(VOVWORLD) -Vietnam is back as a “growth star” in the Association of Southeast Asian Nations (ASEAN)" with GDP forecast to grow 7% this year, the highest in the region, said HSBC Vietnam last weekend.
According to HSBC, after a difficult start in the first quarter, the economic picture in 2024 has been mostly positive over the months. Despite Typhoon Yagi, Vietnam's economy continued to recover and accelerate in the second half of the year.
The industrial production index (IIP) in 11 months increased 8.4% over the same period last year, exports increased 14.4%. Foreign direct investment (FDI) realized in 11 months was estimated at 21.7 billion USD, marking the third consecutive year that Vietnam has achieved FDI disbursement of over 20 billion USD.
After GDP unexpectedly grew 6.9% in the second quarter and 7.4% in the third quarter, HSBC said, projecting Vietnam's 2024 growth at 7%, the highest among the six largest Southeast Asian economies, which also includes Indonesia, Malaysia, the Philippines, Singapore and Thailand.