Vietnam’s economy seeing strong recovery

After two years of implementing the dual goal of “pandemic prevention and control and economic development”, and especially after it reopened its doors to international tourists on March 15, 2022, Vietnam’s economy has recovered strongly and posted impressive results.

Major balances have been ensured and the macro foundation is stable. This is especially meaningful given that the world and the region are facing various difficulties and uncertainties and even the possibility of recession.

In 2022, the agro-forestry-fishery, industry and construction, and services sectors all recorded significant growth, of 3.36%, 7.78%, and 9.99%, respectively.

The total number of new enterprises and those returning from temporary closures increased by more than 30% over the same period last year.

Total trade turnover reached a record 732.5 billion USD, with Vietnam posting a trade surplus of 11.2 billion USD - a record in recent years.

Trade, consumer services, transportation, tourism, and foreign investment attraction have all recovered strongly.

The result can be attributed to the Government’s policies aimed at supporting and strengthening the capacity for recovery among businesses, including tax and fee exemptions and reductions and the decision to reopen the country’s doors.

The trade and service sectors continued to maintain their growth speed in February. Growth in travel, catering and accommodation services was more than 124% year-on-year.

Vietnam’s economic recovery efforts are facing difficulties, however, including fluctuations in global commodity prices due to the Russia - Ukraine conflict and inflationary pressure.

However, the Government’s policies have taken the initiative and been flexible in stabilising the macro-economy, controlling inflation, and supporting growth./.