Wed, 29th May 2024 05:40 (GMT +7)

Viet Nam ranks 6th among fastest growing Asian economies in 2024

Monday, 08/04/2024 | 16:20:00 [GMT +7] A  A

The U.S. website placed Viet Nam 6th among the fastest growing economies in Asia in 2024 in its article published on April 4. 

The article cited projections for Viet Nam's real GDP growth to reach 5.8 percent and per capita GDP growth at 7.41 percent.

Viet Nam found itself positioned behind the Macao Special Administrative Region (China) which claimed the top spot, followed by India, Cambodia, Bangladesh, and the Philippines.

With a projected expansion of 4.5 percent, the Asian economies are expected to collectively contribute over 60 percent of the global economic growth this year.

Earlier, the ASEAN +3 Macroeconomic Research Office (AMRO) projected Viet Nam's economic growth to rise to 6 percent in 2024, higher than ASEAN's average rate of 4.5 percent.

Growth in Viet Nam will be led by the continued normalization of retail goods inventory in the U.S., the recovery of the global semiconductor market, and stronger demand from the EU.

Meanwhile, the Asian Development Bank (ADB) also forecasted that ASEAN as a whole may grow by 4.7 per cent this year when the Philippines is predicted to see the highest growth of 6.2 per cent, followed by Viet Nam.

The Government is determined to achieve the GDP growth goal of 6.5 percent in 2024, said Prime Minister Pham Minh Chinh while chairing the Cabinet meeting on Wednesday.

Viet Nam's economy grew 5.66 percent in January-March compared to the same period last year, the highest for the first quarter since 2020.

Source: VGP