04.11.2022, 08:30

Vietnam’s economy rebounds strongly

HCMC – Vietnam’s economy has seen strong recovery this year, according to data from the General Statistics Office of Vietnam.

The vibrant post-pandemic economic growth of Vietnam has been facilitated by controlled inflation and macroeconomic stability.

Between January and October, foreign trade totaled US$616.2 billion, soaring by 14.1% year-on-year, with a trade surplus of US$9.4 billion.

While the agro-forestry-fishery sector enjoyed stable growth, the country’s industrial production index in October increased by 6.3% compared to the same period last year.

From January to October, total retail sales and services revenue picked up 20.2% year-on-year at VND4,700 trillion.

The country’s foreign direct investment disbursement reached some US$17.5 billion in total as of October this year, increasing 15.2% versus the same period in 2021.

Standard Chartered upped its outlook of Vietnam’s gross domestic product (GDP) growth rate this year from 6.7% to 7.5% and from 7.0% to 7.2% for 2023.

United Overseas Bank raised its forecast for Vietnam’s GDP in 2022 from 7.0% to 8.2%, stating that the considerable improvement of the economy in the third quarter laid a solid groundwork for a promising result by the end of the year.

According to the World Bank, the Government should retain flexible fiscal policy to sustain economic growth amid a global economic slump and monetary tightening.