HANOI – Vietnam has fulfilled a number of economic targets this year despite the impact of the Covid-19 pandemic, becoming one of the top 20 economies in the world in terms of international trade.
The country’s gross domestic product (GDP) grew 2%, while its foreign trade value surpassed US$660 billion (RM2.86 trillion), up 21%, with a trade surplus of about US$2.1 billion. Notably, foreign direct investment (FDI) poured into the country hit over US$29 billion, up nearly US$500 million from last year.
These achievements are attributable to efforts by the entire political system, the business community and people, along with the government’s flexible decisions and policies, according to Vietnam News Agency.
Vietnam has shifted its strategy from “zero-Covid-19” to safely and flexibly adapting, and effectively controlling the pandemic, helping to maintain economic activities.
Such policies and strategies have consolidated public confidence in the government and encouraged them to join hands in pandemic containment and economic development.
The fourth wave of pandemic outbreak, which began late April, has prompted prolonged social distancing in a number of cities and provinces, which are industrial hubs and top contributors to the state budget like Ho Chi Minh City, Hanoi, Da Nang, Can Tho, Bac Ninh, Bac Giang, Binh Duong and Dong Nai, resulting in sluggish production, disrupted supply chains and a decrease in purchasing power.
Up to 1.8 million labourers lost their jobs or part of their incomes in the third quarter of this year, up 700,000 from the previous quarter, and the country’s economy contracted 6.17% – the sharpest drop since Vietnam began calculating and announcing its quarterly GDP. As a result, in the first nine months of this year, the national GDP was up only 1.42%.
However, the country’s socio-economic development has bounced back since October, as informed by Prime Minister Pham Minh Chinh at the Country Strategy Dialogue on Vietnam 2021 held at the end of the month.
During the January-October period, newly registered FDI into Vietnam rose 11.6% and export went up 16.6% year-on-year. The country’s consumer price index in the 10 months inched up only 1.81%.
The prime minister said difficulties facing Vietnam are temporary, stressing the country’s potential, advantages and new driving forces for long-term development and macro foundation, with stable, solid major economic balances.
For a firm macro foundation, the country has issued unprecedented incentives for people and businesses affected by Covid-19 and made timely adjustments to policies.
Each locality has also adopted their own ways in implementing policies and guidelines of the government to achieve the dual goals of pandemic combat and economic development. – Bernama, December 27, 2021
