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Vietnam’s economy recovers quickly after the pandemic

According to the latest report of the World Economic Forum, Vietnam is among the 3 countries with the highest score in the development index of tourism in the world and up to 8 places compared to 2019. The positive actions of international organizations over the past time are based on reality Vietnam economy there has been a strong recovery thanks to flexible operating policies; drastic direction of the Government and at all levels, branches and localities.

The successful control COVID-19 pandemic allowing Vietnam to quickly restore economic activity. Macroeconomics in 2021 and the first 5 months of this year are maintained, exchange rate is stable, foreign exchange reserves are ensured, import and export turnover continues to increase, GDP growth is quite high in the context of negative growth in many countries. .

“GDP in the first quarter of 2022 increased by 5.03% compared to the first quarter of 2021, increasing by only 4.6%. Thus, the economy has recovered and we reopened economic activities including attracting international tourism. Trade in services was difficult in previous years, but now it has recovered”. Mr. Tran Hoang Ngan – Member of the Economic Committee of the National Assembly said.

By the end of the first quarter of this year, Vietnam was assessed as “the fastest growing economy in Southeast Asia”. In addition to the prerequisite factor that is the high vaccination rate of the whole society to help prevent the COVID-19 epidemic, there are also solutions to support businesses and administrative reform.

Dr. Vu Tien Loc – Member of the National Assembly of Hanoi City said: “Solutions to exempt, postpone and reduce taxes and fees; promote public investment; restructure bank debt, grant interest rate compensation, and attach requirements to reduce and simplify administrative procedures and levels. Unleashing resources for production and business activities has contributed to restoring growth momentum”.

“Increasing State budget revenue has contributed to reducing public debt pressure in the past year 2021. That is the basis for us to balance and calculate the State budget revenue and expenditure plan in 2022.” Dr. Dinh Trong Thinh – Senior Lecturer at Academy of Finance said.

Vietnam's economy recovers quickly after the pandemic - Photo 1.

Vietnam’s economy recovered quickly after the pandemic. Illustration.

Not only S&P, but other leading international organizations such as the World Bank, Asian Development Bank, and the International Monetary Fund simultaneously made optimistic comments about Vietnam’s economic prospects.

Ms. Sagarika Chandra – Country Credit Rating Director of Fitch Ratings in the Asia-Pacific region commented: “We expect Vietnam’s GDP to accelerate to over 6.1% in 2022 and 6.3% in 2023. Therefore, Fitch ratings forecast efforts to maintain macroeconomic stability, strive for High growth rate and further improvement of public finances will be positive factors to further improve Vietnam’s national credit rating in the coming time.

“The government has made great efforts in managing prices, controlling inflation, and minimizing impacts on production, business and consumption activities in the context of production recovery. As the world continues in the medium term, Vietnam’s economy should adjust to higher prices, and the competent authorities should have incentives to encourage investment to improve business productivity. Mr. Jacques Moisset – Chief Economist and Macroeconomic Program Manager, World Bank in Vietnam recommends.

The number of newly established enterprises and returning to operation increased in the first months of the year, exports grew strongly, and foreign investment continued to prosper. These are the grounds for international organizations to think that Vietnam has become a typical example of stable growth achievements in the context of many risks of the global economy.

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