Vietnam rides through economic difficulties

Prime Minister Pham Minh Chinh meets President of European Commission Ursula von der Leyen (Photo: VNA)

Under the sound leadership of the Party Central Committee and with the motto “Solidarity, discipline, active adaptation, safety, efficiency and economic recovery”, the Government and the entire country have overcome challenges and reaped achievements in all spheres, laying foundation for 2023 and subsequent years.

With COVID-19 under control, the macro-economy remained stable, inflation below 4% and major balances of the economy guaranteed. The GDP grew 8.02%, higher than the set target of 6-6.5%. The disbursement of foreign direct investment hit nearly 21 billion USD, up over 8% annually.

Data from the General Department of Vietnam Customs showed that the country’s total export-import turnover went up 12.18% to around 750 billion USD. The results were impressive amid weakening growth, inflation and spiraling living costs in the world.

Economic sectors witnessed considerable growth, including agro-forestry-fisheries. Industrial production expanded by 8.6% in 11 months of 2022 while the total retail of goods and consumption services soared by 20.5%. As many as 195,000 new businesses entered the market, up 33.2% in volume.

Many countries, international organisations and prestigious financial institutions continued speaking highly of Vietnam’s efforts to perform macro-economic policies and overcome external shocks.

In the Global Innovation Index 2022, Vietnam ranked 48th out of 132 economies, second out of 36 low middle-income countries, and 10th out of 17 Southeast Asian and Pacific nations.

World top organisations Standard & Poor’s Global Ratings, Moody's, and Fitch Ratings gave positive credit rankings for Vietnam. Notably, on September 6, Moody’s Investors Service upgraded Vietnam’s long-term issuer and senior unsecured ratings to Ba2 from Ba3 and changed the outlook to stable from positive. Vietnam was the only in Asia-Pacific and one of the four countries globally to have ratings upgraded by Moody’s at that time.

In addition to recovery, socio-economic growth, political security, as well as social safety and order were ensured; people’s life was improved; and defence-security was well maintained. In addition, the practical and effective promotion of diplomatic activities and integration helped consolidate Vietnam’s prestige and position in the international arena.

Illustrative image (Photo: VNA)

With a motto of leaving no one behind, the Government spent some 87 trillion VND (3.68 billion USD) on aiding close to 56 million employees and people as well as 730,000 employers affected by COVID-19. Meanwhile, sustainable poverty reduction was prioritised, with the rate of poor households estimated to drop by approximately 1%.

Deciding to reopen its door in the year, Vietnam successfully hosted the 31st Southeast Asian Games (SEA Games 31). The Vietnamese contingent reaped myriad medals and a high ranking on the tally, contributing to promoting the image of a friendly, safe, and energetic nation that is recovering strongly after the pandemic.

This year, the global situation is forecast to face more complicated developments, difficulties, and challenges than advantages and opportunities. With successes obtained in 2022, the Vietnamese Government is determined to boost concerted efforts for new achievements./.

VNA