The Central Institute for Economic Management (CIEM) has unveiled two economic scenarios for the nation this year.

With a positive economic outlook, the Ministry of Industry and Trade aims to increase exports by 6% in 2024, running a trade surplus for nine years in a row, estimated at 15 billion USD.

The Vietnamese economy is likely to expand by 6-6.5% in the base scenario, with even recovery recorded in all sectors of agriculture, industry, construction and services.

The forecast for 2024 indicates that consumer demand will continue to be a primary contributor to Vietnam's economic growth, in addition to the ripple effects of public investment and exports.

Experts believed that the world and domestic economic situation in 2024 will continue to have difficulties and challenges. In that context, Vietnamese enterprises need to proactively implement solutions to promote production and business.

Many international financial institutions have expressed their optimism about Vietnam’s GDP growth, and shared the view that it would reach at least 6% this year.

Vietnam’s per capita GDP in 2023 reached US$4,284, US$174 higher than in 2022 but still well below the 2025 target range of US$4,700-5,000, according to the Ministry of Planning and Investment.

Vietnam’s economy is on a firm recovery track, likely returning to its trend growth of 6 percent in 2024, noted HSBC in its recent report Viet Nam at a glance.

Vietnam put its 2023 foreign trade at over US$681 billion, 6.9% lower than in the previous year, according to the General Statistics Office.

Vietnam needs to pool all resources and bring into full play growth drivers in 2024 to meet the Government set target of achieving a GDP growth rate of 6-6.5%, said experts.

The Government targets to create a favourable business environment to facilitate new business initiatives and innovations and to reduce costs and risks for businesses.

Standard Chartered Bank expects Vietnam to have a robust GDP growth of 6.7% in 2024 (6.2% and 6.9% in the first half and second half of the year, respectively).

The Vietnamese economy is likely to grow 6.3% in the first quarter, and 6.5% in the April-June period. Vietnam’s GDP growth is forecast at 6% for this year, and 6.4% next year, said Bloomberg’s survey.

The Vietnamese market is expected to welcome 230,500 more enterprises, both newly established and those resuming operations, in 2024, according to the General Statistics Office (GSO).

An article by the business and financial news site CNBC has named Vietnam among Asia-Pacific’s three top-performing markets in the first half of this year, besides India and Japan.

As many as 158,800 businesses left the market in the first 11 months of 2023, an increase of 20 percent over the same period last year.

Minister of Industry and Trade Nguyen Hong Dien has affirmed the determination to strengthen trade promotion and export to major markets, optimising FTAs, making full use of opportunities, and actively responding to challenges in 2024.

The Vietnamese economy did recover in 2023, Dr. Can Van Luc affirmed, describing quarter-over-quarter growth, rebounded sectors, and impressive results in economic integration as three highlights last year.

The Vietnam Value has moved up one spot to 32nd out of 100 strong national brands globally, with its value hitting US$431 billion, according to a Government official.

After successfully conquering international markets, many businesses have returned to conquer the domestic market as more and more customers choose to buy Vietnamese products.