Illustrative photo (Photo: VNA)Hanoi (VNA) – The Central Institute for EconomicManagement (CIEM) and the German Agency for International Cooperation (GIZ) on January 15 jointly held a workshop on Vietnam's economic situation in 2023 and prospects in 2024.
Launching a report titled “Vietnam's economy in 2023 and prospectsfor 2024: Reforms to accelerate growth recovery” at the event, CIEM experts forecast that Vietnam's GDP will grow by 6.13% in the first scenarioand 6.48% in the second scenario with the entire year’s exports increasing by4.02% and 5.19%, respectively.
The country's trade surplus is predicted to hit 5.64 billion USD and6.26 billion USD in the first and the second scenarios, respectively, while the average inflation this year isforecast to stand at 3.94% and 3.72%.
CIEM Director Tran Thi Hong Minh said that Vietnam’s economy in particular and the global economy in generalwill continue facing headwinds in 2024.
However, Vietnam can reap further positive economic achievementsin the coming time if the quality of institutional reforms have been improved.
Vietnam does not only rely on fiscal and monetary solutions topromote economic growth but also creates a lot of new motivations from economicinstitutional reforms. Those driving forces come from promoting innovation,developing new economic models, reforming the business environment,restructuring the economy, and perfecting regional linkage planning andinstitutions.
The Government has also frankly acknowledged and asked foradvice on the issues that need to be resolved, she stressed.
Minh emphasised that experts’ recommendations on strengtheningfiscal and monetary expansion for the country’s economic growth are also basedon the assessments of improving institutional quality and macro-economicmanagement.
Delegates at the workshop. (Photo: VNA)CIEM's report also evaluates the results of Vietnam’s implementation of the Regional Comprehensive Economic Partnership(RCEP) over the past two years.
Accordingly, the results in the period 2018-2023 showed that theproportion of Vietnam's imports and exports withRCEP member countries has seen a downward trend and the utilisation of incentivesthat the RCEP offers is still relatively low, just 0.67%.
Experts recommended that the country to continue toovercome challenges in implementing the RCEP as well as effectivelyaccessing and maximising benefits from the trade deal./.
