Foreign media upbeat about Vietnam’s economy

French wire service AFP cited statistics by the General Statistics Office (GSO) showing the economy grew 5.33% in the July-September period from a year earlier, and that loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact. Nikkei Asia also said the growth was accelerated thanks to tourism, noting “the services sector helped boost economic output during the three months through September, driven mainly by retail and tourism. The sector is estimated to account for about 40% of Vietnam's GDP.”

“Travelers returned to popular destinations like the central city of Da Nang, with the number of foreign visitors entering the country from July to August reaching 2.25 million, already exceeding 1.27 million in July-September last year.”

Recent official economic data shows that the manufacturing sector is recovering, it said, adding that the monthly industrial production index turned positive in May and marked the fifth consecutive month of expansion in September.

China’s Xinhua News Agency also cited official data showing Vietnam attracted nearly 20.21 billion USD in foreign direct investment (FDI) from the start of this year to September 20, a year-on-year growth of 7.7%.

The Asian Development Bank (ADB) said in its Asian Development Outlook (ADO) September 2023 that Vietnam’s economic growth is expected to slow down to 5.8% in 2023 mainly due to “the weak external environment.”

However, its Country Director for Vietnam Shantanu Chakraborty said the economy remains resilient, and recovery is expected to pick up in the near term, driven by strong domestic consumption, which is supported by moderate inflation, an acceleration of public investment, and improved trade activities./.