Vietnam enjoying robust growth after border reopening

It has now been a year since Vietnam fully reopened its borders after a two-year closure due to COVID-19. The move has proven to be a catalyst in the recovery of tourism, trade, and investment activities.

The COVID-19 outbreak froze both domestic and international tourism.

Public investment projects were put on ice, due to challenges from immigration policies in engaging foreign experts.

Reopening borders to international visitors from March 15 last year is seen as a precise and timely policy from the Party and the State after two years of COVID restrictions. As a country whose economic growth relies upon industry, agriculture, and services, the move helped generate jobs and stimulate economic growth.

Vietnam posted impressive economic performance last year, with GDP rising over 8%, the Index of Industrial Production 7.8%, exports 10.6%, and total retail sales of goods and services nearly 20%.

It catered to more than 101 million domestic travellers, surpassing the target of 60 million and up 19% against the record figure in 2019. It also welcomed 3.5 million foreign arrivals.

A bright economic picture was painted in the opening two months of this year, with revenue from tourism, catering, and accommodation services surging 124% year-on-year.

Facing serious headwinds from fluctuations in commodity prices due to the Russia - Ukraine conflict, the Vietnamese Government has shown its proactive role in stabilising the macro-economy and controlling inflation, helping boost economic growth./.