Socio-Economic Situation of Vietnam in the First Six Months of 2022: GDP Growth in the Second Quarter Reached 7.72%, the Highest Compared to the Same Period Since 2011
Economic and Social Situation in the First Six Months of the Year in Vietnam
According to Resolution 85/NQ-CP 2022 the Government of Vietnam assesses as follows:
- In the first six months of the year, the global situation has seen rapid, complex changes, especially the conflict in Ukraine, strategic competition among major countries, soaring crude oil and basic commodity prices, disrupted supply chains, and high inflation in many countries, major partners.
- Domestically, advantages and difficulties, challenges are interwoven but difficulties and challenges outweigh advantages.
- Although the COVID-19 pandemic has been controlled nationwide, creating favorable conditions for economic and social recovery and development, high fuel prices, input costs, transport costs, and complex, unusual natural disasters and storms... have significantly affected various sectors, production, business activities and people's lives.
- In this context, under the proper and close leadership of the Central Executive Committee of the Communist Party, the Politburo, the Secretariat, the leaders of the Communist Party, the State, headed by General Secretary Nguyen Phu Trong, with the support and companionship of the National Assembly, the unity, and high determination of the entire political system, the people, and businesses, along with the cooperation and assistance of international friends;
+ The Government of Vietnam, the Prime Minister of the Government of Vietnam, ministries, sectors, and localities have directed, managed aggressively, uniformly, promptly, flexibly, effectively, with focus and emphasis on proposed tasks and solutions in various fields, while responding to and promptly handling arising issues; both focusing on disease prevention and control and promoting economic and social recovery and development, building an independent, self-reliant economy linked with active, proactive, substantial, and deep international integration.
- The work of COVID-19 prevention and control has been aggressively directed, especially the vaccine campaign; the pandemic has been effectively controlled and promptly made policy decisions to reopen economic and social activities at appropriate times.
- As a result, the economic and social situation in June and the first six months of 2022 continued to brighten and achieved positive, comprehensive results in various fields.
- GDP growth in Q2 reached 7.72% compared to the same period, the highest since 2011; generally, in the first six months of the year, it increased by 6.42%.
- Macroeconomic stability continued to be maintained, inflation was controlled, and major balances of the economy were ensured.
- The average consumer price index (CPI) in the first six months increased by 2.44% compared to the same period; the monetary market, exchange rates, and basic interest rates were stable.
- State budget revenue in the first six months reached 66.1% of the estimate, up by 18.8% compared to the same period in 2021.
- Total social investment increased by 9.6% compared to the same period, with realized FDI increasing by 8.9%, reaching $10.06 billion, the highest in the same period.
- Total import-export turnover of goods in the first six months reached $371.17 billion, up by 16.4% compared to the same period, continuing to maintain a trade surplus of $710 million.
- Major economic sectors recovered and developed strongly. The industrial production index in the first six months increased by 8.7% compared to the same period last year. Agricultural production was basically stable, pushing for the export of many key agricultural products.
- The service sector developed vibrantly, especially after controlling the pandemic;
+ Total retail sales of goods and consumer service revenue in the first six months increased by 11.7%, the highest in the same period in the last five years.
- Business development saw many positive signs; in the first six months, the whole country saw over 116.9 thousand new and re-entering enterprises, the highest ever, affirming confidence in economic recovery.
- Continued focus on addressing long-standing problems; including underperforming commercial banks, slow-progress and ineffective businesses, projects, and promptly, effectively resolving unexpected issues.
Economic and Social Situation in Vietnam in the First Six Months of 2022? GDP growth in Q2 reached 7.72%, the highest compared to the same period since 2011? (Image from the internet)
What is the situation of support and income of workers in socio-economic development?
According to Resolution 85/NQ-CP 2022, the Government of Vietnam assesses as follows:
- The Government of Vietnam, ministries, agencies, and localities have proactively and diligently built and implemented proposed tasks, issued most of the mechanisms, policies under the socio-economic recovery and development program; the implementation of support policies basically achieved good results, promptly addressing some arising problems.
- The implementation of national target programs was emphasized and promoted, issuing documents to guide, manage, and operate the programs.
- The completion of institutions, mechanisms, policies, legal regulations, digital transformation, digital economy development, digital society development, green economy development, circular economy development was strongly promoted.
- Adequately prepared contents for the 5th Central Conference and the 3rd session, 15th National Assembly.
- Cultural, social, and environmental aspects were given attention.
- Fully, promptly implemented social security policies, created jobs, sustainably reduced poverty, people's lives continued to improve.
- To date, VND 82 trillion has been supported for nearly 50 million workers and over 728 thousand employers facing difficulties due to the COVID-19 pandemic.
- The average monthly income of salaried workers reached VND 7.4 million, an increase of VND 417 thousand compared to the same period in 2021.
- Organized many large-scale nationwide cultural events to meet the cultural and sports needs of the people, notably successfully organizing the 31st SEA Games on many fronts.
- Inspection work, citizen reception, complaint and denunciation resolution, anti-corruption, and negativity continued to be strengthened, contributing to consolidating public trust.
Vietnam’s Economic and Social Situation on the International Stage
According to Resolution 85/NQ-CP 2022 the Government of Vietnam assesses as follows:
- Firmly ensured national defense, security; maintained social order, safety; foreign relations and international integration activities were diversely, proactively, flexibly implemented and achieved high efficiency, harmoniously, rationally handling arising issues.
- Vietnam was entrusted by the international community to be elected as Vice President of the 77th UN General Assembly, contributing to enhancing Vietnam's prestige and position on the international stage.
Many reputable international organizations and experts, both domestic and international, highly appreciate the results achieved and the development prospects of Vietnam. According to the ranking of the World Business, Trade Magazine (Ceoworld), the Quality of Life Index of
- Vietnam increased by 39 places compared to 2021, ranking 62nd out of 165 countries and territories.
- According to Nature Portfolio, Vietnam reached the 46th global position and is among the top 10 leading countries in the Asia-Pacific region for high-quality research. The international credit rating organization Standard & Poor's upgraded Vietnam's long-term national credit rating to BB+ with a “Stable” outlook.
The above are the assessments of the Government of Vietnam in Resolution 85/NQ-CP 2022 at the online conference of the Government of Vietnam with localities and the regular session of the Government of Vietnam in June 2022 on the economic and social situation of Vietnam in June and the first six months of 2022.
*** The average monthly income of salaried workers reached VND 7.4 million, an increase of VND 417 thousand compared to the same period in 2021.***
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