Foreign experts optimistic about Vietnam’s growth potential

Vietnam is viewed as an attractive destination for foreign investors thanks to its stable growth rate, its large domestic market, along with its young and well-educated human resources, said Paulo Medas, head of the International Monetary Fund (IMF) team to Vietnam, speaking at the Annual Meetings of the IMF and the World Bank Group (WB) which was held recently in the US.

Earlier, the IMF forecast that Vietnam's Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP) would reach nearly 2,343 billion USD in 2029, surpassing Australia and Poland, ranking 20th on the world.

The World Bank's latest 6-month economic update, released last week, also predicted that Vietnam's economy will grow 5.5% this year and gradually increase 6.0% in 2025.

The Asian Development Bank (ADB) is more optimistic, expecting Vietnam's economy to grow 6.0% this year and 6.2% next year. According to ADB, Vietnam's rapid shift to pro-growth monetary policy and large-scale public investment are among the key measures to maintain growth recovery. A relatively comprehensive recovery in the export processing and service industries and the stability of the agricultural sector are expected to support Vietnam's recovery, according to the ADB.

According a recent article published in Donga Ilbo newspaper of South Korea, Vietnam is being considered a "next generation factory" and a developing market to replace a number of other markets, becoming an advanced research and development (R&D) center.

Many foreign businesses have also made very positive assessments of Vietnam's economy. Apple has recently announced that it will increase spending on partners in the supply chain in Vietnam, which is considered a key production center. In an announcement made during his visit to Vietnam on April 15, Apple CEO Tim Cook said Apple is committed to continuing to strengthen connectivity in Vietnam.