Singapore’s UOB forecasts Vietnam growth at 6% in 2024

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(VOVWORLD) -Singapore-based United Overseas Bank (UOB) has projected an economic growth rate for Vietnam of 6% in the second quarter of this year and for the full year, based on growing computer chip demand, the recovery of the Chinese and other regional economies, and continuing supply chain shifts.

The report, released on Monday, says Vietnam's economy grew 5.6% in the first quarter thanks to the recovery of the manufacturing and service sectors and increased trade with other countries.

Foreign direct investment (FDI) remains strong, indicating that investors still have confidence in Vietnam's political stability and competitiveness. Realized FDI rose 7.8% to total 8.3 billion USD from January to May, the fastest pace since 2018.

Malaysia’s Maybank Research Pte. Ltd. has forecast that Vietnam's GDP will see strong growth this year and next.