A teleconference between the Government and the 63 provinces and centrally-run cities opened on January 3 to review the 2022 performance and carry out the Party Central Committee’s conclusions and the NA’s resolution for 2023.
Bank stocks are sold out strongly, despite good business results, due to pressure of corporate bonds nearing maturity. Many stocks even fell to the lowest range in last two years as investors feared cash flow risks.
"Despite high growth, Vietnam’s economy has not returned to its full potential in 2022," WB experts said in the report ‘Taking Stock August 2022’, updating Vietnam's economic situation titled ‘Educate to Grow’. The report was published this morning, August 8.
Although the market capitalization on the Ho Chi Minh Stock Exchange (HoSE) in July 2022 has increased by VND40 trillion (US$1.72 billion) compared to the previous month due to the recovery of the stock market, the market capitalization of the HoSE in the first seven months of 2022 has evaporated VND1.01 quadrillion ($43.43 billion) compared to the end of 2021.
Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72 percent year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period, the General Statistics Office (GSO) reported at a press conference on June 29.
The National Assembly's Economic Committee held its sixth plenary session to examine the Government's report on investment policy for the Ring Road No.4 project in the Hanoi Capital Region and Ring Road No.3 project in Ho Chi Minh City on the afternoon of April 28, at the National Assembly House.
Vietnam’s Gross Domestic Product (GDP) in the first quarter of this year was estimated to increase 5.03 percent year-on-year, higher than the 4.72 percent growth rate in the same period last year, according to the General Statistics Office (GSO).
Vietnamese gov’t plans to keep 2022’s monetary and fiscal policies as lax as as part of the Socio-Economic Development Strategy for the 2021-2030 period in 2022, with a GDP growth target of 6-6.5 percent and inflation control below 4 percent.
The sharp increase in gas prices recently will surely affect the speed of economic recovery and increase prices of goods. However, this is not the time to intervene and regulate the domestic petroleum market through tax exemption or reduction.
Vietnam has suffered huge economic losses in the past two years. In 2020, economic growth was expected to be 6.8 percent, but it was only 2.9 percent for the whole year. In 2021, the economic growth target is 6 percent, but the actual achievement will possibly be not higher than 3 percent. It means that within two years, the country has lost about 7 percent of its GDP (GDP is currently about US$343 billion), equivalent to a loss of nearly $24 billion. Mr. Tran Hoang Ngan, Director of the HCMC Institute for Development Studies (HIDS) stated.
Statements in a recently published socio-economic report for the first six months of 2021 pointed to many optimistic macro-economic indexes. The GDP was said to recover positively, import and exports showed growth, the budget revenue exceeded estimates, Foreign Direct Investment (FDI) began pouring in again, and the number of new businesses saw a positive increase.
According to a research team of the Vietnam Institute for Economic and Policy Research (VEPR), in case the Covid-19 pandemic cannot be controlled, economic activities cannot return to normal until the fourth quarter, and the vaccination process is carried out slowly due to a lack of supply, Vietnam's economy can only grow from 3.5-4 percent this year.
Despite impacts from two waves of Covid-19 outbreaks in the first half of this year, especially on industrial hubs, Vietnam still posted gross domestic product (GDP) growth of 5.64 percent and its export revenue rose 28.4 percent over the same period last year.