The confidence of European enterprises in Vietnam’s economy declined for a second quarter but the S-shaped country still remains in the top five global investment destinations for their companies, the latest Business Climate Index (BCI) published by the European Chamber of Commerce in Vietnam (EuroCham) showed last week.
Faster-than-expected GDP growth, the upgrade of Vietnam’s credit ratings, and big fluctuations in the corporate bond market are among notable events of the Vietnamese economy in 2022. The following is the list of the top 10 defining events of the economy this year selected by the Vietnam News Agency.
The Singapore-based United Overseas Bank (UOB) has kept its forecast for Vietnam's GDP growth in 2023 unchanged at 6.6% in line with the official forecast of 6.5%, although growth momentum is likely to be weaker.
Vietnam's total import and export turnover in 2022 is estimated at 732.5 billion USD, up 9.5% compared to 2021, of which exports increase by 10.6% and imports by 8.4%.
A recent survey by the Ministry of Industry and Trade shows Vietnamese products account for more than 90% of the total commodities sold by domestic distribution establishments, and 60-96% by foreign supermarket chains in Vietnam.
Vietnam’s consumer market has substantial potential to grow and the country has shown a great deal of resilience post-pandemic, according to Mr Corey To, an economist from the Hong Kong Trade Development Council (China).
Brand building for businesses must go hand-in-hand with social responsibility to form the foundation for sustainable development, according to the Vietnam Chamber of Commerce and Industry (VCCI).
Vietnam’s economy is expected to grow by 7.2% in 2022, on the back of a strong rebound in domestic demand and continued solid performance by export-oriented manufacturing, according to the World Bank East Asia and Pacific Economic Update, October 2022.
Leading officials of the Standard Chartered said the recovery of Vietnam’s economy will proceed strongly in the second half of this year, especially now that tourism has been reopened following two years of closure.
Over the last decade, Vietnam has become a top destination for investment in manufacturing thanks to lower labour costs, simpler supply chain integration, better free trade access, and relative political stability, according to an article freshly published by the news site tradefinanceglobal.com.
HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region.
Covid-19 was largely brought under control in the first 5 months of this year and the economic recovery programme was implemented thoroughly around the country, driving socio-economic development in a host of fields. The CPI, meanwhile, rose 2.25 percent year-on-year in the period.
Vietnam exported 22,500 tonnes of rice to the EU for nearly 18 million USD in the first quarter of 2022, roughly a four-fold increase in both volume and value compared to the same period last year thanks to preferential tariffs enjoyed under the EU-Vietnam Free Trade Agreement (EVFTA).
Retail prices of oil and petrol were raised from 3pm on May 4 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
The Fed’s latest move did not come as a surprise to the market, as many had anticipated a rise in interest rates due to record inflation in the US during the past months.
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