OECD projects Vietnam's economic growth at 6.5 percent this year
Source: Xinhua | 2023-04-27 | Editor:Lexi
Vietnam's economic growth is expected to moderate at 6.5 percent this year and reach 6.6 percent in 2024 mainly due to the country's resilience throughout the pandemic and ongoing global uncertainties, the Organization for Economic Co-operation and Development (OECD) said in its latest report.
With effective crisis management and sound economic policies, Vietnam is one of the few countries in Southeast Asia which have managed to avoid a COVID-19 recession, according to the OECD.
Even though Vietnam's economy has proven resilient to shocks, its openness still leaves the country exposed to geopolitical uncertainties and potential supply chain disruptions, said Vincent Koen, acting deputy director of the OECD's Economic Country Studies Branch.
The OECD advised Vietnam to keep working on reforms to ensure continued economic and social progress as well as to get prepared for external and domestic challenges.
Reform priorities should include greater social protection coverage by raising tax revenues, higher labor productivity through accelerating digital transition, and better level the playing field between state-owned enterprises and private businesses by easing administrative burdens and restrictions on foreign ownership.
Vietnam is also advised to take bolder policy action to achieve net zero emissions, through stronger investment in renewables and energy efficiency, said the first Economic Survey of Vietnam conducted by the OECD and the Asian Development Bank (ADB).
Vietnam posted a gross domestic product (GDP) growth of 8.02 percent last year.
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