The projection follows an anticipated economic growth of 5% for this year, despite an over 8% decline in export turnovers as reported by the General Statistics Office.

Neumann attributed the resurgence to a global demand rebound that is expected to boost exports, coupled with an increase in domestic spending, according to Investing.com, one of the top three global financial websites in the world. He highlighted that total retail sales and consumer service revenue have seen a substantial growth of 9.7%.

The projection follows an anticipated economic growth of 5% for this year, despite an over 8% decline in export turnovers as reported by the General Statistics Office.

In addition to these factors, Neumann pointed out that the financial, service, and real estate sectors are set for a significant recovery after enduring a challenging period. This recovery is also expected to play a vital role in Vietnam's overall economic resurgence.

China’s Xinhua news agency reported that Vietnam's economy is forecast to grow 4.7% in 2023, citing the October quarterly update of the ASEAN+3 Macroeconomic Research Office (AMRO).

The forecast has been adjusted from the previous 4.4%stated in the July report.

It quoted AMRO's chief economist Hoe Ee Khor as saying the Vietnamese government has taken various measures, using both fiscal and monetary tools, to provide relief to enterprises hit by downturn by slashing interest rates, deferring tax payments, and restructuring loans.

Fibre2fashion.com reported that 63% of surveyed European businesses position Vietnam within their top 10 foreign direct investment (FDI) destinations.