Vietnam can reach its GDP growth target of 6.5% this year, according to several global organisations who have shown their optimism about the country's economic outlook.

However, although the World Bank unveiled its updated forecast for Vietnam's GDP growth for 2023 at around 6%, down 0.3% from the forecast made at the beginning of the year, the country's growth rate remains the highest in the Southeast Asian region. 

Subdued growth in the global trade of goods will likely impact the performance of certain economies with trade as the principal growth factor, particularly Vietnam and Malaysia, with a moderate growth forecast, as per a World Bank report.

The government's 6.5% growth forecast for the year is considered to be the most optimistic, Vietnam Plus reports. Even though the country's GDP rose just 3.32% in Q1, several international organisations around the world are confident Vietnam will reach its goal. 

Indeed, the OECD (Organisation for Economic Cooperation and Development), Standard Chartered Bank and ADB forecast the country's GDP will grow by 6.5% this year. 

Experts still cited a series of risks to Vietnam's economy, such as elevated global inflation, monetary policy tightening in several countries, global supply chain disruption and climate change, amongst other factors. 

In addition, a survey undertaken by McKinsey & Company revealed around 70% of millennials are positive about Vietnam's economic outlook, the highest level among Asian nations. 

Furthermore, according to global trend forecasting firm WSGN, Vietnam will soon become Southeast Asia's fastest-growing digital economy and one of the fastest-growing economies on the continent in 2023.

Improvements in Vietnam's logistics infrastructure are also set to contribute to boosting the country's e-commerce industry, which is forecast to hit $49 billion by 2025. 

According to WGSN's Consultant Director for Asia Pacific, Helen Sac, Vietnam's consumer confidence is growing in domestic brands and products, with 76% choosing domestic and "Made in Vietnam" brands over their foreign counterparts.