Vietnam’s economy still has many bright spots

According to the World Bank’s Economic Update Report on East Asia – Pacific Region (World Bank) just released this morning (April 5), Vietnam is considered as one of the countries that have recovered from the pandemic. economic recovery to near pre-epidemic levels, however, there was a sharp reduction in economic growth forecast this year.

From 6.8% growth forecast Vietnam economy Previously released, the World Bank (World Bank) lowered the forecast to 5.3% in the base scenario and 4% in the bad scenario. The main reason is because the epidemic situation is still not under control. .

Vietnam has greatly improved its position in the global value chain. (Illustration image – Photo: Labor)

However, according to experts, the current Omicron variant is a healthier strain, so Vietnam can take the initiative to soon stabilize the epidemic situation.

In the context of world economic fluctuations, especially the tightening monetary policy of the US, Vietnam still maintains its position as a successful country in attracting foreign direct investment (FDI). This is because Vietnam has greatly improved its position in the global value chain.

“Vietnam should find a way to develop the service industry in depth and increase labor productivity in the service industry. The stages in transportation services, finance, accounting or insurance all need to be improved. It will become a development engine for other industries such as manufacturing,” said Mr. Aaditya Mattoo, chief economist for East Asia and Pacific at the World Bank.

At the same time, Vietnam also needs to focus more resources on developing the digital economy to catch up with other countries in the region.

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