Taking Stock April 2024
Viet Nam’s economy slowed sharply in 2023, with three key drivers of growth – exports, consumption, and private domestic investment – is losing momentum. On the production side, the slowdown was led by industrial production. In the first quarter of 2024, the economy registered 5.66 percent (y/y) growth, mostly driven by the low base effect in exports, with consumption and investment recovering more gradually. Employment growth slowed and real average monthly incomes stagnated. Viet Nam’s external position improved in 2023, underpinned by a large current account surplus. Viet Nam needs to increase domestic private sector productivity to realize its ambitious target of becoming a high-income country by 2045, and innovative entrepreneurship is essential to drive this growth. Improving the conditions for entry and growth of innovative startups, through development of a conducive entrepreneurial ecosystem, can help build a pipeline of highly productive firms in new and established sectors.
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| Format: | Report biblioteca |
| Language: | English en_US |
| Published: |
Washington, DC: World Bank
2024-04-23
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| Subjects: | ECONOMIC GROWTH, LABOR MARKET, FISCAL MEASURES, INNOVATIVE ENTREPRENEURSHIP, SDG 8, |
| Online Access: | http://documents.worldbank.org/curated/en/099435404222425028/IDU1c5664f6e1c35c146ca1855f13d13e3b79c24 https://hdl.handle.net/10986/41463 |
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| Summary: | Viet Nam’s economy slowed sharply in
2023, with three key drivers of growth – exports,
consumption, and private domestic investment – is losing
momentum. On the production side, the slowdown was led by
industrial production. In the first quarter of 2024, the
economy registered 5.66 percent (y/y) growth, mostly driven
by the low base effect in exports, with consumption and
investment recovering more gradually. Employment growth
slowed and real average monthly incomes stagnated. Viet
Nam’s external position improved in 2023, underpinned by a
large current account surplus. Viet Nam needs to increase
domestic private sector productivity to realize its
ambitious target of becoming a high-income country by 2045,
and innovative entrepreneurship is essential to drive this
growth. Improving the conditions for entry and growth of
innovative startups, through development of a conducive
entrepreneurial ecosystem, can help build a pipeline of
highly productive firms in new and established sectors. |
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