Vietnam's 2024 GDP growth expected at nearly 7%: CIEM

Vietnam’s 2024 GDP is forecast to expand 6.95% following impressive economic growth recorded in the first half of the year, according to the latest report released by the Central Institute for Economic Management (CIEM) on July 9.

Export revenue is expected to increase 11.64% year-on-year and the trade surplus is estimated at $7.3 billion. The average CPI of the whole year is predicted to surge 4.12% compared to 2023.

This is one of the two scenarios developed by the CIEM.

This target would be realized if the global economy sees more positive changes, including rapid economic rebound, and increase in investment in Southeast Asian countries such as Vietnam, and the recovery in supply chains, according to the CIEM.

Meanwhile, Vietnam is supposed to effectively implement economic reform and management solutions, concerning public investment attraction/disbursement, labor productivity, business environment and competitiveness.

In another scenario, CIEM experts forecast the country’s GDP growth of 6.42%, exports 14.5% and CPI 4.31%. Vietnam is expected to gain a trade surplus of $5.7 billion.

The target would be achieved if global developments are not too much different from initial international projections and Vietnam maintains its growth momentum in the second half of the year.