Vietnam’s economy is expected to grow at 6.4 per cent for the full year 2024, and for the fourth quarter (Q4), it is expected to expand at 5.2 per cent year-on-year (YoY), according to Singapore-based United Overseas Bank (UOB). The country’s economy is estimated to grow at 6.6 per cent by 2025, and exports to grow at 18 per cent in 2024, highest since 2021.
The parliament of Vietnam has set GDP growth targets of 6.5-7 per cent for both 2024 and 2025, with an ambition to achieve a higher growth rate of 7-7.5 per cent. On the other hand, the Prime Minister of Vietnam, Pham Minh Chinh, targets an 8 per cent GDP growth in 2025, creating a foundation for double-digit growth in the 2026-2030 period. He emphasised the need for economic stability and breakthrough reforms to overcome challenges and drive development, as per Vietnamese media reports.
UOB noted that with the possibility of a Trump 2.0 presidency in the US, global trade tensions and associated risks may resurface. A significant concern for Vietnam could be potential trade restrictions, given that the US annual trade deficit with the country has more than doubled from $39.5 billion in 2018 to nearly $105 billion in 2023.
The country’s exports increased 14.9 per cent YoY in October, and imports gained 16.8 per cent YoY from January to October, resulting in a trade surplus of $22.3 billion in the first 10 months of 2024. Vietnam’s economy grew by 7.4 per cent year-on-year (YoY) in the third quarter (Q3) of 2024, according to the General Statistics Office (GSO).
Vietnam’s economy expected to grow 6.4% in 2024, 6.6% in 2025: UOB – Fibre2Fashion
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