Vietnam has the potential to achieve a GDP growth rate of 6-6.5% in 2024, driven by public investment, consumer spending, import-export recovery, and monetary policies. (Photo: Viet An)

Vietnam has the potential to achieve a GDP growth rate of 6-6.5% in 2024, driven by public investment, consumer spending, import-export recovery, and monetary policies, said Huynh Hoang Phuong, head of Investment Research and Analysis Division at FIDT JSC.

The GDP growth target set by the National Assembly is feasible, as recent reports on the global economy indicate signs of recovery, Phuong said.

He added that international organisations like the International Monetary Fund (IMF) also forecast that Vietnam's economic growth in 2024 will be among the highest in Southeast Asia.

According to him, the monetary easing policy implemented from mid-2023 would support growth momentum next year.

Meanwhile, the accelerated disbursement of public investment has helped stimulate the inflows of private capital and foreign investment, contributing to supporting businesses in their recovery and development efforts, he noted.

Consumer spending, as one of the crucial factors in the economy, also serves as a driving force to boost growth, he said, stressing the need to have appropriate tax policies to stimulate consumer demand.

Import-export activities have shown signs of recovery recently, which will encourage businesses and manufacturers to hire additional labourer, thereby stimulating higher spending demand, Phuong added.

He also expressed his optimism about positive prospects for Vietnam's stock market this year, saying that it has reached a 'fairly attractive' value range after the recent adjustment period, opening up new opportunities for growth.

Improved business prospects next year will serve as a major motivation for the stock market, especially in the context that low-interest rates have been maintained and fiscal policies play a supportive role, Phuong went on.