Vietnam's economy develops strongly
Assessing the economic results of Vietnam in the past year, economic expert Phan Duc Hieu - Standing Member of the National Assembly's Economic Committee, said: "Gross domestic product in 2022 increased by 8.02% compared to the previous year and achieved the highest increase in the period of 2011 - 2022. This growth rate is remarkable in the context of a difficult international economy. Looking into the figure of 8.02% has some notable points.
First, Vietnam is exporting more than 11 billion in the context of a difficult export market. In particular, agriculture is a very quiet contributing area but plays a very important role....
Second, budget collection. Budget collection is of great significance, which is the room for implementing policies for the following stages. With more fiscal space, we have more policy space to support people and businesses to overcome difficulties.
Assessing Vietnam's impressive GDP growth figures, Mr. Andrew Jeffries - Country Director of ADB in Vietnam said: "In Vietnam, thanks to the flexible changes of the Government in preventing the COVID-19 pandemic, the economy has had a strong breakthrough. Vietnam's economy recovered faster than expected in the first half of 2022 and continued to grow in the remaining months.
Vietnam's economic growth is maintained thanks to strong macroeconomic balances, supported by the faster-than-expected recovery of the manufacturing and processing industry, services and strong growth of the agricultural sector".
To achieve success in implementing policies, economic expert Phan Duc Hieu said that the close cooperation between the people and the government contributes a lot.
In addition, we can clearly see the contribution of the business community both domestically and internationally in economic growth figures.
Finally, it is necessary to recognize the efforts and determination of the Party, State, Government, and local government agencies... To achieve results in 2022, since the beginning of 2021, many support policies for businesses, people, and workers have been implemented, said Mr. Phan Duc Hieu.
Challenges in 2023
Mr. Phan Duc Hieu said: "The difficulties and challenges in 2023 are huge. The IMF has lowered growth forecasts for almost all countries in the region. This somewhere shows the trend of economic recession in the world. Thus, Vietnam's economy is also affected".
According to Mr. Phan Duc Hieu, the market is an issue that the Vietnamese economy needs to solve and will have a big impact on economic growth. In addition, there are difficulties for businesses, for example, increasing raw material prices...
Sharing the same view, Mr. Andrew Jeffries - ADB Country Director in Vietnam said: To maintain economic recovery momentum and promote growth, Vietnam needs to address internal challenges such as disbursement of public investment capital and social expenses, problems in the capital market and the labor market.
The Government has been very determined in promoting the disbursement of public investment capital in recent times. However, the disbursement of public investment capital and social expenditures is still slower than expected, especially the slow implementation of the Government's Economic Recovery and Development Program, which could slow down the growth rate in 2023".
