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Update news Vietnam's economy
The Index of Industrial Production (IIP) has slipped, export turnover has dropped, and more companies have suspended operation. Economists have warned that 2023 will be a tough year.
In 2023 and subsequent years, it is forecasted that the Vietnamese economy will face many difficulties and challenges.
The growth momentum in 2022 has created the space and conditions for effective monetary and fiscal maneuvering in 2023.
While state-owned enterprises made strong efforts to recover during 2022, more tasks and plans are waiting for them in the path ahead to show their key role in the national economy.
The Government has set a GDP growth target of 6.5% for 2023 although most developed economies are on the verge of recession, especially the U.S. and the European Union. Businesses and households should prepare for the worst-case scenario.
Analysts and investors still expect certain industry groups will outperform the general market in 2023, based on their own stories and the varying degrees of impact from the economic context and the outlook for this year.
After two years of struggling to deal with COVID-19, seemingly the biggest game changer of the global economy in the century, Vietnam has found its way to respond appropriately to the pandemic and even thrive.
After Doi Moi (renovation), when a multi-sector economy was recognized, more Vietnamese business people began appearing.
Thanks to Vietnam’s strong recovery in production, low inflation, and financial market stabilization, Nikkei Asia has lifted its Covid-19 Recovery Index for Vietnam from the bottom of the list to the second spot in its latest edition.
Statistics show a stable situation now, but there are warning signs that if Vietnam cannot curb inflation, the situation will be insecure.
Despite the global economy enduring an array of unpredictable fluctuations, the timely introduction and effective implementation of Government policies have contributed to Vietnam avoiding external shocks whilst also promoting growth.
Major foreign financial institutions such as IMF, ADB, and AMRO have made different forecasts on Vietnamese inflation this year, although they all anticipate the figure to hover around 4%.
The Vietnamese economy grew by 7.7 per cent in the second quarter, one of the fastest rates in a decade, and is expected to expand even faster this quarter, driven by an ongoing burst of consumption.
HSBC Global Research expects Vietnam to be among the region's top growing nations, as it was one of the world's few countries to record growth in two consecutive years since the pandemic.
Vietnam’s economy continued to expand in the second quarter of the year, with gross domestic product (GDP) growing 7.7% year on year, the highest quarterly growth rate in 11 years.
The high economic growth rate and the prosperity of a number of business fields in H1 demonstrates the judiciousness of the decisions to change the country's Covid-19 prevention and control strategy.
The Vietnamese stock market witnessed a strong correction recently, mainly due to international macroeconomic factors, including global soaring inflation and the US Federal Reverse rate hikes.
In an article posted on July 12, The Business Times of Singapore cited some economists' opinions that said Vietnam’s economy is back on track for a strong recovery this year.
The economic crisis caused by the Covid-19 pandemic has been followed by the economic crisis associated with the Russia-Ukraine conflict.
Vietnam's economy is likely to experience a strong bounce back in 2021 with GDP growing at 6.9% in the best-case scenario