is likelyto be a key priority for the central bank. An improving Current Accountbackdrop and tourism recovery is likely to be supportive to the Vietnamese dong. The USD/VND exchange rate is forecastat 23,400 by end-2023 and 23,000 by end-2024./.
The Vietnamese Government pledges to create favourable conditions for Standard Chartered Bank to maintain and expand its business operations in the country, Prime Minister Pham Minh Chinh said on September 5.
Financial institutions and the world’s top credit rating agencies’ forecasts on Vietnam’s economic growth are completely founded, said Russia’s Sputnik radio.
Standard Chartered Bank has raised its Vietnam GDP growth forecast for 2022 to 7.5% from the previous 6.7% and for 2023 to 7.2% from 7.0% to reflect robust Q3 growth of 13.7% year-on-year. The last quarter 2022 growth is anticipated at 4.0%.
Corporates from the Association of Southeast Asian Nations (ASEAN) are optimistic about their businesses in Vietnam, with 58% having existing or future plans to expand sales in the country.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
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.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
Illustrative image (Photo: VNA) 
