Asia has been severely impacted by goods price escalation, a decrease in demand from large economies, and disruption of global supply chains. However, Vietnam is a bright spot in the world’s economy.
The National Assembly passed a resolution on socio-economic development tasks for 2023 at its year-end session on November 10, with GDP projected to expand by 6.5%, the Voice of Vietnam (VOV) reported.
Among other major indicators, GDP per capita is expected to rise to about US$4,400; processing and manufacturing are anticipated to make up about 25.4 – 25.8% of GDP; and the consumer price index is estimated at about 4.5%.
Priority will be given to closely monitoring market developments and promptly identifying risks to introduce feasible solutions, including financial and monetary policies, to stabilize the macro-economy, control inflation and support economic recovery, the resolution showed.
It’s noteworthy that the resolution emphasizes the need to effectively implement COVID-19 prevention and control measures, and be well prepared to cope with emerging diseases.
The resolution asks for more efforts to be made to completely address the shortage of human resources, drugs, equipment, and other medical biological products, promote domestic production of medical equipment, and improve the living conditions of healthcare workers.
The resolution also requests that the Government accelerate the progress of key transport infrastructure construction projects, including approved urban railway projects and highway and ring road projects, and at the same time remove obstacles to put into operations large power projects such as Thai Binh 2, Nghi Son 2, Duyen Hai 2 and Van Phong 1, according to VOV.
The foreign institutions also raise expected GDP growth rate for Vietnam.
The IMF has released the World Economic Outlook Report for October, which, as anticipated, has predicted a 4 percent GDP growth rate for Asia, lower than the 6.5 percent for 2021.
According to local media, it’s the fourth time that the IMF has lowered the predicted growth rate of the region amid uncertainties because of high inflation or slower growth, such as in Europe, the United States and China.
Asia has been severely impacted by goods price escalation, a decrease in demand from large economies, and disruption of global supply chains.
However, Vietnam is a bright spot in the world’s economy. The IMF has predicted a 7 percent GDP growth rate for Vietnam in 2022, higher than the rate stated earlier this year.