Exports and investments will continue to be Vietnam’s economic growth drivers for the remainder of 2023, say, insiders, helping the country hit the growth target of between 6% and 6.5%.

Even though exports may face an uphill struggle to reach the growth target for this year due to declining global demand, they remain among the major drivers for economic growth until the end of the year, said Deputy Minister of Industry and Trade Do Thang Hai.

Last month, Vietnam shipped $32.37 billion worth of goods overseas, a 7% rise year-on-year and marking the fourth consecutive month of growth, according to data from the General Statistics Office of Vietnam.

Strong growth was registered in the export of electronics, computers and parts, garments and textiles, telephones and wood and wooden products, Vietnam Plus reports.

Hai added that along with exports, investments are also forecast to accelerate.

Furthermore, around $12.4 billion of the country’s public investment budget was disbursed between January and August to accelerate economic growth. This made up 42.5% of the annual plan set by the Prime Minister, the highest amount ever expended in eight months.

As such, Vietnam’s Deputy Minister of Planning and Investment, Tran Quoc Phuong, is confident of reaching the disbursement target. 

In addition, tourism – which has staged a notable recovery, is also a driver for Vietnam’s economic growth, according to a permanent member of the National Assembly’s Finance – Budget Committee, Tran Van Lam.

He stated that businesses and localities should make extra efforts to bolster tourism development, adding that the country’s GDP bottomed out at 3.72% during the first six months of the year, trailing behind the economic growth scenario of between 7% and 8%.

Moreover, as well as the growth target, Lam said the macro-economy must also be stabilised and inflation under control.