 Tan Cang Cat Lai Port in Ho Chi Minh City (Illustrative photo) |
In an economist’s note titled “Looking ahead at 2023”, Chief Economist Michael Kokalari said Vietnam’s GDP growth at 2% this year would be supported by the continued resumption of foreign tourist arrivals in Vietnam, especially in light of China’s recent re-opening, and supported by a surge in the Government’s infrastructure spending.
Vietnam’s government aims to increase infrastructure spending from 4%/GDP in 2022 to 7%/GDP in 2023, which would help support the country’s long-term economic growth, Kokalari added.
Regarding domestic consumption, he said, the growth of Vietnam’s middle-class is driving demand for products and services those consumers desire, which benefits consumer discretionary companies. VinaCapital believes that Vietnam’s macro-economy will be stable this year.