Phuong said most international organisations have upgraded the country’s economic growth projections as compared to their previous predictions, adding his ministry’s economic scenario, reported to the Government in Quarter 3, suggests that without significant disruptions such as typhoons, floods and adverse global impacts, Vietnam has a solid foundation to obtain its 7% growth goal.

Trade activities at Cat Lai port in Ho Chi Minh City.

Key growth drivers include a remarkable revival in export orders while export growth demonstrating exceptional performance.

Notably, despite the global gloomy investment panorama, foreign direct investment (FDI) in Vietnam has been on a good trajectory.

Besides, the number of newly-registered businesses has rebounded over the past few months, signaling restored and growing economic confidence from investors, he pointed out.

Regarding consumer spending, Phuong said although the growth has not met expectations yet, consumption could be boosted during the Christmas Day and New Year holiday.

Meanwhile, Deputy Director of the General Statistics Office’s System of National Accounts Department Nguyen Dieu Huyen held that the US Federal Reserve (FED)’s potential interest rate reductions will help stabilise the macroeconomy and fuel GDP growth despite inherent time lag.

2024 is expected to be a year of stable economic expansion on the back of the recovery of the global economy and the Government’s support policies, she said, adding Vietnam could continue its robust growth momentum, with FED’s loosened monetary policy and stable macroeconomic conditions.

Looking ahead to 2025, Phuong said the National Assembly eyes 6.5 - 7% in economic growth, and asks ministries, sectors and localities to strive for 7 - 7.5%. Prime Minister Pham Minh Chinh has drastically pushed for an 8% growth target, which is grounded in the momentum from 2024 and significant institutional reforms.

Recent legislative changes, a breakthrough mindset to remove bottlenecks and simplify administrative procedures for investors, will take effect in early 2025, potentially unleashing long-blocked resource potentials, he stressed.

This growth strategy is part of Vietnam’s preparation for a new era – that of the nation’s rise. The country is striving to become an upper middle-income one with a modern industrial base by 2030 – the time when it will celebrate the 100th anniversary of the Communist Party of Vietnam.

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