Khalei Times website evaluates Vietnam as a “bright star” of Asia and plays the role of a dynamic economy in the region.

Despite the damage caused by Typhoon Yagi, Vietnam’s economy still recorded impressive growth in the third quarter. Many international organizations have highly appreciated the results that Vietnam has achieved and have raised their growth forecasts for Vietnam this year. Experts believe that the recovery of trade and increased business activities, along with foreign direct investment , will be the main growth drivers next year and beyond.

In its recent updated report on Vietnam, Standard Chartered Bank raised its forecast for Vietnam’s GDP growth in 2024 to 6.8%. According to Standard Chartered experts, Vietnam’s current economic growth momentum is relatively strong, thanks to improvements in many areas such as import and export, retail, real estate, tourism, manufacturing, etc.

Ms. Nguyen Thuy Hanh – General Director of Standard Chartered Bank Vietnam commented: “We believe that in the context of potential risks of trade disputes between the US and China, the way Vietnam positions itself will be very important in maintaining its position in the global supply chain. In terms of structure, the manufacturing industry must minimize the negative impact from adverse developments globally. This needs to be effectively addressed with a comprehensive plan. Vietnam also needs to continue to diversify its industries to reduce the concentration on the manufacturing sector and attract FDI capital from other regions in the medium term”.

The Edge Singapore page quoted UOB Bank’s assessment: With GDP growth in the third quarter of 2024 at 7.4% compared to the same period last year, Vietnam is still on track for continuous economic growth thanks to a strong manufacturing sector, along with exports and foreign direct investment.

German news agency DW published an article explaining the reasons for Vietnam’s economic success. Accordingly, Vietnam has become an attractive investment destination thanks to low labor costs and a young and large workforce, with 58% of the population under 35 years old. To maintain growth momentum, Vietnam needs to strengthen structural reforms, boost public investment, and manage emerging financial risks.

“Foreign direct investment has shown some promising results, along with the policy decisions that the Vietnamese government needs to make at this time. We believe that this is a transitional period when Vietnam is regaining the momentum it had before the COVID-19 pandemic. I think the Vietnamese government needs to look for some stimulus measures that can help the economy in the long term,” said Professor Pankaj Jha – Jindal Global University, India.

Khalei Times assessed Vietnam as a “bright star” of Asia and playing the role of a dynamic economy in the region, demonstrating resilience and growth through strategic partnerships and commitment to sustainable development on the global stage.