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Dear readers,
2021 has now come to a close, the second year darkened globally by the Covid-19 pandemic.

Vietnam, like almost every other country in the world, had to face major challenges and dangers from
the pandemic during the year, which was actually a test for the country in general and its enterprises
in particular. The long and difficult test was passed successfully, though the “price” paid for it was
certainly not low.

As of December 28, the country had recorded 1,675,321 infections since the fourth wave broke out on
April 27, raising total cases to 1,680,985. Fatalities stood at 31,632, and recoveries 1,264,282. It has
been estimated that the pandemic caused losses of about VND847 trillion ($37 billion) to Vietnam’s
economy since January 2020 when the first infection was reported, together with untold other
damage.

Of note, GDP came in at -6.17 per cent year-on-year in the third quarter of 2021; the steepest decline
since Vietnam began calculating and releasing quarterly GDP figures in 2000, due to the fourth wave.
But thanks to strong and flexible policies issued by the National Assembly and the government to
tackle the difficulties, offer assistance to the people and enterprises, and prepare all resources for
investment, production, and business activities, Vietnam gradually gained control over the pandemic
while vigorously stepping up economic recovery and development.

GDP growth for the year as a whole was 2.58 per cent - lower than in 2020, as the ravages of the
pandemic were much more pronounced than in the previous year. Some key economic targets,
however, were reached or surpassed. The budget collection target was completed one month ahead of
schedule, at some VND1,471 trillion ($64.45 billion); 9.5 per cent higher than the estimate and 3 per
cent higher than the government’s target. Trade turnover hit a record $668 billion, an increase of 22.6
per cent year-on-year, with Vietnam posting a trade surplus of about $4 billion and being in the black
for six consecutive years. Registered FDI was beyond $31 billion. Agriculture remained a foundation
of the economy, growing 2.9 per cent.

The achievements of 2021 lay a firm platform for Vietnam to accelerate its anti-pandemic fight and
economic recovery and development in the new year.
With that in mind, our Cover Story in this January edition looks at the prospects in 2022 for Vietnam’s
economy in general and its enterprises in particular, with a hope shared by all that the pandemic will
be fully brought under control globally and that socio-economic activities will get back on track.

Tet, the Lunar New Year, is also fast approaching, as we welcome in the Year of the Tiger on February 1.

A Happy New Year to all!

DR. CHU VAN LAM
Editor-in-Chief