A discussion on Vietnam's economic prospects in 2024, Hanoi, May 17, 2024. (Photo: VOV)

The report, which highlighted Vietnam’s economy in the first 4 months of 2024, said that import-export turnover increased by 15.2% over the same period last year and trade surplus reached 8.4 billion USD. Vietnam has enjoyed trade surplus for 8 consecutive years.

Can Van Luc, Chief Economist of BIDV and Head of the BIDV Training and Research Institute estimated Vietnam’s economy to expand about 6 to 6.5% this year. However, he also pointed out potential challenges facing the macroeconomy in the following months.

“We need to pay attention to the uneven growth among industries, fields, and between localities. Along with that, there are still many unsustainable factors. For example, the industrial production index in the first quarter increased significantly but declined at the end of April, even though the Vietnam’s Purchasing Managers’ Index (PMI) was over 50 points,” said Mr. Luc. 

The VEPR’s report recommended five groups of solutions to improve Vietnam’s economic recovery and growth. They include increasing disbursement of public investment; removing difficulties and burdens on businesses; continuing to reduce the Value Added Tax; promoting diversification of capital and investment channels; and improving the independence and self-reliance of the economy and Vietnamese businesses.