A rebound in domestic consumption demand and surge in exports are expected to be drivers for Viet Nam’s economic growth in 2022.

Vietnam is expected to register the highest trade and income gains among Regional Comprehensive Economic (RCEP) members, according to a World Bank (WB)’s working paper.

Prime Minister Pham Minh Chinh attended the high-level session of the annual Vietnam Business Forum (VBF) in Hanoi on February 21 under the theme “Restoring the economy & Developing supply chain in the new normal”.

The Vietnamese economy will recover strongly in 2022, starting at the end of the first quarter, said Tim Leelahaphan, Economist for Thailand and Vietnam at Standard Chartered.

Improving the business environment and enhancing competitiveness are priorities in the tasks assigned by the Government to ministries and agencies in 2022. This is a necessary addition to the recently approved economic growth and recovery plan.

Vietnam’s GDP growth this year may be over 6.5% if high global inflation can be harnessed, the roadmap of the U.S. Federal Reserve (Fed)’s interest rate raises is on schedule and economies worldwide are fully open.

Vietnamese businesses have high hopes for an economic recovery in 2022. Despite Covid-19, foreign-invested enterprises are scaling up their business in Vietnam.

Vietnam’s recovery is set to gather momentum in 2022, as domestic demand rebounds and export performance remains strong, according to Fitch Ratings.

Purchasing power is at a very low level, but the potential pressure on prices combined with external factors may make it increasingly difficult for Vietnamese businesses and people in 2022.

The World Bank (WB) has forecast that Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5 percent from 2.6 percent in the year just ended.