30.5 C
Asia
Tuesday, November 29, 2022
HomeEconomyGDP growth predicted to reach 8%

GDP growth predicted to reach 8%

This is well above the 6-6.5% target approved by Parliament last year.

In a research report submitted to NA’s Economic Commission, the ministry said growth in the first nine months was 8.83%. Highest percentage in the last 10 years.

The services sector grew by nearly 10.57%, accounting for more than half of overall growth. Industry and construction showed his 9.44% growth and accounted for most of the rest of the growth. Agriculture, forestry and aquaculture expanded by 2.99%.

However, the ministry’s projections are much higher than those of some international banks: 6.5% for the Asian Development Bank, 6.9% for HSBC and 7.2% for the World Bank.

Despite various forecasts, Vietnam Rapid growth in Southeast Asia this year.

Foreign trade is booming this year and is expected to reach $735 billion for the full year, with exports reaching $368 billion, up 9.5% from 2021 and imports reaching $367 billion.

Government revenue is projected to be 14.3% higher than expected, giving Vietnam the financial freedom to support economic growth and improve living standards.

The Ministry of Investment expects disbursed FDI to increase from $19.7 billion last year to $21-22 billion.

Of the 15 socioeconomic goals NA set for 2022, only one was not met. Productivity improvement was 5.2%, short by 0.3 percentage points.

But despite all these encouraging signs, the Ministry of Planning and Investment has warned of mounting inflationary pressures.

The ministry said a recovery in demand and rising public expectations, higher minimum wages and rising international interest rates could lead to prolonged inflation.

The economy faced difficulties this year, mainly due to higher prices for fuels, raw materials and other inputs.

With a highly open economy, experts say Vietnam is vulnerable to difficult external factors such as a strong US dollar, reliance on imported machinery and equipment, and an unresolved post-pandemic labor shortage. It is believed that

Given these challenges, the ministry hoped the government would closely monitor global events and fine-tune growth, inflation, credit limits and other expectations accordingly.

In terms of monetary policy, the State Bank of Vietnam will effectively manage foreign exchange reserves, raise interest rates when necessary to stabilize the foreign exchange market and the economy in general, and control inflation, so that the State Bank of Vietnam will exercise prudent and I wanted it to be flexible.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments