HCMC – Singapore’s United Overseas Bank (UOB) has maintained its full-year forecast for Vietnam’s 2024 GDP growth at 6.4% and projects the country’s economic growth will reach 6.6% in 2025.
UOB released its economic outlook for Vietnam in the final quarter of this year on December 2.
Vietnam’s 7.4% GDP growth in the third quarter exceeded international forecasts, underscoring the economy’s resilience despite challenges posed by the pandemic and natural disasters, the bank noted.
The industrial and construction sectors played a pivotal role in the third quarter, achieving a robust growth rate of 11.4%. This performance was key to maintaining positive momentum despite adverse conditions.
According to UOB, 2024 marks a year of strong economic recovery for Vietnam, with notable increases in foreign direct investment and domestic consumption.
To sustain this trajectory, UOB experts emphasized the need for Vietnam to continue enhancing its business environment, improving competitiveness, and diversifying export markets.
The bank predicts fourth-quarter GDP growth in 2024 will reach 5.2%, contributing to an overall growth rate of 6.4% for the year, and projects a rise to 6.6% in 2025.
UOB also anticipates that the State Bank of Vietnam will maintain a cautious monetary policy. While inflation remains under control, the bank highlighted risks from global market fluctuations, trade tensions, and the strength of the U.S. dollar, necessitating vigilant monitoring and policy adjustments to ensure macroeconomic stability.
