Recovery momentum
The Government report predicted that this year’s GDP growth will reach 8%, exceeding the set target of 6%-6.5% and providing momentum for the five-year plan until 2025. Two months before the end of 2022, 14 of 15 socio-economic targets for the year have been met or surpassed.
Prime Minister Chinh told the Assembly: “The macro-economy was basically stable, inflation was controlled, economic growth recovered, and major economic balances were maintained in difficult conditions. The Socio-Economic Development and Recovery Program and three National Target Programs were aggressively delivered on. The nation's public debt, government debt, and foreign debt were safely controlled. Many reputable international organizations applauded the Vietnamese economy’s performance and prospects.”
The National Assembly Economics Committee has verified the Government report, saying growth recovery momentum was recorded in all sectors of the economy and distributed "quite evenly" among localities, and 44 of 63 provinces and cities recorded a GRDP growth rate over 6%. Vietnam is the only country in the Asia-Pacific region and one of four countries in the world that has been upgraded by Moody's since the beginning of the year. Amid global vulnerability, Vietnam's economy has rebounded and its ability to withstand external macro shocks is quite good at the moment, the report said.
Timely response
Given difficulties facing the economy and an unpredictable global outlook, the Vietnamese Government is exerting its greatest effort to respond to external crises and the risk of recession and ensure a reasonable balance between international economic cooperation and competition.
Prime Minister Chinh said: “We must take appropriate countermeasures, flexibly and effectively manage macroeconomic policies, strengthen analysis and forecast, proactively develop scenarios, and plan responses to all situations. It’s crucial to ensure sufficient credit capital for the economy; focus on production and business, priority areas, and economic growth drivers; and create conditions conducive for people and businesses to access credit capital. We also need to accelerate the disbursement of public investment capital, the Socio-Economic Development and Recovery Program and three National Target Programs from the beginning of next year. Priority should be given to public investment capital to key and strategic infrastructure projects, and ensuring harmony between localities and regions.”
Vietnam is boosting the restructuring of industry, agriculture, and services by strongly developing in-depth industrial production, increasing the proportion of processing and manufacturing, and ensuring energy security. It will focus on sustainable agriculture, rural development, and high-tech application services.
To serve economic recovery, the Government will speed up major national and inter-regional transportation infrastructure projects. In 2023 it will strive to complete and put into use a number of expressway sections and urban railway projects, and upgrade several airports.
If the socio-economic recovery measures are effective, Vietnam can get through a very difficult 2023 and look forward to 2024 with a more positive outlook.