![]() ![]() (Photo: VNA) Hanoi (VNA) – The embassy of Vietnam and other member countries of the Association of Southeast Asian Nations (ASEAN) in Budapest on August 9 held a ceremony to mark ASEAN 's 56th founding anniversary (August 8, 1967-2023). Despite resilient foreign direct investment (FDI) and a slight … about World Bank forecasts growth of 4.7 per cent in 2023 Growth in final consumption expenditure slowed to 2.7 per cent on-year, compared with 6.1 per cent in the first half of 2022. This in turn weighed on the performance of the export sector, which is estimated to account for half of Vietnam’s GDP." Simultaneously, domestic demand moderated due to the fading base effects of last year’s post-COVID rebound and weakening consumer confidence. Dorsati Madani, senior economist at World Bank Vietnam said, "The slowdown was triggered by a sharp deterioration in external demand, with exports contracting by 12 per cent on-year in the first half of 2023. The nation's real GDP growth slowed to 3.7 per cent on-year during the first half of 2023, well below that posted a year earlier (6.4 per cent). ![]() After registering 8 per cent real GDP growth in 2022, Vietnam’s economic growth decelerated sharply in the first half of 2023, reflecting a global slump and weaker domestic demand.
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