Bright colors in the economic picture in the first quarter of 2022

The growth rate of gross domestic product (GDP) is over 5%, of which, the largest contribution to GDP in the past 3 months is industry, construction… with a growth rate of 6.38%; followed by the service sector which also regained the growth momentum of 4.58%; while agriculture, forestry and fishery increased by 2.45%.

When it comes to growth, it is impossible not to mention inflation because this is a factor affecting the spending of each person. In fact, the price index increase in the first quarter of this year is higher than the same period last year, but still lower than the average for the period 2017-2020.

If Americans and Westerners spend more on gas, gas, housing, transportation or entertainment, in Vietnam, petroleum only accounts for 3% of the proportion of the basket of goods to calculate the CPI, and still accounts for the remaining 3 percent. The biggest weight, 28%, is food and food. This lowers Q1 CPI. These days, shopping carts, shopping for family meals have more variety of cheaper foods than before. Many types of food are reduced in price, consumers have more choices. Not only pork, farmed fish and many kinds of agricultural products, fruits are also priced at 10-30% cheaper, making consumers very excited. The price of potatoes is about 20% off, cabbage 40%, dragon fruit and watermelon 40-50%.

Many businesses operate more efficiently in Q1

With these positive figures, it is understandable that the number of newly established businesses has increased sharply and many businesses have boldly invested in expanding production, after a long period of inactive operation. even had to close because of the epidemic. Nearly 34,600 newly established businesses, up 18.1% – the highest level in the first quarter ever.

According to data from the General Statistics Office, industrial production in the first quarter continued to prosper with the value of the whole industry increasing by 7% over the same period last year. In particular, the recovery of domestic demand and the resumption of international trade are the driving forces for many enterprises to enter and re-enter the manufacturing sector.

Ms. Phi Thi Huong Nga, Deputy Director of the Department of Industry and Construction Statistics, said: “Out of 60,000 enterprises entering and re-entering the market, there are more than 34,000 newly established enterprises, this is a record number. record so far in Q1”.

Regarding the forecast for the second quarter, 82% of enterprises think that the business situation will be better and stable. 85% of enterprises forecast export orders to increase and stay the same. According to experts, this optimistic business outlook of the enterprise is completely grounded.

Ms. Nguyen Minh Thao, Head of the Business Environment and Competitiveness Department, Central Institute for Economic Management, said: “The National Assembly has agreed to increase overtime hours for employees, then businesses will free The pressure on backlog orders is a lot. Currently, we have reduced fuel tax, reducing cost pressure on businesses. Thirdly, solutions to the business environment are being promoted very strongly. strong”.

Stable macro-economy has helped Vietnam continue to be an attractive destination for foreign investors. This is reflected in the number of realized FDI at the highest level in the first quarter of this year. In fact, over time, more industrial parks, processing and manufacturing plants have been formed from capital sources of foreign investors.

Mr. Tim Leelaphan, economist in charge of Thailand and Vietnam, Standard Chartered Bank, commented: “We also consider the first quarter to be the period when factories have returned to full capacity thanks to the Government’s support. launched economic stimulus program in time.The recovery will be more clearly seen when in the beginning of the second quarter, orders are abundant and partners reshape the production chain, the growth rate is from 6.5% in Vietnam is very positive this year.”

Fitch Ratings maintains Vietnam’s credit rating at BB, positive outlook

In the past week, as soon as many positive economic indicators were released, a number of foreign organizations also made assessments about Vietnam’s economy. Fitch Ratings has maintained its BB rating, with a Positive outlook for Vietnam.

Ms. Sagarika Chandra, Country Director of Fitch Ratings in the Asia-Pacific region, said: “Currently, inflation is not a major concern threatening the Vietnamese economy. Actively implementing measures to stabilize the macro-economy, improving the financial-banking system, especially the issuance of a fiscal-monetary stimulus package worth VND 350 trillion has helped Vietnam stabilize. public debt, maintain its growth potential in the medium term, foreign exchange reserves are at a record level, creating a buffer for Vietnam to cope with external shocks. Therefore, Fitch ratings forecasts efforts to maintain maintenance. macroeconomic stability, striving for a high growth rate, further improving public finances through sustainable fiscal consolidation will be positive factors helping to further improve the country’s credit rating in the near future. next time”.

After a long period of facing many difficulties due to the epidemic, now the economy is gradually regaining momentum. However, there will certainly be a lot of work to be done to help the economy in general and businesses in particular achieve sustainable growth in the long term, especially in a period when many unpredictable developments may occur. arrive.

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