 Vietnam's GDP grew 7.72% in the second quarter of 2022, according to GSO. (Illustrative photo) |
The General Statistics Office reports that Vietnam's macro-economy in the first half of the year was stable; inflation was controlled; and major economic balances were secured. The number of new enterprises and enterprises re-entering the market exceeded 100,000. The 76,000 new enterprises was the highest number ever. These figures reflect the business community's confidence and expectation of a strong stronger economic recovery.
The results, achieved by the unity and effort of the political system and people under the leadership of the Communist Party of Vietnam, are more impressive given the many domestic and global fluctuations since the beginning of the year, including the Russia-Ukraine conflict, the rising price of petroleum and raw materials, high inflation, monetary policy changes in many countries, financial and monetary instability, and global food and energy crisis.
Vietnam’s socio-economic activities are returning to normal following the COVID-19 pandemic, despite the rising cost of energy, input materials, and transportation, higher interest rates, and increasing natural disasters, challenging macro-economic stability, inflation control, production, business, and people's lives, especially the lives of the poor.
The Government and the Prime Minister have managed the socio-economy consistently. Ministries, sectors, and localities have carried out the solutions of Government Resolution on promoting unity and discipline, proactive adaptation, safety and efficiency, recovery and development.
The Government and the Prime Minister have directed required tasks, resolved the problems of previous years, adapted to changing circumstances and addressed new problems. Activities have been focused on three areas: institutions, personnel, and infrastructure. The Government submitted to the National Assembly 5 national projects. Government leaders have worked with local leaders to remove bottlenecks and motivate development. The recovery and development program has been implemented, and disbursement of support spending has achieved good results.
VN’s impressive GDP growth in the first half of the year was hailed by foreign organizations. The IMF forecast that Vietnam will have one of the highest growth rates in 2022. Vietnam is the only country in the world for whom the World Bank raised its GDP growth forecast from 5.5% in early January to 5.8% in June. All other countries were expected to slow, as global GDP growth slowed from 4.1% in January to 2.9% in June.
In May S&P Global Ratings raised Vietnam’s national prestige index from BB to BB+ with a stable outlook, making Vietnam one of only two Asia-Pacific nations upgraded since the beginning of the year.
Vietnam jumped 39 steps on the World's Quality of Life Index to 48th place and ranked 14th on the Nikkei Asia COVID-19 Recovery Index, thanks to its pandemic control, vaccine coverage and economic re-opening.
Vietnam has one of the highest rates of vaccine coverage in the world, moved to safe, flexible adaptation and effective disease control in the third quarter of last year, and began a confident and bold reopening of its economy in the middle of March, even when Hanoi still had many COVID-19 cases.
Prime Minister Pham Minh Chinh has repeatedly urged the Government to "stick to reality, derive from reality, respect reality, and take reality as a measure" in managing socio-economic development.