Vietnam's economic growth rate surpasses several countries in the region, with a per capita GDP exceeding $4,300. Has Vietnam entered the high middle-income group?

After nearly 40 years of "Doi moi" (Renewal), the State-run economic sector has developed strongly, contributing significantly to building and safeguarding the Fatherland, maintaining macro-economic stability and boosting socio-economic development.

Recent forecasts are optimistic about the Vietnamese economy in 2024, with the gross domestic product (GDP) growth rate poised to reach around 7 per cent for the full year, higher than the National Assembly’s target set at 6.5 per cent.

Vietnam’s economy will expand by 6.55-6.95% this year, according to a July 9 report by the Central Institute for Economic Management (CIEM) and the German Agency for International Cooperation (GIZ).

Domestic consumption is likely to lose steam as consumers face uncertainties, along with changes to shopping trends.

The Ministry of Planning and Investment has provided updates for economic growth scenarios in the second half of this year, in which the Vietnamese economy could beat forecasts and expand at 7% for the full year.

The Ministry of Planning and Investment has revised two scenarios for Vietnamese economic growth this year after recording a high growth rate of 6.42% during the first half of the year, with high hopes of securing a 7% rate by the end of the year.

According to UOB experts, Vietnam’s real GDP grew by 6.93% year-on-year in Q2, continuing the momentum from the 5.87% increase in Q1 and previous quarters.

New and effective price incentives are needed not only from the aviation and tourism sectors, but also from localities and destinations so as to attract more visitors.

According to the GSO, the country’s GDP growth in the first six months was 6.42 per cent year-on-year.

Vietnam's economy is experiencing a surge, fueled by strong export and industrial production, according to a series of reports from international organisations.

The GDP for the first six months of 2024 increased by 6.42%, slightly lower than the growth rate of 6.58% in the first six months of 2022. Notably, GDP in the second quarter continued its recovery trajectory.

Overseas investment activities of Vietnamese enterprises show promising growth but also come with significant potential risks. To avoid major setbacks, it is crucial to plan for contingencies right from the start.

The recovery in tourist arrivals is expected to continue, adding more than 1 percentage point to Vietnam’s GDP growth this year, Michael Kokalari, a chartered financial analyst and chief economist at VinaCapital, has said.

The Vietnamese economy is likely to expand by close to 6% in 2024, driven by a recovering export sector, robust foreign direct investment, and policy support, the International Monetary Fund (IMF) said on June 26.

Vietnam’s export turnover in the first half of this year expanded by 13.8% year-on-year to an estimated 188.97 billion USD, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department has reported.

Vietnam’s economic growth in the second quarter of 2024 and June are likely to reach 6.2% and 6% respectively as set by the Government.

The development of a separate decree on innovation and innovative start-ups is underway with an aim to leverage innovative start-up firms to a new height.

The number of elderly people is forecast to represent 17 per cent of the total population by 2030, rising to 25 per cent by 2050.

In 2025, UOB expected the Vietnamese economy to grow at 6.4%