Việt Nam's economy is developing rapidly
According to the General Statistics Office, in the first six months of the year, Việt Nam's economy showed signs of growth. In the first six months, Việt Nam's GDP grew by 6.42 per cent on year, with GDP growth in the second quarter at 7.72 per cent on year - the highest level for the past 10 years.
Meanwhile, global economic growth has been forecast to decrease after the COVID-19 pandemic and due to the conflict between Russia and Ukraine.
Dr Trần Thị Hồng Minh, director of the Central Institute for Economic Management (CIEM), Ministry of Planning and Investment, spoke to Vietnam News Agency about the prospects for economic recovery.
Việt Nam's economy has seen an impressive recovery in the first six months with many positive indicators. Which sector had the most impressive growth in the first half of this year?
During the six months, there were many sectors that overcame difficulties caused by COVID-19.
Việt Nam in the first half of this year achieved impressive growth of 17 per cent in exports and 15 per cent in imports compared to the same period last year.
It showed that Vietnamese enterprises had a strong recovery and the Government has introduced policies relating to economic integration via new-generation free trade agreements.
Those agreements have had very positive effects on economic activities in general as well as on import and export activities.
Another point is that the number of newly-established enterprises in the first six months of the year also surged by 14 per cent on year to more than 70,000. The number of businesses returning to the market also increased strongly by 55 per cent to about 40,000.
According to CIEM's survey, 85 per cent of enterprises in the processing and manufacturing sector believed that there would be good trends in their production and business.
What was the role of the Government in the recovery?
The Government has had effective policies in the prevention of COVID-19, as well as policies of opening borders, opening air routes as well as economic recovery, such as Resolution 11 on economic recovery and development programme. With this programme, the businesses can get timely support from the Government in accessing capital and favourable policies to restore and develop production after many waves of the pandemic.
In the context of many fluctuations in the domestic and global economy, Việt Nam needs to restructure the economy. This issue is already present in the Resolution on economic renewal approved by the National Assembly at the end of 2021 and is currently being implemented in localities around the country.
In addition, the Ministry of Planning and Investment has directed CIEM to research a new economic growth model based on taking advantage of Industry 4.0.
In April and June, the ministry submitted two important projects to get approval from the Government: a scheme on linking regions to exploit the potentials of localities; and a circular economy development project.
Those short- and medium-term solutions are expected to help Việt Nam achieve the economic growth target of 6.5 per cent in 2022
