Vietnam posts highest GDP growth in Southeast Asia in past decade: US website
Vietnam’s gross domestic product (GDP) growth has been the highest in Southeast Asia over the last decade, according to US-based website seekingalpha.com.
Goods are loaded and unloaded at Sai Gon Port. (Photo: VNA)
Hanoi (VNA)﷽ – Vietnam’s gross domestic product (GDP) growth has been thehighest in Southeast Asia over the last decade, according to US-basedwebsite seekingalpha.com.
As its economygrew by 5.3% in the third quarter of this year, Vietnam’s growth engine is stillin full swing, boosted by households deploying excess savings accumulatedthrough the COVID-19 pandemic, the website said in an article posted on October25. The favourable geopoliticalsituation and sooner-than-expected rate cuts by the State Bank of Vietnam (SBV)are the factors that promote economic growth, helping Vietnambecome the best-performing market in the region. The articlealso pointed out that optimism in the first half of this year eased in September,as investors consider impact of weak demand in its major trading partners suchas the US, the European Union and China. In addition, inflationary pressure fromoil and rice prices – major components of Vietnam's consumer inflation gaugewill inevitably delay rate-cut cycle for now.
However,according to the article, these commodity pressures are temporary and will not affect the SBV’s interest rate policy. It is expected that after a short period ofmonetary tightening, interest rates will be lowered, thereby boosting lendingactivities and helping real estate firms address inventories.
𒀰 While weakertrade and transitory inflation pressures have triggered a de-rating in H2 2023,Vietnam's structural earnings growth isn't impaired and should continue tosurprise to the upside in the coming years, it said.
Despite thefact that trade has declined somewhat and inflationary pressures haveincreased, income growth according to Vietnam's economic structure has notdecreased and will continue to increase unexpectedly in the coming years. According tothe article, recent news flow shows that Vietnam is very close to emergingmarket reclassification – an event that will bring more benefits to the country./.
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Experts from the International Monetary Fund (IMF) maintained their forecast for Vietnam’s GDP growth at 4.7% in 2023 but expressed their optimism about the medium-term prospects, with GDP growth predicted to reach 5.8% in 2024 and 6.9% in 2025.
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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Goods are loaded and unloaded at Sai Gon Port. (Photo: VNA) 
