First, the Government’s efforts in fighting COVID-19 deserve a mention.
After determining that vaccinations would be a key and decisive factor in curbing the pandemic, heads of the Government, Party, State, and National Assembly all engaged in a vaccine diplomacy campaign.
Prime Minister Pham Minh Chinh called for every effort to be made to have as many vaccines as possible to save lives.
Such efforts helped Vietnam return to normality sooner. The Government decided to reopen the country’s borders on March 15, officially welcoming international visitors back to Vietnam. This decision contributed to reviving the tourism industry - a spearhead economic sector in the country.
Vietnam welcomed more than 1.44 million foreign arrivals in the first eight months of this year, a 13.7-fold rise from a year earlier.
In order to recover and develop the economy post-pandemic, the Government promptly developed a number of programmes, plans, and measures. Prime Minister Chinh explicitly spoke of the issue and closely monitored and urged all sectors to implement efforts seriously.
"Businesses and individuals expect that the economic recovery programme being carried out by the Government will create stronger growth momentum for 2022-2023," said Nguyen Dinh Cung, head of the Central Institute for Economic Management.
With contributions from the Government, the people, and businesses Vietnam achieved impressive results. Its economic growth reached 5.03 percent in the first quarter of the year and 7.72 percent in the second quarter - the highest second-quarter growth in more than a decade. Growth in the first-half was 6.42 percent.
In the first eight months of the year, Vietnam posted a trade surplus of 3.96 billion USD, with exports earning the country nearly 251 billion USD.
Le Trung Hieu, Deputy Director General of the General Statistics Office, said: "Vietnam can achieve its growth target in 2022 because of its effective control of COVID-19."
Foreign investor confidence in Vietnam was strengthened, with FDI inflows in the first eight months rising 10.5 percent to 12.8 billion USD. Foreign investors from Japan, Germany, the Republic of Korea, and elsewhere continued to affirm their belief and expectations in the growth potential that Vietnam’s economy holds.
"The figures show that both domestic and foreign investors greatly appreciate Vietnam’s investment environment," said Associate Professor Dinh Trong Thinh, Senior Lecturer at the Academy of Finance. "They remain hopeful about the country’s economic growth."
Thanks to actual achievements, international financial institutions made positive forecasts or adjusted their forecasts on Vietnam’s growth. Most expect the economy to grow 6.5 percent or more both this year and in 2023. The World Bank forecasts growth of 7.5 percent this year.
As the region and the world were emerging from COVID-19, Vietnam pulled out all stops and optimised all possible resources to overcome a range of difficulties and challenges to hold a successful SEA Games 31 in May, leaving an indelible impression on the hearts of international athletes and friends.
These positive results show that Vietnam’s economy is recovering strongly and that major efforts have been made by the entire political system./.
