Vietnam’s short-term economic outlook positive: PwC

Vietnam’s economic growth is forecast to remain positive in the short term, according to London-based audit service provider PricewaterhouseCoopers (PwC).

In its updated report on Vietnam’s economy in the first half of 2023, PwC said that Vietnam is still expected to be one of the few countries in the world that can maintain strong economic growth in 2023 while other countries other countries will continue to decline seriously.

In the first half of this year, Vietnam’s socio-economic development has faced challenges and uncertainties from the global economy, with a GDP growth rate of only 3.72. % compared with the same period last year.

The country’s service sector recovered thanks to policies to stimulate domestic consumption and reopen the economy.

Besides, the stock market was negatively affected by the government’s policy of controlling inflation and negative developments in the international financial market, including the bankruptcy of banks.

While the agro-forestry-fishery and service sectors tend to have a positive recovery, the industry and construction sectors are heavily affected by political instability in the world.

In the first half of 2023, Vietnam had a trade surplus of 12.1 million USD, but the total export value decreased by about 12% compared to the same period last year.

Except for agricultural products, chemicals, paper products, means of transport and components, most industries saw their exports decrease by 10-20% over the same period.

Vietnam’s exports slowed down due to the impact of reduced consumption in the main export markets, with a decrease of 22%, 10%, 10% and 9% respectively in export value to the US and South Korea. compared with the same period last year. , EU and ASEAN.

The United States remains Vietnam’s largest importer, accounting for 30% of the Southeast Asian nation’s total exports. Next is China and the EU.

However, PwC believes that Vietnam’s short-term economic outlook remains positive, with GDP growth in 2023 reaching over 5% as forecasted by Fitch, the International Monetary Fund (IMF) and the Development Bank. Asia (ADB).

Vietnam’s economic growth is forecast to remain positive in the short term, according to London-based audit service provider PricewaterhouseCoopers (PwC).

In its updated report on Vietnam’s economy in the first half of 2023, PwC said that Vietnam is still expected to be one of the few countries in the world that can maintain strong economic growth in 2023 while other countries other countries will continue to decline seriously.

In the first half of this year, Vietnam’s socio-economic development has faced challenges and uncertainties from the global economy, with a GDP growth rate of only 3.72. % compared with the same period last year.

The country’s service sector recovered thanks to policies to stimulate domestic consumption and reopen the economy.

Besides, the stock market was negatively affected by the government’s policy of controlling inflation and negative developments in the international financial market, including the bankruptcy of banks.

While the agro-forestry-fishery and service sectors tend to have a positive recovery, the industry and construction sectors are heavily affected by political instability in the world.

In the first half of 2023, Vietnam had a trade surplus of 12.1 million USD, but the total export value decreased by about 12% compared to the same period last year.

Except for agricultural products, chemicals, paper products, means of transport and components, most industries saw their exports decrease by 10-20% over the same period.

Vietnam’s exports slowed down due to the impact of reduced consumption in the main export markets, with a decrease of 22%, 10%, 10% and 9% respectively in export value to the US and South Korea. compared with the same period last year. , EU and ASEAN.

The United States remains Vietnam’s largest importer, accounting for 30% of the Southeast Asian nation’s total exports. Next is China and the EU.

However, PwC believes that Vietnam’s short-term economic outlook remains positive, with GDP growth in 2023 reaching over 5% as forecasted by Fitch, the International Monetary Fund (IMF) and the Development Bank. Asia (ADB).

Source: Vietnam’s short-term economic outlook positive: PwC – VnExpress International