In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.

Since Vietnam and the World Economic Forum (WEF) established relations in 1989, bilateral cooperation has been actively promoted and developed in a host of different fields.

The National Assembly’s resolution on the socio-economic development plan for 2024 sets a target of 6.0-6.5% growth in gross domestic product (GDP) for the year, while per capita income is expected to reach 4,700-4,730 USD.

The results from Vietnam’s COVID-19 prevention and control efforts have made important contributions to and created favourable conditions for the country’s socio-economic recovery. Social elements have received particular attention, with the lives of the people being constantly improved.

Vietnam’s average CPI increased by 3.1% in the first eight months of 2023, while foreign investment rose 8.2% and foreign visitors grew 5.4-fold.

Vietnam’s digital economy has played an important role in the country’s socio-economic development in recent times, and accounted for nearly 15% of GDP in the first half of this year, according to the Ministry of Information and Communications.

Under resolutions issued by the National Assembly and the Government, Vietnam strives to gain an economic growth of 6.5% for 2023.

Under the National Master Plan for the 2021-2030 period with a vision to 2050, Vietnam is set to become a developing nation with modern industry, high average incomes, and economic growth by 2030, based on science and technology, innovation, and digital transformation.

Reports from the General Statistics Office and the General Department of Vietnam Customs showed Vietnam is making good economic recovery despite formidable challenges still ahead.

The Government has recently issued Resolution No. 01/NQ-CP on key missions and solutions to developing the socio-economy, improving the business climate, and enhancing national competitive capacity in 2023.

The 15th National Assembly’s 4th session approved a Resolution on the socio-economic development plan in 2023, with GDP targeted at 6.5% and per capita GDP at 4,400 USD.

The Government has recently issued Resolution No. 01/NQ-CP on key missions and solutions to developing the socio-economy, improving the business climate, and enhancing national competitive capacity in 2023.

The Mekong Delta is set to become a sustainable, dynamic and highly efficient agricultural economic hub of the country, the region and the world by 2030.

Main tasks, solutions for socio-economic development in 2020

During 10 years implementing socio-economic development strategy for 2011-2020, Vietnam has recorded encouraging achievements.

Foreign direct investment plays an important role in Vietnam's economic growth.