Vietnam to post highest GDP growth in Southeast Asia this year
With its highest nine-month growth in 12 years, Vietnam is poised to become Southeast Asia's fastest growing economy this year.
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Le Trung Hye, Deputy Director General of the General Bureau of Statistics, said the agency expects Vietnam's economy to grow by 8% in 2022, despite the not-so-positive economic situation in the latest quarter.
The economy grew 8.83% in the first nine months, its highest performance in 2011-2022, thanks to a 13.67% growth in the third quarter.
Frederick Neumann, co-head of Asian economic research at Hong Kong-based HSBC Holdings, said Vietnam was a bright spot in a gloomy global economy.
Neumann said the global economy is facing high inflation and consumer demand in Europe is declining as a result of high energy prices.
China's sluggish property sector and its zero-Covid policy have also weighed on purchasing power. While this situation is also affecting Vietnam, the country remains resilient, Neumann said.
Thus, HSBC estimates Vietnam's growth in 2022 at 6.9%, the highest in Southeast Asia, while the Asian Development Bank (ADB) maintains its growth forecast for this year at 6.5 %.
The World Bank predicts that Vietnam's GDP could grow by 7.2% in 2022, the highest in East Asia and the Pacific. “Vietnam will remain the fastest growing economy in Southeast Asia in 2023 and beyond,” Neumann said.