Hanoi (VNA) – Expecting a growth rate of 7% inthe fourth quarter, Vietnam has high possibility to achieve about 5% growth forthe whole year, held experts, assessing that although the figure is under thetarget of 6.5%, it is still a positive result.
The Vietnamese economy showed good recovery in the firstthree quarters of this year, reflected through many important indicators. Ahigher growth in the last quarter is expected to make a push to the growth in2024 and following years.
According to Dinh Quang Hinh from VNDIRECT, Vietnam’s GDPexpansion is predicted to rise 7.0% in the fourth quarter of 2023, contributingto increasing the whole year’s growth of 5.0%.
The expert held that the major factors motivating the growthin the period include an expanded fiscal policy, lower lending interest rates,and recovering manufacturing industry. Vietnam posted only 5.9% growth in thesame time last year, Hinh added.
Meanwhile, Nguyen Phuong Lam from Viet Dragon Securities saidthat industrial production has been improved in the fourth quarter compared tothe previous quarters on the low foundation seen in the same period last yearwhen the processing-manufacturing sector recorded a growth of only 3.0%, muchlower than the 5.6% recorded in the third quarter of 2023.
At the same time, in the first 10 months of this year,development investment was estimated at 401.9 trillion VND (16.58 billion USD),she noted.
Lam expected that disbursement of public investment capitalwill continue to accelerate in the last two months of 2023, thereby supportingthe overall growth momentum of the economy. However, the service sector growth isexpected to continue to decline in the last quarter of the year, she said,adding that industrial production has yet to fully recovered.
Huynh Hoang Phuong, an economist from FIDT JSC, said that thehealth of the production sector has shown mixed signs of good and bad in recenttimes. However, the general trend of the manufacturing industry is to graduallyimprove thanks to the recovery of the export of key products.
Looking further to the next 6 - 9 months, Phuong held that medium- andlong-term interest rates for general production will stay low, while measuresto reduce production costs such as reduction of taxes, fees and land rent, and solutionsto stimulate consumption by the Government including cutting VAT by 2% in 2024 willbe good conditions for the manufacturing sector to expand business and continueto recover./.
The Vietnamese economy showed good recovery in the firstthree quarters of this year, reflected through many important indicators. Ahigher growth in the last quarter is expected to make a push to the growth in2024 and following years.
According to Dinh Quang Hinh from VNDIRECT, Vietnam’s GDPexpansion is predicted to rise 7.0% in the fourth quarter of 2023, contributingto increasing the whole year’s growth of 5.0%.
The expert held that the major factors motivating the growthin the period include an expanded fiscal policy, lower lending interest rates,and recovering manufacturing industry. Vietnam posted only 5.9% growth in thesame time last year, Hinh added.
Meanwhile, Nguyen Phuong Lam from Viet Dragon Securities saidthat industrial production has been improved in the fourth quarter compared tothe previous quarters on the low foundation seen in the same period last yearwhen the processing-manufacturing sector recorded a growth of only 3.0%, muchlower than the 5.6% recorded in the third quarter of 2023.
At the same time, in the first 10 months of this year,development investment was estimated at 401.9 trillion VND (16.58 billion USD),she noted.
Lam expected that disbursement of public investment capitalwill continue to accelerate in the last two months of 2023, thereby supportingthe overall growth momentum of the economy. However, the service sector growth isexpected to continue to decline in the last quarter of the year, she said,adding that industrial production has yet to fully recovered.
Huynh Hoang Phuong, an economist from FIDT JSC, said that thehealth of the production sector has shown mixed signs of good and bad in recenttimes. However, the general trend of the manufacturing industry is to graduallyimprove thanks to the recovery of the export of key products.
Looking further to the next 6 - 9 months, Phuong held that medium- andlong-term interest rates for general production will stay low, while measuresto reduce production costs such as reduction of taxes, fees and land rent, and solutionsto stimulate consumption by the Government including cutting VAT by 2% in 2024 willbe good conditions for the manufacturing sector to expand business and continueto recover./.
VNA
