On January 5^th, the Government held a conference with localities to evaluate the results of the execution of political tasks in 2021, implement the Central Committee’s Conclusions and the XV National Assembly’s Resolution regarding the socio-economic development plan in 2022.

Prime Minister Pham Minh Chinh clearly stated that the conference will focus on analyzing and evaluating the results of the implementation of political tasks in 2021, affirming the advantages and straightforwardly pointing out the shortcomings and limitations, especially the subjective causes.

Agro-forestry-fishery exports reached a record high of over USD 48.6 billion

The government has directed ministries and sectors to closely monitor the situation worldwide, forecast, develop growth scenarios and periodically update them to ensure compliance with the current state. It is estimated that 7/12 key targets have been achieved and even exceeded this year.

Macroeconomics continued to be maintained its stability, and inflation was under control. The Consumer Price Index (CPI) for the whole year increased by 1.84%. GDP of the nation grew by 2.58% specifically the fourth quarter, reaching 5.22% after a decrease of 6.02% in the third quarter.

Total commodity import-export turnover increased by 22.6%, reaching USD 668.5 billion, the highest ever, making Vietnam one of the 20 countries with the largest commercial scale in the world. The country’s export turnover in 2021 is estimated at over USD 336.25 billion, up 19%. Trade surplus is estimated at USD 4 billion.

Foreign direct investment (FDI) in 2021 has a high growth rate, increasing by 9.2% in comparison to last year. Additional capital experiences a sharp increase of over 40%. This shows the faith in the business investment environment and the expectation of foreign investors towards Vietnam's economic resilience.

Agriculture continues to affirm its supporting role of the economy, ensuring national food security, and at the same time its importance in the implementation of social security during the pandemic. Agro-forestry-fishery exports reached a record high of over USD 48.6 billion.

With the goal to implement the Central Committee’s Conclusions III and IV, Vietnam’s Government has urgently presented the Politburo the conclusions on "Covid-19 Prevention and Control Program" and "Socio-economic Recovery and Development Program" for promulgation, and submitted to the early-2022 National Unanticipated Assembly on fiscal and monetary policies to support the implementation of programs. This is considered an important direction and decision for socio-economic recovery and development.

Orientation and tasks for socio-economic development in 2022

It can be said that 2022 is a year of great significance, creating the foundation to carry out the goals of the Five-Year Plan 2021-2025.

Forecasting the international and domestic situation shows that advantages and opportunities are present, with a number of challenges and difficulties intertwined and on their way to increase.

The Covid-19 epidemic can be more complicated and dangerous with the appearance of new variants. World economic growth lacks balance and certainty, having potential risks of a rate lower than in 2021. Inflation remains high in many countries.

Looking from the domestic views, Vietnam is making improvements in terms of experience, capacity and ability to cope with the pandemic, but the resilience and resources of the nation, businesses and people are in constant decrease.

The risks of slow economic recovery and growth as well as the potential of inflation increase will remain hidden unless the epidemic is under control on a fundamental level. Natural disasters and climate change are always matters that require attention from all levels due to their high occurrence rate in Vietnam.

Based on these prognostications the government has requested ministries, branches and local authorities to focus on implementing the guiding and operating viewpoints, thoroughly grasping the motto of “safe adaptation, flexibility, and effective control of the Covid-19 pandemic”.

The main matter of concern is to prioritize resources for the "Covid-19 Prevention and Control Program" and "Socio-economic Recovery and Development Program".

Translated by Samuel Pham