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Vietnam's economy poised to grow 6.8% this year: WB
Vietnam’s economy is projected to grow 6.8% this year and 6.5% in the following year, the World Bank (WB) has forecast.
According to the WB’s latest economic update report for Vietnam – Taking Stock released on March 12, a rebound in exports, powered by the global demand for technology products, supported growth in 2024.
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Manufacturing toys for export at Bilion Max Vietnam Export Processing Co. Ltd. in Hue city. |
However, the momentum is expected to slow this year. The main uncertainties to the growth outlook stem from slower-than-expected global growth and trade disruptions, particularly among Vietnam’s major trading partners.
To navigate growing uncertainties, the report recommended strategies to sustain growth, including ramping up public investment, addressing financial sector vulnerabilities, strengthening energy resilience, and pushing forward with structural reforms.
Meanwhile, foreign direct investment (FDI) inflows are projected to remain steady - at about 25 billion USD disbursed - reflecting Vietnam’s continued appeal to global investors.
Increased public investment and an accelerated recovery in the real estate market, thanks to faster project clearance, could support domestic demand, partially offsetting external risks.
“Vietnam is projected to maintain robust economic growth over the next two years, but it can use its fiscal space to better prepare for heightened uncertainties”, said Mariam J. Sherman, World Bank Director for Vietnam, Cambodia and Laos at a press conference.
“Growth-enhancing public investment, especially in urban, transport, and energy infrastructure will be critical, provided the authorities can both scale it up and ensure that spending is efficient,” he said.
The report highlighted Vietnam’s push toward e-mobility as a key step in creating a greener transport sector and reducing local air pollution.
In 2021, transport accounted for 32.9 million tonnes of CO2-equivalent (CO2e) emissions, or 7.2% of the country’s total greenhouse gas emissions.
To achieve its 2050 net-zero target, Vietnam will need to prioritise vehicle electrification. The transition to electric vehicles (EVs) could reduce net emission by 2.2 million tonnes of CO2e by 2050, even with the current power grid mix.
It could also create up to 6.5 million jobs by 2050, particularly in battery manufacturing and charging infrastructure development.
To accelerate EV adoption in the two-wheeler segment, the report recommended implementing strong safety standards, incentivising the adoption of high-performance batteries, expanding charging and battery-swapping stations, and introducing affordable financing options to offset upfront costs, among others.
To pave the way for large-scale EV adoption anticipated after 2035, Vietnam needs to prepare its power system for increased electricity demand and establish a fast-charging network over the next decade, the report said.
Vietnam is ramping up 5G expansion under a new government directive aimed at boosting digital infrastructure and driving economic growth.
BAC GIANG - For many consecutive years, Bac Giang has had the leading economic growth rate in the country. Implementing the direction of the Central Government, the province is focusing on implementing solutions to strive to achieve the growth target of 13.6% in 2025 - the highest in the country.
Prime Minister Pham Minh Chinh has called on small- and medium-sized enterprises (SMEs) to push beyond their limits and strive for growth at a Government conference with the group on February 27.
At the 9th extraordinary session of the 15th National Assembly on February 19, 2025, the National Assembly passed a resolution supplementing the 2025 socio-economic development plan, setting a GDP growth target of at least 8%. The resolution was approved with 463 out of 464 delegates voting in favour, accounting for 96.86% of the total.
Prime Minister Pham Minh Chinh on February 21 urged ministries, sectors, and localities to double efforts to fulfill the economic growth target of at least 8% this year, contributing to creating momentum and strength for the country to enter a new era – the era of the nation’s rise.
As Vietnam is focusing on three strategic breakthroughs regarding institutions, infrastructure, and human resources, he fully endorsed the SK Group’s proposals and encouraged the group to continue its consultation, support, and investment in such critical sectors as artificial intelligence (AI) research and development, data centres, transportation, logistics and energy infrastructure, green and clean agriculture, and workforce training.
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