Vietnam’s economic growth can reach 5% in 2023, 6.3% in 2024: HSBC
Vietnam can reach economic growth of 5% in 2023 and 6.3% in 2024, said Frederic Neumann, HSBC's chief Asia economist and co-head of Global Research Asia, at a Monday event held by the bank.
Vietnam’s 2024 growth is projected above the global average of 2.3% and regional peers including China (4.6%), Malaysia (4.5%), and the Philippines (5.2%), Neumann highlighted.
He attributed the projection to export activities driving the economy as the global economy recovers in the post-pandemic era. Another supporting factor is rising domestic consumption thanks to the recovery of the labor market and the growing middle class.
A corner of Hanoi. Photo courtesy of VietNamNet newspaper.
Regarding challenges, the economist said inflation is not a major risk, but the key one is that the global economy may underperform, affecting Vietnam’s export-driven economy.
Party General Secretary Nguyen Phu Trong in his closing remarks at a week-long Party Central Committee gathering on Sunday said Vietnam’s economic growth may surpass 5% this year, below the mandated 6.5%, as the country has seen a drop in exports amid global weaker demand.
“Although lower than the target of 6.5%, it is quite high in comparison with many countries in the region and the world,” the Party chief noted.
Meanwhile, other institutions’ predictions are close to HSBC’s 5% prediction for 2023. Singapore-based UOB bank maintained its full-year growth forecasts for Vietnam at 5.2% for 2023 and 6% for 2024.
The International Monetary Fund (IMF) kept its 2023 GDP growth forecast for Vietnam unchanged from its April projection at 4.7%. The World Bank revised down its Vietnam GDP growth forecast to 4.7% in 2023.
The ASEAN+3 Macroeconomic Research Office (AMRO) said Vietnam’s GDP growth could reach 4.7% in 2023. The Asian Development Bank (ADB) revised down Vietnam’s economic growth forecast to 5.8% in 2023.
For 2024, HSBC’s 6.3% Vietnam projection is higher than those given by other institutions. UOB forecast a growth of 6%, the IMF 5.8%, the World Bank 5.5%, AMRO 6%, and the ADB 6%.
- Related News
- Read More
Vingroup partners with e-commerce platform Shopee to develop logistics infrastructure
Vietnam’s leading multi-sector conglomerate Vingroup and Shopee, the country’s top e-commerce platform, on Friday signed an MoU to develop infrastructure for e-commerce fulfillment services, enhance digital connectivity between businesses and consumers, and build a sustainable digital ecosystem.
Companies - Mon, June 9, 2025 | 11:48 am GMT+7
Finish fund Pyn Elite spends $41.4 mln on MBB shares of MBBank in May
Finish investment fund Pyn Elite allocated an additional 3% of its portfolio (VND700 billion or $41.38 million) to 26 million MBB shares of MBBank last month, increasing the holding to 12.4%.
Finance - Mon, June 9, 2025 | 11:43 am GMT+7
Fund manager Eastspring Vietnam appoints new CEO
Eastspring Vietnam, one of the largest fund managers in the country by assets under management, last Friday appointed Nguyen Quoc Dung as its new CEO and legal representative.
Finance - Mon, June 9, 2025 | 9:03 am GMT+7
U.S. Grains Council signs 5-year cooperation deal with Vietnam
The U.S. Grains Council (USGC) on Friday signed a five-year cooperation agreement with the Partnership for Sustainable Agriculture in Vietnam (PSAV), reaffirming its long-term commitment to Vietnam’s agricultural development.
Economy - Sun, June 8, 2025 | 5:13 pm GMT+7
Bamboo Capital announces senior personnel changes
Under a board of directors resolution effective last Friday, Vietnam's multi-sector conglomerate Bamboo Capital Group has a new deputy general director, while its first vice chairman Pham Minh Tuan resigned to focus on subsidiary Bamboo Energy.
Companies - Sun, June 8, 2025 | 4:05 pm GMT+7
Vietnam signs deals to import nearly $3 bln worth of US agricultural products
Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.
Economy - Sun, June 8, 2025 | 10:33 am GMT+7
EPC contract signed for O Mon IV thermal power project in southern Vietnam
An EPC contract signing ceremony for the O Mon IV thermal power project in Can Tho city took place on Friday, at the headquarters of state-owned Petrovietnam - the investor.
Energy - Sun, June 8, 2025 | 8:00 am GMT+7
Vietnam's agri major Hoang Anh Gia Lai ventures into mulberry cultivation, coffee production
After overcoming two major obstacles - debt and accumulated losses - Vietnam's agri major Hoang Anh Gia Lai JSC (HoSE: HAG) is charting a bold five-year strategic roadmap, introducing two new business segments: mulberry cultivation and coffee-tea production.
Companies - Sat, June 7, 2025 | 4:35 pm GMT+7
Stock trading accounts hit 10 mln in Vietnam
Vietnam recorded a large increase in the number of stock trading accounts in April and May, when the U.S. tariff turbulence caused strong market fluctuations.
Finance - Sat, June 7, 2025 | 3:38 pm GMT+7
Thailand’s SCG books $301 mln in Q1 sales from Vietnam
Siam Cement Group (SCG) reported sales of VND7.77 trillion ($301 million) in Vietnam in Q1/2025, reflecting the country as a key market for the Thai conglomerate in Southeast Asia.
Companies - Sat, June 7, 2025 | 9:54 am GMT+7
Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises
Looking ahead, 2030 is a milestone year, as major global brands such as Unilever, Nestlé, H&M, and Nike have committed to cutting Scope 1 and Scope 2 emissions by 50-65%, said Pham Dang An, CEO of Vu Phong Energy Group, a major developer of clean energy in Vietnam.
Companies - Sat, June 7, 2025 | 8:00 am GMT+7
Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial
Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."
Finance - Fri, June 6, 2025 | 11:57 pm GMT+7
VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam
Vietnamese private firm VSAP LAB JSC has been approved as the investor of a VND1.8 trillion ($69.11 million) advanced packaging technology laboratory project that will assist semiconductor production in the central city of Danang.
Industries - Fri, June 6, 2025 | 8:11 pm GMT+7
Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company
Hoang Huy Investment Services JSC (HoSE: HHS) has successfully issued 64 million shares for VND800 billion ($30.7 million) via private placement to its parent company – Hoang Huy Financial Services Investment JSC (TCH).
Companies - Fri, June 6, 2025 | 3:32 pm GMT+7
Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam
Subsidiaries and affiliates of enterprises in Vietnam might not be eligible for preferential corporate income tax (CIT) rates of 15-17%, in order to prevent abuse of incentives like splitting income for tax avoidance, according to the Financial and Economic Committee under the National Assembly, the country's legislature.
Finance - Fri, June 6, 2025 | 3:22 pm GMT+7
VPS Securities JSC named Vietnam’s best broker again by The Asset
VPS Securities JSC (VPS) has once again been honored as the “Best Brokerage House in Vietnam” at the Triple A Awards 2025, presented by The Asset, a leading Asia-focused financial publication.
Companies - Fri, June 6, 2025 | 11:40 am GMT+7
