Vietnam’s economic growth to reach 6.5% in 2023: ADB

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(VOVWORLD) - After a strong performance in 2022, Vietnam’s economic growth is expected to moderate at 6.5% this year and further expand at 6.8% in 2024, according to the Asian Development Outlook (ADO) released by the Asian Development Bank (ADB) on Tuesday.

Vietnam’s economic growth to reach 6.5% in 2023: ADB - ảnh 1The ADB releases its Asian Development Outlook on April 4, 2023. (Photo: VNA)

Vietnam’s economic growth will be constrained in 2023 by the global economic slowdown, continued monetary tightening in advanced economies, and spillover from global geopolitical tensions, said ADB Country Director for Vietnam Andrew Jeffries.

Public investment will be another key driver for economic recovery and growth in 2023 and 2024, according to Principal Country Economist for Vietnam Nguyen Minh Cuong. He said Vietnam can still achieve its growth target if it implements three key breakthroughs.

"First, Vietnam plans to disburse nearly 30 billion USD of public investment this year, which can contribute 1% to GDP growth. Second, Vietnam will shift its policy, from tightening inflation control to supporting growth. Vietnam is also taking advantage of the reopening of China whose key sectors — industry, construction, and services — are experiencing strong growth," said Cuong.