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Viet Nam’s strong economic recovery in 2022 lays foundation for growth in 2023

VGP - The Vietnamese economy is recovering swiftly in the final months of 2022, with GDP growth for the entire year forecast to reach 8 percent, laying a solid foundation for a growth rate of 6.5 percent in 2023.

November 01, 2022 5:40 PM GMT+7
Viet Nam’s strong economic recovery in 2022 lays foundation for growth in 2023 - Ảnh 1.

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, the target of 6.5 percent GDP growth for next year is based on the assessment that the Vietnamese economy is maintaining its recovery momentum and has a low risk of external shocks.

The growth drivers come from various factors such as domestic consumption, public investment, exports, and especially the continued strong recovery of the services sector.

On the basis of maintaining macroeconomic stability as the top priority, the Government proposed an inflation target of 4.5 percent for 2023.

However, there are some grey areas in the bright economic picture of 2022, as seen in the rate of productivity growth and disbursement. Specifically, labor productivity was the only target Viet Nam failed to meet in 2022, while public investment bottlenecked to socio-economic development.

According to economic experts, Viet Nam's productivity has improved but remains low compared to many countries in the region and risks falling behind.

To shorten the gap with developed countries in the region and the world, enterprises must innovate incessantly, employ advanced technology, and have an appropriate policy for the effective use of labor and capital.

Concerning public investment, the Ministry of Finance's updated data shows that disbursement in the first nine months of the year is estimated to have reached VND253.148 trillion (nearly US$10.2 billion).

This figure is equivalent to 46.7 percent of the target assigned by the Government and slightly lower than the 47.38 percent recorded during the same period last year.

The Ministry of Planning and Investment has compiled a list of 25 obstacles related to public investment and proposed eight groups of solutions to be implemented to accelerate public investment disbursement.

These include making thorough preparations for projects, enhancing the capacity of contractors and fine-tuning the laws on public investment activities./.