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TOP 10 OUTSTANDING SOCIO-ECONOMIC

MILESTONES IN VIETNAM IN 2021

(AS SELECTED BY VIETNAM ECONOMIC TIMES)

13TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM
On top of the most outstanding milestones country with modern industry and upper-
1 high-income country by 2045. The Congress
middle incomes by 2030 and a developed,
in Vietnam’s socio-political life in 2021
were the 13th National Congress of the
also elected a 200-member Party Central
Communist Party of Vietnam and the gen-
eral elections of the 15th National Assembly.
Committee (with 20 alternate members),
The Party Congress and the newly-elected
with the Politburo and the Secretariat -
National Assembly played significant roles
- voted from official members of the new
in deciding the new strategy for national the two most powerful bodies of the Party
development and selecting a senior lead- Party Central Committee. Mr. Nguyen
ership team for a new five-year term. These Phu Trong was re-elected Party General
are the country’s greatest political events Secretary. The successful Party Congress 20 and 28, the five-year (2021-2025) plan
every five years. The 13th National Party created an important basis and direction for national socio-economic development
Congress, held between January 26 and for the general elections of the 15th was approved, while top leaders of the
February 1, adopted, among other impor- National Assembly and People’s Councils State apparatus were elected by vote,
tant documents, the ten-year (2021-2030) at all levels for the 2021-2026 term, which including State President Nguyen Xuan
strategy for national socio-economic devel- took place on May 23. At the first session Phuc, Prime Minister Pham Minh Chinh,
opment with a vision to 2045, which set a of the new National Assembly, which con- and National Assembly Chairman Vuong
goal of turning Vietnam into a developing sists of 499 deputies, held between July Dinh Hue, among others.

GDP IN 2021 DOWN SHARPLY BUT RECOVERY UNDERWAY
Vietnam’s GDP was -6.17 per cent in the and Vietnam is among the group of 20
GDP GROWTH, 2002 - 2021 third quarter of 2021 due to stringent lock- leading economies in terms of international

Unit (%) downs in key areas, including Ho Chi Minh trade. The number of businesses returning

City, and the new Delta variant of Covid- to operations increased sharply, inflation
10 2
19, but it strongly rebounded to 5.22 per was under control at below 4 per cent, and
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7.08 7.02 cent in the fourth quarter. According to the macro-economy continues to be stable.
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the General Statistics Office, GDP in 2021 On October 11, the government promulgated
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was 2.58 per cent. Two years of Covid-19 Resolution No. 128/NQ-CP on the “safe
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has caused unprecedented economic losses, and flexible adaptation to and effective
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estimated at $37 billion, which strongly control over the Covid-19 pandemic”. Thus
affected Vietnam’s economic growth rate, marking a turning point in anti-pandemic
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3 2.91 which was over 7 per cent in the 2018- measures and creating favorable conditions
2 2.58 2019 period but down to 2.91 per cent in for economic recovery. According to a fore-
1 2020 and 2.58 per cent in 2021. Though cast from the Asian Development Bank,
this is the lowest growth in recent years, Vietnam’s growth in 2022 will be 6.5 per
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 many bright spots have nonetheless come cent, while HSBC has forecast 6.8 per cent
and the World Bank said 6-6.5 per cent is
into view. Export-import turnover in 2021
Source: General Statistics Office (GSO) broke the record, standing at $668.5 billion, entirely feasible.

TRADE TURNOVER HITS NEW RECORD IMPORT AND EXPORT OF GOODS,

3 ments were especially meaningful in the 2012 - 2021 545.35 667.50
assigned by the Prime Minister. The achieve-
Vietnam’s export-import turnover hit a new
record of $668.5 billion in 2021, a 22.6 per

context of slow growth in the global economy
cent increase compared to 2020. The country
Unit: $ billion
also posted a trade surplus of nearly $4 bil-
during 2021 from new waves of Covid-19
lion; a sixth consecutive year of surplus.
strongly affecting global supply chains and
Export turnover during the year was $336.25
export results in 2021 show the drastic and
billion, putting Vietnam among the 22 lead-
consistent efforts of the government and
ing economies in terms of exports. A major Vietnam’s export activities. Moreover, the 424.87 482.23 516.95
contributor was textiles and garments, with the efforts of ministries and the business 298.0 328.0 349.2
$39 billion, with Vietnam being one of the community in realizing the dual goal of 228.9 263.5
top three exporters in the sector. Agriculture, “fighting the pandemic and developing the
forestry, and fisheries exports posted an economy.” According to many forecasts,
unexpected result, of more than $48.6 the prospects for global trade recovery in 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
billion, or $6.6 billion higher than the figure 2022 are positive.
Source: General Statistics Office (GSO)

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