The parliament of Vietnam has set GDP growth targets of 6.5-7 per cent for both 2024 and 2025, with an ambition to achieve a higher growth rate of 7-7.5 per cent. On the other hand, the Prime Minister of Vietnam, Pham Minh Chinh, targets an 8 per cent GDP growth in 2025, creating a foundation for double-digit growth in the 2026-2030 period. He emphasised the need for economic stability and breakthrough reforms to overcome challenges and drive development, as per Vietnamese media reports.
UOB noted that with the possibility of a Trump 2.0 presidency in the US, global trade tensions and associated risks may resurface. A significant concern for Vietnam could be potential trade restrictions, given that the US annual trade deficit with the country has more than doubled from $39.5 billion in 2018 to nearly $105 billion in 2023.
The country’s exports increased 14.9 per cent YoY in October, and imports gained 16.8 per cent YoY from January to October, resulting in a trade surplus of $22.3 billion in the first 10 months of 2024. Vietnam’s economy grew by 7.4 per cent year-on-year (YoY) in the third quarter (Q3) of 2024, according to the General Statistics Office (GSO).
ALCHEMPro News Desk (SG)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
