Vietnamese economy recovers strongly this year

(VOVWORLD) - Many international organizations have forecast that Vietnam’s economy will recover strongly this year and exceed the government’s growth target.
Vietnamese economy recovers strongly this year - ảnh 1At the 2022 Economic Outlook and Green Finance Policy Seminar. (photo: Tuan Anh/

Standard Chartered Bank predicts that Vietnam’s economy will bounce back strongly this year and maintain a positive medium-term outlook. At the 2022 Economic Outlook and Green Finance Policy Forum held in Hanoi by the Ministry of Foreign Affairs and Standard Chartered Bank Vietnam, Tim Leelahaphan, Standard Chartered Bank’s economist for Vietnam and Thailand, said he expects Vietnam’s recovery to accelerate markedly in 2022, starting in the late first quarter.

The growth forecast is 6.7 per cent for 2022 and 7 per cent for 2023. Leelahaphan anticipates that Vietnam will likely remain a key link in the global supply chain. Foreign investment activities in Vietnam are also likely to resume this year after being slowed by COVID-19.

A recent Standard Chartered Bank survey showed that its clients think Vietnam holds tremendous potential for growth and investment attraction. Vietnam is playing an increasingly important role in international trade and the global supply chain.

In February the World Bank’s Vietnam Macro Monitoring showed positive signs  for Vietnam’s economy since the beginning of the year. Although exports and growth have slowed, the trade of goods had a surplus of 1.4 billion USD. Foreign direct investment (FDI) registered and disbursed in Vietnam also had a solid start this year. The WB noted that inflation in Vietnam remains under control.

Fitch Solutions, the authoritative source of Fitch Ratings, forecasts that Vietnam’s economy will continue its rising trend. After 2.58% growth in 2021, Vietnam’s economy will grow 7% this year, exceeding the government’s target of 6 to 6.5%.

Last week foreign newspapers said Vietnam’s economic prospect is good as factories and services rapidly recover, showing that Vietnam has safely and flexibly adapted to COVID-19.

Reuters said uninterrupted factory production in Vietnam will help clear the obstructed  supply chain that has pushed inflation up. The Southeast Asia Forum website said Vietnam’s prospects for 2022 are good because factories and services are returning to normal.

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