Vietnam maintains overall economic recovery momentum this year: Chinese scholar

Illustrative image (Photo: VNA)

Beijing (VNA) - Vietnam has maintained its economic recovery momentum in 2022 despite many difficulties, Zhao Ruyi, a scholar from the Institute of International Relations at China’s Yunnan University, wrote in an article recently posted on the Tengxun website.

The scholar said that in a year full of opportunities and challenges, the Vietnamese Government has adopted a multi-dimension  approach by implement a policy to safely and flexibly adapt to and effectively control the COVID-19 pandemic as an effort to associate pandemic prevention and control with economic development.  

As a result, Vietnam's economy has entered a strong recovery track and seen rapid growth in many spheres, she affirmed.

In the first nine months of this year, the number of newly registered enterprises and those resuming operations was over 1.63 million. 

The Southeast Asian country attracted 15.4 billion USD in foreign investment in the period, up 16.3% year-on-year and the highest level since 2018.  

However, the Chinese scholar pointed out two main potential risks to Vietnam, including impacts on the country’s exports by the complicated developments of the international situation such as rising prices of raw materials and transportation costs and supply chain interruption triggered by the Russia-Ukraine conflict, or economic recession in the US and Western countries.

Secondly, Zhao wrote that Vietnam's domestic fiscal room is shrinking, while inflation rate and banks' bad debt rate remain high, and there are many potential risks in the credit structure, especially the rapid increase in retail credit and corporate bond investment./.

VNA