(VOVWORLD) - Standard Chartered Bank has revised up its forecast for Vietnam’s 2024 GDP growth to 6.8% from the previous 6%, reflecting the stronger-than-expected Q3 expansion.
For Q4, growth is expected to moderate to 6.9%, the British multinational bank said in its recent macro-economic updates about Vietnam.
According to government data, Vietnam’s GDP grew by a higher-than-expected 7.4% in Q3 despite the devastating typhoon Yagi, resulting in January-September growth of 6.82%.
According to Standard Chartered’s economists, Vietnam’s economic growth momentum has been relatively strong, with improvement across multiple sectors, including imports and exports, retail sales, real estate, tourism, construction, and manufacturing. Trade recovery, increased business activity, and foreign investment will be sources of growth in 2025 and beyond, they added.
Standard Chartered is the latest international institution to raise its growth forecast for Vietnam, after HSBC, Singapore-based United Overseas Bank (UOB), the International Monetary Fund (IMF), and market intelligence company S&P Global.