Sputnik: experts upbeat about Vietnam’s economic growth 2022

Sputnik: experts upbeat about Vietnam’s economic growth 2022

The World Bank, Asian Development Bank, VNDIRECT Securities Corporation, experts and investors are optimistic about Vietnam’s economic growth prospect next year thanks to drivers such as exports, domestic consumption, foreign direction investment attraction, timely and effective policies by the Government, according to an article recently published by Russia’s Sputnik.

The article said with high vaccination rate in late 2021, the Vietnamese economy has rebounded strongly with positive signals.

Preliminary data by the General Statistic Office, the General Department of Vietnam Customs and the Ministry of Industry and Trade showed that as of December 15, Vietnam’s total export-import value was estimated at a record 633.22 billion USD, up 22.9 percent annually, making Vietnam a trade surplus country for six consecutive years and one of the 20 leading economies worldwide in terms of global trade. Its export is forecast to continue to be a major driver of economic growth next year.

While Delta and Omicron variants are hitting countries globally, Vietnam still maintained a positive growth of over 2 percent, it said.

The article quoted ADB Country Director in Vietnam Andrew Jeffries as saying that as Asia will witness a remarkable export recovery next year, Vietnam needs to make the best use of this opportunity, apart from 15 signed free trade agreements, to boost exports.

About the economic growth target of 6-6.5 percent next year, WB’s chief economist in Vietnam Jacques Morisset believed that Vietnam could achieve this goal that if it could put the pandemic under control and improve supply-demand balance.

According to him, Vietnam could increase State budget expenditure by resuming public investment programmes and increasing support for those hit by the pandemic on the back of its high cash reserve.

He also suggested loosening fiscal policy and reducing taxes to step up spending.