Page 15 - Layout 1

COVER STORY

FIGURES IN FAVOR

Ms. Nguyen Thi Huong, General Director of the General Statistics Office,
tells VET about Vietnam’s growth prospects in 2022.

The manufacturing and processing sector and domestic travelers can head overseas.
continued to be the main driver of economic This is an opportunity for tourism to
growth, increasing 7.96 per cent in the recover, which will stimulate the develop-
fourth quarter and 6.37 per cent during ment of other services. With the opening
the year as a whole. The information and up of transport by both road and rail,
communications sector is undergoing international trade will become more flex-
restructuring for national digital transfor- ible and the transport industry is expected
mation in three main pillars - digital gov- to post high growth.
ernment, digital economy, and digital soci- Thirdly, there is an expectation that
ety - which explains its growth in the Covid-19 treatments will be available this
fourth quarter of 8.09 per cent and 5.97 year, which will add momentum to Viet-
per cent for the year. nam’s economic recovery post-pandemic.
% Due to the destructive nature of Covid- Finance, banking, and insurance posted
19, GDP growth fell dramatically in the growth of 11.23 per cent in the fourth % 2022 is nonetheless forecast to be a
third quarter of 2021, coming in at - quarter and 9.42 per cent for 2021. In difficult year for Vietnam’s economy,
6.17 per cent. The fourth quarter, how- particular, healthcare services and social while global growth is expected to be
ever, saw a healthy recovery and brought affairs contributed greatly to fourth-quarter lower than in 2021. The resources of
annual growth to 2.58 per cent. What and annual growth, with rates of 92.66 the government, businesses, and people
do you believe are the reasons behind per cent and 42.75 per cent, respectively. are slowly dwindling, and inflationary
the economy’s recent recovery? Export turnover grew at a solid pace. Total pressure is appearing. What does Viet-
2021 was a challenging year for Viet- export turnover in 2021 reached $668.5 nam need to do to reach its growth tar-
nam’s economy. The fourth and most seri- billion, up 22.6 per cent against 2020 and gets in 2022?
ous wave of Covid-19 broke out at the end setting a new record yet again. Vietnam’s GDP is to grow 6-6.5 per
of April, and the Delta variant had a serious There were some optimistic results cent in 2022 under the Resolution on the
impact on the safety and living conditions despite Covid-19 ravaging the economy. Socio-Economic Development Plan for
of many people and also on socio-economic 2022 approved by the National Assembly,
development. % 2021 continued the downward trend which will be a major challenge for the
Under the united leadership of the polit- seen previously in the service industry. country given it is still suffering from the
ical system and with the government effec- What are your thoughts on this sector pandemic. Service industries will not be
tively establishing Covid-19 prevention and in 2022? fully restored this year, but as the “new
control efforts and developing the country’s In the 2016-2019 period, growth in normal” takes shape, things are looking
socio-economic status, and especially with total sales and service revenues was always more optimistic.
the Prime Minister’s Resolution No. at least 10 per cent. However, in 2020 it Economic growth in 2022 will rely on
128/NQ-CP being issued on October 11 on reached just 0.73 per cent and then 3.76 various driving forces, such as the achieve-
“safely and flexibly adapting to and effectively per cent last year. ments from the ten-year socio-economic
containing the Covid-19 pandemic”, eco- The tourism industry has suffered heav- development plan from 2011 to 2020 and
nomic activities began to recover and move ily during the pandemic, posting negative economic improvements from foreign busi-
towards the “new normal”, with transporta- growth of -59.9 per cent in 2021 as inter- nesses. The macro-economy and major
tion between cities also being freed up. national guest numbers reached just balances remain stable, which creates a
The economy therefore flourished, with 157,300, which was up 4.1 per cent against foundation for more effective and flexible
GDP growth recovering in the fourth quar- a terrible 2020, followed by accommodation fiscal and monetary policies.
ter of the year and reaching 5.22 per cent, and food services, which posted -19.3 per The recovery and development program
which contributed to the 2.58 per cent in cent, and other services, at -16.8 per cent, post-pandemic and the related stimulus
annual growth. and retail sales at -0.15 per cent. packages with fiscal and monetary policies
The service sector will, however, be will be an opportunity for businesses and
% What main factors contributed to the more positive in 2022. individuals to hasten stability and recover
better GDP growth? Firstly, while Covid-19 will continue to production for economic development.
The figure of 2.58 per cent should be con- be an issue around the country, with a Domestic demand will be restored and
sidered a moderate increase amid harsh safer approach adopted for economic slowly rise as the vaccination rate increases
conditions, with resources prioritized for growth, local areas will quickly and thor- and consumers can shop more safely.
disease prevention. A few branches and oughly handle minor outbreaks, while at Vietnam’s major trade partners are also
fields saw restoration and contributed to the same time, Vietnam’s vaccination rate recovering, which will stimulate trade. The
the overall growth of the economy. is growing every day, which means that EU-Vietnam Free Trade Agreement
The agriculture, forestry, and fisheries business activities in the service sector will (EUVFTA) and the Comprehensive and
sector continued to show its importance rise moderately compared to 2021. Progressive Agreement for Trans-Pacific
when the economy was facing difficulties. Secondly, since January 1, some inter- Partnership (CPTPP) promise to provide
In addition to ensuring national food secu- national air routes have reopened, and opportunities to access greater trade and
rity, exports had a great economic effect. foreign guests will be able to visit Vietnam investment activities. %

www.en.vneconomy.vn FEBRUARY 2022 | VIETNAM ECONOMIC TIMES | 13