The ASEAN Macroeconomic Research Office has released its Annual Consultation Report Vietnam – 2023 which forecasts a GDP growth rate of 6 percent this year.

Other key takeaways from the report include:

The expansion is predicted to be off the back of increased exports and increased foreign direct investment;
Risks for the economy are mostly external–the performance of the economies of Europe the USA, and China;
There is a skilled labour shortage and
Vietnam’s estimated foreign reserves at the end of 2023 were US$89.7 billion.

The report argues for:

Stronger liquidity buffers for banks;
Lower loan concentration limits and debt-to-value ratios;
Credit growth targets should be phase out;
Greater consolidation in the banking industry; and
Information disclosures and investor protections in the bond market should be improved.

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