Vietnam economy growth strongly despite difficulties
At the Government’s February regular meeting held on March 3, a summary report on the socio-economic situation in February and two months, implementing the program of socio-economic recovery and development, allocating and disbursing public investment capital, deploying 3 national target programs, and improving the business investment environment. And that also shows that Vietnam economy growth is quite high, although there are still difficulties and challenges.
Report in 2022 and 2023 of Vietnam economy growth
The report of the Ministry of Planning and Investment clearly states: The Government and the Prime Minister have strongly directed and directed the ministries, branches, and localities to strongly implement the assigned tasks immediately after the Tet holiday. effectively perform assigned tasks. solutions to overcome difficulties and problems arising in production and business, closely monitor the situation, promptly support businesses, people, and employees, organized many national conferences to remove difficulties for the real estate market, promote digital transformation, accelerate the implementation and disbursement of public investment capital, the program of socio-economic recovery and development, 3 national target program…, inspecting and accelerating the progress at the scene of nationally important projects and big projects, speed up the planning work, actively complete law projects and resolutions to submit to the National Assembly at the 5th Session… unleashing all resources for socio-economic development.
In February and the first two months of the year, socio-economic development achieved many outstanding results. Accordingly, macroeconomic stability is maintained, inflation is controlled, and major balances are ensured. Although over the same period, inflation increased sharply in the last months of 2022, in the first 2 months of 2023, inflation was controlled at an appropriate level.
Compared to the same period last year, CPI in February 2023 increased by 4.31%, lower than CPI in January 2023 (up 4.89%), On average, in the first two months of 2023, CPI increased by 4.6% over the same period last year (the target for the whole year according to the Resolution of the National Assembly is about 4.5%). With efforts and striving, it is possible that the whole year will control inflation according to the target assigned by the National Assembly.
Newly registered foreign direct investment (FDI) capital has a positive signal, reaching 1.76 billion USD in 2 months, 2.8 times higher than the same period in 2022. Active production and business activities, demand domestic consumption increased, and economic activities quickly returned to normal after Tet.
Vietnam economy growth results in the future
With the results achieved, international organizations continue to assess that Vietnam economic growth rate in 2023 will reach a high level (the IMF expects Southeast Asia to be the fastest-growing region in the world, with many international organizations). International organizations and banks such as WB, IMF, ADB), UOB, and Standard Chartered continue to appreciate Vietnam as an attractive investment destination for foreign investors.
However, difficulties and challenges are increasing. Due to the impact of the world situation, domestic production and business activities, especially industrial production, import, and export… faced many difficulties and challenges. The pressure to manage economic growth, ensure macroeconomic stability, market, and control inflation increased. The real estate market and businesses continue to face many difficulties.
The Ministry of Planning and Investment proposed ministries, agencies, and localities to focus on effectively, substantively, comprehensively, and unifying the resolutions and conclusions of the Party Central Committee, the Politburo, and the National Assembly. festival, Resolution No. 01/NQ-CP of the Government, Program on socio-economic recovery and development, Directive No. 03/CT-TTg of the Prime Minister on main tasks and solutions after the Lunar New Year, proactively and promptly respond to newly arising risk factors and situations, maintain macroeconomic stability, stability and safety of financial and monetary markets, closely coordinate, immediately remove difficulties and obstacles to open up resources, promote production and business, strive to achieve the growth target of the whole year (6.5%), implementing 3 strategic breakthroughs, major orientations…
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Q: What is the currency in Vietnam?
The currency in Vietnam is the Vietnamese dong (VND). The exchange rate as of February 2023 is around 23,000 VND to 1 USD.
Q: What are the main industries driving Vietnam’s economy?
Vietnam’s economy is driven by several key industries, including manufacturing, agriculture, and services.
Q: What is the current state of the economy in Vietnam?
Vietnam’s economy has been experiencing rapid growth in recent years, with a 7.11% growth rate in 2019 before being impacted by the COVID-19 pandemic in 2020.