The ADB's Asian Development Outlook report is released in Hanoi on April 11, 2024. (Photo: Le Phuong)

At a press conference releasing a report on the Asian Development Outlook in Hanoi on Thursday, Shantanu Chakraborty, ADB Country Director for Viet Nam, said Vietnam can maintain that growth momentum in 2024 to a broad growth restoration in services, export-led manufacturing, "which we know is very crucial for the Vietnamese economy, stable agricultural production, positive inflows of FDI and remittances which are another pillars of strength for the Vietnamese economy."

He noted that a sustained trade surplus, recovered domestic consumption, and continuous physical stimulus with substantial public investment programs remain very important at this time.

"The economy is projected to rebound to a growth of 6% this year and further to 6.2% growth in 2025. This projection will put Vietnam among the fastest growing economies in the region,” Chakraborty said.

Nguyen Ba Hung, ADB Chief Economist in Vietnam, said the country’s inflation is forecast to remain at 4% this year and next. He added that the overall outlook for Vietnam’s economy is simultaneously optimistic yet cautious.

In 2024 and 2025 Vietnam’s economy is projected to steadily recover, Hung said, stressing that monetary and fiscal policies are supporting growth. However Vietnam needs to pay attention to and monitor risk factors that can affect continued growth, such as geopolitical risk, internal difficulties, and climate change, according to Hung.