At the launch of the IMF’s Regional Economic Outlook Update on Wednesday in Singapore, the experts said Vietnam's export-oriented economy was heavily impacted by falling external demand in 2023, but there is a solid foundation to support the kind of economic growth Vietnam saw before the COVID-19 pandemic.

Shanaka Peiris, Division Chief of Regional Studies in the IMF’s Asia and Pacific Department, said there are many signs of Vietnam's recovery in the fourth quarter of this year, but it will be difficult for Vietnam to achieve its growth target for the year.

According to the IMF, economic growth in the Asia-Pacific region is likely to hit 4.6% in 2023, up from 3.9% in 2022, despite a challenging global environment.

The region will continue to be a bright spot compared to global growth, which is expected to reach 3% this year. However, the region's growth is forecast to decrease to 4.2% in 2024 because growth momentum is slowing down.