Production, export, real estate forecast to drive Vietnam's growth in 2024: experts-Xinhua

Production, export, real estate forecast to drive Vietnam's growth in 2024: experts

Source: Xinhua

Editor: huaxia

2023-11-24 17:34:16

HANOI, Nov. 24 (Xinhua) -- Production, export, real estate and private investment are among the factors expected to drive Vietnam's economic growth next year, local media reported on Friday.

Dinh Quang Hinh, head of the Macro and Market Strategy Department of VNDirect Securities Corporation, told the Lao Dong (Labor) newspaper that production and export are strongly recovering thanks to increasing orders.

He predicted Vietnam's export revenue will rise 7.5-8.0 percent in 2024. The production recovery will stimulate the demand for import materials, machines and equipment.

The private investment will recover next year thanks to new projects and production scale-up to meet the growing domestic demand and new orders, he said.

FiinGroup President Nguyen Quang Thuan said the domestic real estate would remain "frozen" longer than expected, citing a forecast by organizations that it will only reboot in mid-2024.

The Vietnamese National Assembly set a gross domestic product (GDP) target of 6.0-6.5 percent growth for 2024.

Meanwhile, in its latest macroeconomic updates, the Standard Chartered Bank maintained a robust GDP growth forecast of 6.7 percent for Vietnam next year.

The International Monetary Fund predicted a 5.8-percent and 6.9-percent GDP growth in 2024 and 2025 respectively for Vietnam.

According to the Asian Development Bank, Vietnam's economy is expected to grow 6.0 percent next year.