Vietnam set for 6% growth in 2024, boosted by export revival

Vietnam’s economy is projected to grow by 6% in 2024, rebounding from the previous year’s slowdown, according to the ASEAN+3 Macroeconomic Research Office (AMRO). This growth, spurred by an expected export recovery, follows a 5.1% expansion in 2023. AMRO Chief Economist Hoe Ee Khor emphasised the need for Vietnam to diversify its export markets and move up the value chain in manufacturing to mitigate external shocks. Vietnam’s exports, crucial to its economic growth, began recovering in the second half of 2023. The country is third in AMRO’s 2024 GDP growth forecast for the ASEAN+3 region following the Philippines and Cambodia. Foreign Direct Investment (FDI) remains a key driver, with a significant 32% increase in 2023.