CIEM sketches out Vietnam’s 2023 economic scenarios

Illustrative image (Photo: VNA)

The Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment has sketched out two scenarios for the Vietnamese economy in 2023.

Under the first, the national GDP will grow 6.47%, inflation 4.08%, and export 7.21%, and export-import revenue is projected at 5.64 billion USD, heard a workshop in Hanoi on January 12.

The figures are set at 6.83%, 3.69%, 8.43% and 8.15 billion USD under the second.

CIEM Director Tran Thi Hong Minh said Vietnam stayed updated on assessments and recommendations last year in order to maintain macro-economic stability, rein in inflation, and facilitate reform and socio-economic recovery and development.

Such efforts paid off as the national GDP grew 8.02% in 2022, the highest in the 2011-2022 period, outpacing the target of 6.5% set by the National Assembly, and inflation was curbed at 3.15%, below the 4% projected earlier, she noted.

Nguyen Anh Duong, head of the CIEM's General Research Department, presented a report on Vietnam’s economy in 2022 and prospects in 2023, which said there would be more impacts on the economy this year, such as tight monetary policies adopted by major economies in response to inflation pressure, rising geo-political competitions between big economies and the Russia-Ukraine conflict.

Dennis Quennet, Chief Advisor of the Macroeconomic Reforms/Green Growth Programme in Vietnam run by the German Agency for Sustainable Development (GIZ), lauded Vietnam for its impressive growth in 2022.

However, many of Vietnam’s economic partners have to face multiple difficulties and challenges in 2023, he pointed out, suggesting the Southeast Asian country assess its growth quality to make suitable adjustments in order to create momentum in the year./.