Vietnam’s economy is recovering steadily

On the afternoon of June 5, in Ho Chi Minh City, Prime Minister Pham Minh Chinh attended and co-chaired the plenary session – high-level discussion of the 4th Vietnam Economic Forum chaired and coordinated by the Central Economic Commission. organized by the Government.

High level discussion session. (Photo: Duong Giang – VNA)

With the theme “Building an independent and self-reliant economy associated with extensive economic integration in the new situation”, the forum attracted the participation of more than 600 delegates from representatives of the Government, leaders and leaders of the country. directing central and local ministries and branches and many domestic and international experts and speakers.

Many delegates assessed that in the past two years, the Vietnamese economy has faced a series of unprecedented difficulties caused by the COVID-19 pandemic. However, very encouraging socio-economic development results in the first months of 2022 show that Vietnam’s economy is gradually returning to its pre-pandemic growth trajectory.

“Economics in the first quarter of 2022 returned to a high growth momentum, reaching 5.03%. Export, investment and consumption sectors all increased strongly, investors’ confidence increased. Over a week, the credit rating agency S&P upgraded Vietnam’s long-term credit rating from BB to BB+, noting that the Vietnamese economy is on a solid recovery track and forecasting GDP growth in 2022 of Vietnam. about 6.9%,” emphasized Mr. Tran Tuan Anh, Politburo member, Head of the Central Economic Commission.

Comrade Tran Tuan Anh, Politburo member, Head of the Central Economic Commission delivered the opening speech. (Photo: Duong Giang – VNA)

“Thanks to very flexible policies and strategies for COVID-19 prevention and control, in the past two difficult years, Vietnam is one of the very few countries in the world that has maintained positive economic growth. In 2021, due to the rapid spread of the Delta strain, Vietnam was forced to apply strict administrative measures, but by the end of 2021, it has shifted in time to safe, flexible adaptation and effective disease control. Thanks to a very effective and successful vaccination program,” said Mr. Yoshiki Takeuchi, Deputy Secretary General of the Organization for Economic Cooperation and Development (OECD).

“During the epidemic period, the world experienced an economic decline and instability for the first time, but Vietnam remained stable in the macro-economy. Recalling the period 1997 – 1998 and 2007, in recent years, all the shocks Outside, all of Vietnam’s external forces are pouring into Vietnam, making us unstable in the macro economy, but this time we have not. This proves that we have a good degree of autonomy and initiative, and good risk tolerance. much more than before”, Dr. Vu Thanh Tu Anh, Director of the School of Public Policy and Management, Fulbright University Vietnam, said.

Comments at the forum commented that the impact of the pandemic as well as the complicated and unpredictable developments of the world situation have been asking Vietnam to speed up, more drastically and more effectively the building an independent and self-reliant economy associated with extensive and effective international integration; in which, it is necessary to take advantage of opportunities and overcome challenges for sustainable development in the coming time.

“Vietnam needs to continue to maintain the current macroeconomic stability; at the same time, it must make stronger reforms in institutions, governance, transparent data management, improve the quality of human resources, increase strengthening the predictive analysis capacity of the state bank, managing bad debts according to international standards and strengthening regulations and mechanisms on risk management,” said Francois Painchaud, Chief Representative of the International Monetary Fund. (IMF) in Vietnam and Laos, commented.

“With a low level of public debt, Vietnam is in a good position as one of the 40 countries with the lowest public debt. Vietnam is also strong in fiscal management policies, making it an attractive destination for investors. With a very open economy, you need to diversify export markets, move up higher levels in the global supply chain.In terms of FDI investment, Vietnam should not only focus on quantity, but also pay attention. quality, added value and high technology,” affirmed Mr. Andrew Jeffries, Country Director of the Asian Development Bank (ADB) in Vietnam.

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