IMF projects Vietnam’s growth at nearly 6% this year

Vietnam's reform

IMF projects Vietnam’s growth at nearly 6% this year
The Vietnamese economy is likely to expand by close to 6% in 2024, driven by a recovering export sector, robust foreign direct investment, and policy support, the International Monetary Fund (IMF) said on June 26.
Vietnam's economic growth will be driven by a recovering export sector, robust foreign direct investment, and policy support, said the IMF. (Photo: VNA)

Hanoi (VNA) – The Vietnamese economy is likely to expand by close to 6% in 2024, driven by a recovering export sector, robust foreign direct investment, and policy support, the International Monetary Fund (IMF) said on June 26.

It held that exports, a key driver for the economy, could weaken if global growth disappoints, global geopolitical tensions persist, or trade disputes intensify.

“Domestically, persistent weakness in the real estate sector and corporate bond market could weigh more than expected on banks’ ability to expand credit”, the IMF said.

“Given easy monetary conditions, if exchange rate pressures were to persist for longer, it could lead to a larger pass-through to domestic inflation,” it added.

Increasing productivity, further investing in human and physical capital, and incentivising private investment in renewable energy is key to the country, according to the IMF./.

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