Vietnam may be able to post growth of 6-6.5 per cent this year given its recent pace of recovery, its greater effort and determination, and its many growth drivers, economist Dr. Can Van Luc told a recent meeting of the garment and textile sector to review its performance in 2023.

He noted that China reopening its borders from January 8 last year was favorable for Vietnam because its northern neighbor is its largest trade partner, accounting for 25 per cent of total value. In particular, supply chains were not disrupted. China was then the sole export market where Vietnam registered growth last year, of 6 per cent.

Data reveals that Vietnam began to recover in all sectors and industries from last June, he said.

Public investment was strongly boosted in 2023, he went on, and while FDI declined 1-2 per cent globally last year, Vietnam saw new FDI rise nearly 15 per cent and disbursement increase 3 per cent.

Another bright spot in 2023 was Vietnam’s strong international integration. Inflation and interest rates are heading downwards, exchange rates are stable, the risk of bed debt is under control, and both the stock market and the real estate market have shown signs of recovery, according to Dr. Luc.

A number of important laws, meanwhile, were approved or are expected to be approved soon, including the Land Law (amended), the Law on Housing (amended), and the Law on Real Estate Business (amended). These are all important legal foundations, he said.