The average per capita income is over $4,000, trade is $750 billion, and the country is among the top 20 economies in terms of international trade. Vietnam has signed 15 free trade agreements (FTAs) with over 60 countries and territories, including the largest markets in the world. 

Despite the impact of the Covid-19 pandemic and other global problems, Vietnam maintained GDP growth of 8.83 percent in January-September 2022. The figure is expected to reach 8 percent for 2022.

This information was released by Prime Minister Pham Minh Chinh at the ASEAN Business and Investment Summit in Phnom Penh, Cambodia. He said that Vietnam has committed to create the best business environment and most favorable conditions for businesses and investors.

The Prime Minister’s commitments have put pressure on obtaining rapid and sustainable development to narrow the gap with other ASEAN economies.

This desire was clearly expressed by entrepreneurs and the younger generations, and at the ongoing National Assembly session.

The growth rate set by the National Assembly is 6.5 percent for 2023. The goal is high and some National Assembly deputies have asked the government to rebuild economic goals based on different growth scenarios amid unfavorable conditions, including the Russia-Ukraine conflict and geopolitical conflicts.

However, Chairman of the National Assembly’s Economics Committee Vu Hong Thanh said the 6.5 percent growth rate target set by the government shows strong determination to continue socio-economic recovery. The government has asked the NA to approve the figure as drafted.

When setting a high growth rate target, the National Assembly assumes people’s demands are able to be met only when growth is high. 

A high growth rate needs macroeconomic stability, market liquidity and confidence so that enterprises and people can feel secure when making investments and developing production and business.

Expert Truong Van Phuoc told VietNamNet that Vietnam’s macroeconomic indicators are good with a high GDP growth rate of 8 percent, low inflation rate of 4 percent, and good macro balances.

“Is there any other country which has a growth rate doubling the inflation rate like us? The figures show that Vietnam’s macro economy is standing firmly amid fluctuations in the world,” Phuoc said.

Lan Anh