Vietnam’s GDP growth in 2023 is estimated at over 5 per cent, according to Prime Minister Pham Minh Chinh.

The forecast is contained in a government report on the results of implementing the 2023 socio-economic development plan and on expected orientations in the 2024 plan, presented by Prime Minister Chinh at the 6th session of the 15th National Assembly (NA), which opened in Hanoi on October 23.

The figure is lower than the targeted 6.5 per cent but is nonetheless high compared to other countries in the region and the world.

The forecast was made based on the socio-economic achievements in the first nine months of the year.

Vietnam has continued its socio-economic recovery, fulfilling overall targets and recording important achievements in different fields, and remains a bright spot in the global economy, the Prime Minister said.

Inflation was kept under control during the nine-month period and major balances were guaranteed. GDP grew 5.33 per cent in the third quarter and 4.24 per cent in the first nine months. The CPI increased 3.16 per cent. Monetary and foreign exchange markets were basically stable, while interest rates declined. Foreign trade rose in September against August, while Vietnam posted a nine-month trade surplus of nearly $22 billion.

The disbursement of public investment capital stood at 51.38 per cent, up 4.68 per cent year-on-year.

The agriculture sector developed stably, posting growth of 3.38 per cent year-on-year, while services grew 6.3 per cent. Industry and construction are gradually recovering.

Key transport projects were accelerated in the period. Some 659 km of expressways were opened to traffic, increasing the total length of expressways in Vietnam to 1,822 km.

Prime Minister Chinh emphasized that many prestigious international organizations highly regard the achievements in and prospects for Vietnam’s economy and have forecast that it will make a rapid economic recovery. The country’s brand value reached $431 billion, ranking it 32^nd in the top 100 strong national brand values in the world.

Over the remainder of 2023, the government will continue giving priority to promoting growth, maintaining macro-economic stability, controlling inflation, guaranteeing major economic balances, taking measures to strongly boost growth drivers such as investment, consumption, and exports, and grasping opportunities in the domestic and international markets.

The government has set 15 main targets for next year, including GDP growth of 6-6.5 per cent, the processing and manufacturing industry to make up 24.1-24.2 per cent of GDP, the CPI to increase at 4-4.5 per cent, and workplace productivity to rise 4.8-5.3 per cent.