(VOVWORLD) - Vietnam remains a “bright star” of the Southeast Asian region despite numerous challenges, Kai Wei Ang, an ASEAN economist at the BofA Securities Inc., said in a recent talk on CNBC.
 Vietnam's economy shows positive signs in the half of 2024. (Photo: VGP/The Phong) |
He highlighted Vietnam’s advantages, including a competitive labor market, and a wide range of signed free trade agreements (FTAs) that facilitate its exports, describing them as fundamental support for the Southeast Asian country to lure investments.
Maybank Research Private Limited Company said Vietnam is one of the growth stars in ASEAN. It forecast that the gross domestic product (GDP) growth of Vietnam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand to rebound to 4.5% in 2024 and 4.7% in 2025. The recovery in GDP growth is attributed to manufacturing and exports, it said.
Vietnam’s industrial production index (IIP) rose in May, registering a rise of 2.6% month on month and 8.9% year on year due to stronger exports and a low base effect from last year, according to the World Bank.
Vietnam's exports to key markets in the first five months of 2024 increased by 15% over the same period last year, in which fashion, furniture and household appliances led the recovery, according to Malaysia’s site The Star.
The US’s S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term sovereign credit ratings on Vietnam, with a “stable” outlook on the long-term rating.