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.
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.

Source: https://e.vnexpress.net/news/economy/vietnam-to-post-highest-gdp-growth-in-southeast-asia-this-year-4517751.html