Page 4 - Bia 1

Summary

12 COVER STORIES 10 ECONOMY - POLICY
CAN VIETNAM GO AGAINST POTENTIAL FOR HIGH GDP GROWTH

THE “HEADWINDS” FROM GLOBAL STILL SIGNIFICANT
INFLATION? Mr. Le Trung Hieu, Director of the National Account

Statistics Department at the General Statistics Office of
Inflation in Vietnam during 2022 still has some factors in its favor
compared to the global situation. In the context of inflationary Vietnam (GSO), told a/b that economic growth
pressure from imports being substantial and domestic demand- in the first quarter of 2022 was 5.03 per cent; higher than
pull pressure beginning to grow, it is likely that inflation will no growth in the first quarter of 2020 and 2021 and showing
longer remain at the low level seen in the past. If the global oil price that the economy is gradually recovering after two years of
averages $100 a barrel this year, inflation will increase gradually pandemic-related woes. The GSO has updated the growth
towards the end of the year and stand at around 3.5 per cent scenario for the remaining quarters of this year, with the
compared to 2021; within the target set by the National Assembly annual growth target being 6.0-6.5 per cent.
and the government. However, if the global oil price goes higher
than expected, to above $120 a barrel, inflationary pressure will
increase and the target of controlling inflation at below 4 per cent
will face challenges.

22 COVER STORIES
“KEEPING” INFLATION AT 4 PER CENT:

DIFFICULT BUT ACHIEVABLE

Cost-push, demand-pull, and currency are the three basic factors
putting pressure on Vietnam’s inflation rate. The end of the Russia
- Ukraine conflict is not at all clear, making oil and commodity
prices more unpredictable. Analysts say that maintaining inflation
at 4 per cent can be achieved, but will be difficult. The government
and others, such as the State Bank of Vietnam (SBV), need to be
flexible, act based on experience from previous years, and be VIETNAM CONNECT FORUM
determined to achieve the target. 34
AND GOLDEN DRAGON AWARDS 2022

MINISTER OF FOREIGN AFFAIRS
BUI THANH SON ON ECONOMIC

DIPLOMACY

The Vietnam Connect Forum 2022 was organized by the
Ministry of Foreign Affairs in cooperation with Tap chi
Kinh te Vietnam, with meaningful discussions receiving
the attention of the government and touching on the
cooperation needs of ministries, sectors, localities, and
domestic and international partners and businesses.
Economic diplomacy has long been an important pillar of
Vietnam’s diplomatic efforts, in which supporting
localities and businesses has been a central and regular
task. Leveraging the network of more than 90
representative agencies on all continents, the diplomatic
sector has actively promoted links between localities and
domestic enterprises with international businesses and
partners through organizing practical and effective
economic promotion activities. The diplomatic sector also
makes efforts to help localities and businesses improve
foreign economic efficiency.

4 Kinh tế Việt nam | Số 14 | ngày 4/4/2022 www.vneconomy.vn