What is outstanding about Vietnam's economic situation in the past 9 months? What difficulties can Vietnam face in the near future?
The Vietnamese Government's assessment of the economic situation in September 2022?
On the morning of 01/10/2022, at the Vietnamese Government Headquarters, Prime Minister Pham Minh Chinh chaired the Government Online Conference with localities and the Regular Government Meeting in September 2022.
On 06/10/2022, the Vietnamese Government promulgated The Government's Resolution 130/NQ-CP 2022 on the Government's online conference with localities and the Regular Government Meeting in September 2022. Accordingly, in Section 1 of Resolution 130/NQ-CP in 2022, the Government assesses the socio-economic situation in September 2022 as follows:
- The world situation continues to develop complicatedly with many conflicts, high inflation, the trend of shrinking monetary and fiscal policies in many countries leading to declining growth, the risk of economic recession and increased financial and monetary risks.
- Domestically, the economy still has many outstanding problems, modest scale, large openness, competitiveness and limited resilience, while epidemics, natural disasters, storms and floods are still causing many difficulties, damage to production and life...
In that context, the Government and the Prime Minister have focused on directing all levels, branches and localities to firmly grasp the situation, stick to reality, with high unity, drastically, focus and flexibly implement tasks and solutions in all fields.
Thereby, promptly develop and implement appropriate and effective policies, promptly respond to newly arising problems. As a result, in September and 9 months of 20022, the task was achieved, economic recovery in a positive way and achieved important results in many fields:
- The macro economy is maintained stable and developed as follows:
+ In terms of economic growth, in the third quarter, it reached 13.67%, in 9 months, it increased by 8.83% over the same period in 2021, the highest since 2011.
+ At the same time, monetary and fiscal policies are managed carefully and firmly, ensuring initiative, flexibility and close and effective coordination.
+ The average consumer price index increased by 2.73% equivalent to the same period in 2018-2021.
+ State budget revenue increased by 22% over the same period.
+ Import and export turnover in 9 months reached 558.52 billion USD, up 15.1% over the same period, trade surplus of 6.52 billion USD.
+ Total social investment capital in 9 months increased by 12.5% over the same period; FDI disbursement reached 15.4 billion USD, the highest since 2018.
- For manufacturing industries and enterprises, in general, the indicators are growing at a stable rate, specifically:
+ Industrial production index (IIP) in 9 months increased by 9.63% over the same period.
+ Agriculture developed stably, up 2.99% over the same period; food security is ensured.
+ Trade, services and tourism were restored, total retail sales of consumer goods and services in 9 months increased by 21% over the same period.
+ Production and business activities have prospered. In which, the number of enterprises entering and re-entering the market reached 163 thousand enterprises, up 26.6% in the same period.
+ Many prestigious international organizations continue to positively assess Vietnam's economic situation: The World Bank forecasts Vietnam's economic growth to 7.2% in 2022; An independent brand valuation and strategy consulting organization rated Vietnam as the national brand with the fastest value growth rate in the world...
What is outstanding about Vietnam's economic situation in the past 9 months? What difficulties can Vietnam face in the near future?
Vietnamese Government's assessment of the social situation In September 2022?
In addition to the positive results of the economy, resolution 130/NQ-CP in 2022 also stated the following contents about the social situation in September and 9 months of 2022 as follows:
- Regarding the prevention and control of the COVID-19 epidemic, people's health care is focused; has met and exceeded 3/5 of the health sector's targets. The fields of culture, society, physical education and sports are of interest; organized the unesco registration certificate recognizing Xòe Thai art as the 14th representative intangible cultural heritage of humanity in Vietnam
- The labor market continues to recover; social security; social security is guaranteed; people's lives continue to improve.
- In September 2022, the preferential credit policy disbursed VND 77 trillion to nearly 1.8 million poor households and other policy beneficiaries.
- Ethnic, religious and belief policies; the work of child protection, for the advancement of women and gender equality is concerned.
- Administrative reform and anti-corruption have been strengthened. Implementing digital transformation and organizing the state apparatus continues to be streamlined.
- National defense and security are maintained and crime prevention is strengthened. Foreign affairs activities are carried out flexibly, practically and effectively, contributing to affirming the role and prestige of Vietnam.
- Perform tasks, regularly, and solve long backlogs. In particular, proactively respond and promptly handle Typhoon Noru. Completed 9 of the 38 specific tasks assigned at the August session.
What are the difficulties that Vietnam may face in the near future pointed out by the Vietnamese Government?
In Section 1 of Resolution 130/NQ-CP in 2022, in addition to the achievements achieved in recent years. The Government also determined that in the coming time, our country will still face many difficulties and challenges as follows:
- Inflationary pressures are still high, potentially many risks to macroeconomic stability. The level of interest rates tends to increase.
- Some export markets show signs of shrinking. Production activities are still difficult.
- The epidemic is still complicated; the progress of vaccination is slow compared to the requirements; the shortage of medicines and supplies at hospitals and some medical facilities has not been completely dealt with.
- The life of a part of the people is still difficult. Natural disasters, storms and floods take place abnormally.
- The security, order and traffic situation in some areas is still complicated.
- In addition, the world economic situation is forecasted to grow slowly, at a high level, potential risks and problems in energy security, food, finance, currency and the possibility of recession have been warned. The situation of conflict and strategic competition in other countries is also tense.
Due to the difficulties and challenges that Vietnam faces as above, it is forecasted that the economic recovery may change in a positive direction but growth is likely to be more difficult than in the fourth quarter of 2022 and in 2023.
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