Vietnam to remain important link in global supply chains: economist

Vietnam will remain an important link in global supply chains and a destination favoured by many businesses, said Tim Leelahaphan, Standard Chartered’s economist for Thailand and Vietnam, on February 28.

Speaking at the seminar titled “Global Economic and Financial Outlook Update: Implications for Vietnam” held by the Ministry of Foreign Affairs and the British bank, he said that Vietnam’s GDP growth rate may hit 7.2% this year and 6.7% in 2024.

The country’s economy still faces some macro risks such as inflation, public debt, and confidence recovery in the first half of 2023, but the recovery outlook is positive in the second half, he predicted.

Michele Wee, Chief Executive Officer at Standard Chartered Bank Vietnam Ltd., said that Vietnam has medium- and long-term development outlooks, which helps increase growth potential and attract investment.

Vietnam is playing an increasingly important role in international trade activities and global supply chains, she affirmed, adding that Standard Chartered always strives to support Vietnam’s recovery and sustainable growth in 2023 and the coming years.

Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, and many economists attending the seminar agreed that Vietnam should promote green trade and provide comprehensive support for sustainability goals in the context that accelerating the implementation of commitments to digital transformation and green transformation associated with environmental criteria is a mandatory trend for almost all countries.

They proposed Vietnamese enterprises take appropriate preparations to catch up with this inevitable trend by innovating the way of thinking, changing governance methods, and building a green export strategy.

Speaking at the event, Assistant to Foreign Minister Nguyen Minh Hang stressed that the promotion of international cooperation to take advantage of the collaboration and support of international partners for socio-economic recovery measures, and for boosting new growth drivers such as green growth and digital transformation is very important to Vietnam.