Hai Phong port (Photo: An Dang/ VNA)

This effective management, combined with continued progress in laying the foundations for sustained medium-term growth, provides sound reasons to be optimistic about economic prospects for 2022 and beyond.

Raymond Mallon, an economist and a visiting fellow at AVPI, said growth in business numbers has accelerated again over the last six months and increased private investment is becoming increasingly pivotal in generating new employment opportunities.

Aiming to ameliorate the economic impact of the pandemic, the Vietnamese government has renewed efforts to reduce institutional and infrastructure bottlenecks and ensuring that all businesses compete on a level playing field.

The government has committed to increasing expenditure on health, education, and infrastructure, and to sustain limited business support. As the government re-focuses its attention on non-COVID socio-economic development issues, a recovery in flows of public investment is expected in 2022.

Additionally, Vietnam’s domestic middle class continues to expand, contributing to accelerated growth in domestic consumer demand. Vietnamese enterprises are increasingly integrating into global production chains, boosting investment, technology transfer, productivity growth and incomes. Recently implemented regional economic cooperation agreements are also helping to further deepen regional supply chain links, boosting trade and foreign investment, and providing new opportunities for businesses in Vietnam.