ADB raises Vietnam's growth forecast

The Asian Development Bank (ADB) has raised its growth forecast for Vietnam in both 2024 and next year, thanks to the Government's effective measures to promote economic growth.

According to ADB, stronger-than-expected trade, a strong recovery in manufacturing exports, and continued fiscal support have boosted Vietnam's economic growth. (Illustration photo: VNA)

On December 11, ADB released the latest edition of the Asian Development Outlook (ADO) report, in which the financial institution stated that economic growth in Asia and the Pacific will remain stable this year and next.

In its new report, ADB raises its forecast Vietnam's growth was revised up to 6.4% from the previous forecast of 6.0% in 2024; while the outlook for 2025 was also raised to 6.6% from 6.2% in the previous forecast.

At the 6th Session, the National Assembly passed the Resolution on the Socio-Economic Development Plan for 2024, with the target of a gross domestic product (GDP) growth rate of 6-6.5%. Most recently, at the 8th Session, National Assembly resolution GDP growth rate in 2025 is about 6.5-7% and strives for about 7-7.5%.

According to ADB, stronger-than-expected trade activity, a strong recovery in manufacturing exports, and continued implementation of fiscal support measures have boosted Vietnam's economic growth.

The bank also recommended that, in the context of increasing external difficulties, boosting public investment and supporting fiscal and monetary policies are necessary measures for Vietnam to further stimulate domestic demand.

Regionally, Southeast Asia’s growth outlook for this year has been raised to 4.7% from 4.5% previously, driven by stronger manufacturing exports and public investment spending. The forecast for next year remains unchanged at 4.7%.

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