Vietnam overcomes economic headwinds in 2023: PM

HCMC – Vietnam successfully navigated the headwinds in 2023 despite external and internal woes, said Prime Minister Pham Minh Chinh at a hybrid conference held on January 5. Despite global economic uncertainties, gross domestic product (GDP) expanded by 5.05% to US$430 billion last year, said Deputy Prime Minister Le Minh Khai, adding Vietnam was among the high-growing economies. Vietnam interest rates dropped significantly while the budget surplus exceeded the estimate by 8.12%. The Southeast Asian nation targeted 6.5% economic growth for 2023 but its economy grew by 5.05% due to slackened demand, supply chain disruptions, and monetary tightening in key trading partners of Vietnam. In 2024, the Government proposed strategic solutions to address the anticipated economic challenges, prioritizing maintaining macroeconomic stability, controlling inflation, and proactively managing monetary policy.