Vietnam reports impressive socio-economic rebound in 9 months

Vietnam has recorded a strong and impressive socio-economic rebound in the context that the COVID-19 pandemic has been controlled effectively, said Minister-Chairman of the Government Office Tran Van Son at a regular press conference of the Government on October 1.
Vietnam reports impressive socio-economic rebound in 9 months ảnh 1Minister-Chairman of the Government Office Tran Van Son at a briefing on socio-economic development in the first nine months of 2022 (Photo: VietnamPlus).

Hanoi (VNA) – Vietnam has recorded a strong and impressive socio-economic rebound in the context that the COVID-19 pandemic has been controlled effectively, said Minister-Chairman of the Government Office Tran Van Son at a regular press conference of the Government on October 1.

The press conference touched upon the country's socio-economic development in the first nine months of this year.

Vietnam's gross domestic product (GDP) grew by 13.67% in the third quarter of 2022, which expanded the index by 8.83% in the first three quarters – the highest level since 2011.

Notably, growth has been recorded in the three areas of agro-forestry-aquaculture, industry and construction, and service with respective growths of 2.99, 9.63 and 10.57%.

According to Son, the country's macroeconomic stability was maintained; inflation well controlled in the context of many pressures; the average consumer price index (CPI) in the first nine months kept at 2.73%, equivalent to the same period in 2018-2021; and major balances secured.

International organisations have positively assessed Vietnam's socio-economic situation and shown their optimism about the country's economy in 2022 and 2023.

Moody's, the World Bank, the International Monetary Fund (IMF), and the Asian Development Bank (ADB) respectively forecasted Vietnam's GDP to expand by 8.5%, 7.2%, 7%, and 6.5% in 2022.

Moody's Investors Service has upgraded the Government of Vietnam's long-term issuer and senior unsecured ratings to Ba2 from Ba3 and changed the outlook to stable from positive.

Meanwhile, Vietnam was ranked 8th among the 121 countries and territories in the Japanese-based media group Nikkei's COVID-19 Recovery Index.

Son said the Prime Minister has pointed out 10 key missions in the coming time to complete goals set for the year, focusing on ensuring macroeconomic stability and main balances, controlling inflation and promoting growth.

He noted that attention will be paid to keeping a close watch on the regional and global economic situation, actively making analyses and forecasts, and proposing timely and appropriate solutions to arising developments.

The monetary policy needs to be implemented cautiously, firmly, proactively, and flexibly and combined harmoniously and effectively with the fiscal policy, he said, stressing the importance of ensuring security and safety in terms of currency, credit, finance, public debt, energy and food; and strengthening the management and control of prices of essential goods and services.

He noted that the disbursement of public investment capital will be sped up and the implementation of projects reviewed to make appropriate adjustments.

Economic growth scenarios

Addressing the press conference, Deputy Minister of Planning and Investment Tran Quoc Phuong said the advisory report of his ministry to the Government has suggested two GDP growth scenarios in the fourth quarter of this year.

Vietnam's GDP growth will reach 8% this year in the base-case scenario, provided that there will be no upheavals in the market but favourable external factors for the economy during the remaining months of the year, according to Phuong.

Phuong told reporters in the worst-case scenario, GDP will grow at 7.5%, provided that many challenges and uncertainties are expected in the fourth quarter of this year.

He said there will be challenges and opportunities. Still, the former is likely to outweigh the latter and be even tougher in the wake of inflationary pressure worldwide and a gloomy global economic outlook.

Phuong noted that global inflation, particularly in major economies and Vietnam's key partners, is unlikely to ease over the next one or two months but certainly will linger on in 2023.

The official also voiced concern over other threats to the Vietnamese economy, emphasising the ongoing Russia-Ukraine crisis and non-conventional risks like storms, flooding, and epidemics.

The MPI has forecast the Vietnamese economy will expand around 6.5% in 2023 in a growth scenario submitted to the Government, he said.

The deputy minister also revealed that 46.7% of the total public investment had been disbursed this year./.

VNA

See more

Prime Minister Pham Minh Chinh chairs a meeting between standing cabinet members and leaders of ministries, sectors and agencies on April 3. (Photo: VNA)

Prime Minister expects US to adopt tariff policy conformable to bilateral good relations

Vietnam hopes that the US will adopt a tariff policy that is conformable to the good relationship between the two countries, meeting the desires of their people, and the efforts that Vietnam has made in recent years, PM Chinh said, stressing that this policy should take into account the conditions and circumstances of Vietnam as a developing country still recovering from the heavy and prolonged consequences of the wars.

The meeting with the Hanoi delegation and Rodney John Roberts, Deputy President of the New South Wales Legislative Council. (Photo: VNA)

Hanoi promotes cooperation with Australian localities

A Hanoi delegation led by Deputy Secretary of the city Party Committee and Chairman of the municipal People’s Committee Nguyen Ngoc Tuan has visited Australia from March 31 to April 3 to promote cooperation in various fields.

General Khamtay Siphandone, former President of the Lao People’s Revolutionary Party (LPRP) Central Committee, and former President of Laos. (Photo: VNA)

Party chief to pay tribute to former Lao top leader in Vientiane

General Secretary of the Communist Party of Vietnam Central Committee To Lam will lead a high-ranking delegation of the Party and State of Vietnam to Vientiane on April 3 to pay respects to former President of the Lao People’s Revolutionary Party (LPRP) Central Committee and former President of Laos Khamtay Siphandone, who passed away on April 2.

Children of Kim Lien commune, Nam Dan district, Vietnam’s Nghe An province - the hometown of President Ho Chi Minh – welcome Lao Party General Secretary and President of Laos Khamtay Siphandone during his visit to the central locality in 2002. (Photo: VNA)

Vietnam extends condolences to Laos over former President Khamtay Siphanone’s passing

The Communist Party of Vietnam (CPV) Central Committee, the President, the Government, the National Assembly, and the Vietnam Fatherland Front Central Committee on April 2 sent a message of condolences to their Lao counterparts over the passing of General Khamtay Siphandone, former President of the Lao People’s Revolutionary Party (LPRP) Central Committee, and former President of Laos.

National Assembly Chairman Tran Thanh Man and the Vietnamese NA delegation visit TUMO Centre for Creative Technologies (Photo: VNA)

NA Chairman visits TUMO Centre for Creative Technologies in Armenia

National Assembly Chairman Tran Thanh Man directed the consideration of establishing similar creative technology centres in Vietnam, based on Armenia's TUBO Centre model, to create an educational environment that helps Vietnamese youth promote self-learning and enhance their skills, particularly in science and technology, innovation, artificial intelligence, and digital transformation.

Prime Minister Pham Minh Chinh (R) and Bill Winters, Chief Executive of Standard Chartered in Hanoi on April 2 (Photo: VNA)

Prime Minister receives Standard Chartered Group Chief Executive in Hanoi

The PM praised the Standard Chartered for supporting Vietnamese ministries and agencies in implementing the Just Energy Transition Partnership (JETP) in Vietnam, as well as for working with the Glasgow Financial Alliance for Net Zero (GFANZ) to help the country achieve its sustainable development goals.

Prime Minister Pham Minh Chinh (R) receives Belarusian Deputy Prime Minister Anatoly Sivak (Photo: VNA)

Vietnam treasures time-honoured friendship with Belarus: PM

Vietnam and Belarus should make efforts to boost bilateral economic and trade relations, which are still modest compared to their potential and strengths, and create conditions for their businesses to enhance investment collaboration, and maintain the effectiveness of the Intergovernmental Committee, said Prime Minister Pham Minh Chinh.

Deputy Prime Minister Tran Hong Ha (L) holds talks with Armenian Deputy Prime Minister Mher Grigoryan (Photo: VNA)

Ample room remains for Vietnam-Armenia cooperation: Deputy PM

The two Deputy PMs focused on discussing several measures to promote bilateral relations, such as improving transportation connections and multi-modal transport to facilitate the movement of goods between the two countries and to Asian, European, and global markets.

King Philippe and Queen Mathilde of Belgium at a meeting with Hai Phong authorities (Photo: VNA)

King and Queen of Belgium visit Hai Phong

King Philippe and Queen Mathilde of Belgium and a high-level delegation from the European country engaged in a series of activities in the northern port city of Hai Phong on April 2, as part of their ongoing state visit to Vietnam.

Party General Secretary To Lam (R) receives Russian Ambassador to Vietnam Gennady Bezdetko (Photo: VNA)

Party leader receives Russian Ambassador

Vietnam and Russia should also identify new directions, measures, and cooperation projects in areas such as defence and security, high technology, energy, nuclear power, basic sciences, and culture and arts, said Party chief To Lam.

King Philippe of Belgium speaks at the working session in Quang Ninh on April 2 (Photo: VNA)

Belgian King, Queen visit Quang Ninh province

Belgian investors, in partnership with local stakeholders, are currently implementing three key projects in Quang Ninh, including two major industrial infrastructure developments - the Bac Tien Phong and Nam Tien Phong Industrial Parks in Quang Yen township.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for building the private economic sector development project (Photo: VNA)

PM urges finalising private economic sector development project

Prime Minister Pham Minh Chinh urged promoting breakthroughs in scientific and technological development, innovation, and digital transformation for rapid and sustainable growth, noting that attention should be placed on green economy, digital economy, knowledge-based economy, circular economy, and sharing economy, particularly in emerging sectors such as semiconductors, artificial intelligence, cloud computing, and the Internet of Things.

☕ Afternoon briefing on April 2

☕ Afternoon briefing on April 2

The 13th meeting of the Central Military Commission, National Assembly Chairman Tran Thanh Man's participation in a business forum as part of his official visit to Armenia, and Vietnam's reduction of import taxes on various goods ahead of the US government's announcement of reciprocal tariffs on other nations are among news highlights on April 2.