OECD forecasts Vietnam’s economic growth at 6.5% this year
The Organisation for Economic Cooperation and Development (OECD) has forecast that Vietnam’s economy will grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year, according to an economic survey announced at a ceremony in Hanoi on April 26.
Hanoi (VNA) – The Organisation forEconomic Cooperation and Development (OECD) has forecast that Vietnam’s economywill grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year,according to an economic survey announced at a ceremony in Hanoi on April 26.
This is the first report on Vietnam’s economyconducted by the OECD in conjunction with the Asian Development Bank (ADB).
Vietnam has made remarkable economic progress over thepast decades, sustaining high growth, said Acting Deputy Director of the OECD’sEconomic Country Studies Branch Vincent Koen, calling extensive and continuedreforms since the 1980s a key to this success.
He said the economy has also proven resilient toshocks, including the COVID-19 pandemic, noting that during the outbreak, Vietnam was outstanding among other Southeast Asian nationsin terms of economic growth.
The economic survey is announced in Hanoi on April 26. (Photo: VNA)
According to the OECD, the openness of Vietnam’seconomy leaves it exposed to geopolitical uncertainties and potential supplychain disruptions. Weathering significant challenges ahead, Vietnam needs to makeadditional efforts to advance structural reforms that will further strengthenmarket forces.
To reduce dependence on fossil fuels, new investmentin coal should be halted and the implementation of a carbon market accelerated.As these reforms will require additional fiscal resources, the tax base shouldbe expanded to enhance government revenues.
The survey suggested Vietnam consider providingtargeted financial support to households strongly affected by high energy andfood prices, prepare a concrete medium-term fiscal consolidation plan tofurther enhance revenue, expand the tax base, continue to simplify businessregulations, and enhance digital skills.
To guide all economic sectors to a low carbon path,a clear and predictable long-term climate change strategy should be prepared.This strategy should include an energy sector reform which is crucial toupscale investment in renewable strategy, it said./.
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Illustrative image (Source: VNA) 
The economic survey is announced in Hanoi on April 26. (Photo: VNA) 
