THE worst is over for Vietnam, with domestic reopening on the cards as vaccinations rise and infection rates decline, said DBS economist Chua Han Teng in a report on Monday.
Public debt is anticipated to increase rapidly in 2022-2024, exceeding the VND4 quadrillion threshold and getting closer to VND5 quadrillion.
The growth rate of gross domestic product was expected at about 6-6.5% in 2022, Prime Minister Pham Minh Chinh told legislators during the National Assembly meeting starting on Wednesday morning in Hanoi.
Vietnam market has outperformed its other international peers, supported by GDP growth amid Covid-19 in 2020. Despite strict lockdown, hopes for this top-performing Asian economy are growing.
- Public debt exceeds VND4 quadrillion, VND5 quadrillion threshold near 1
- Vietnam targets 2022 economic growth at 6-6.5 percent 2
- Why Vietnam Is Your Next Investment Destination? 3
- State-owned companies accumulate $505 mln losses 4
- Despite pandemic, EU-Vietnam free trade pact boosts two-way trade 5
- World Bank lowers Vietnam’s 2021 economic growth to 2 – 2.5% 6
Vietnam's 11 largest state-owned corporations had accumulated losses of VND11.46 trillion ($505 million) as of last year.
Despite the COVID-19 pandemic, the EU-Vietnam Free Trade Agreement, which entered into force in August 2020, has helped to boost two-way trade and buffer the impact of the economic downturn.
With the negative growth in the third quarter, Vietnam's GDP growth rate for 2021 could reduce, World Bank said in a recent report.
Vietnam’s Gross Domestic Product (GDP) contracted 6.17% in the third quarter of 2021, following the 6.61% growth recorded in the second quarter, as per estimates released by the General Statistics Office.
Total State budget in 2022 is expected to reach VND516.7 trillion ($22.6 billion), up 8.3 percent against 2021’s plan, according to the Ministry of Planning and Investment.
By the end of August, the total outstanding credit of the banking system in Hanoi reached $104 billion, up 1 percent over the previous month and 8.3 percent year-on-year.
Identified as a regional outperformer for exports, local businesses should remain alert to export credit risk and take steps to protect their cash flows.
Foreign investment inflows to Vietnam reached $19.12 billion in the first eight months, down 2.1 percent against the same period last year, according to the Ministry of Planning and Investment.
Vietnam looks to maintain Consumer Price Index (CPI) growth lower than 1% a month during the last quarter of this year.
Vietnam gained $185.33 billion from exporting commodities over the last seven months of 2021, a year-on-year increase of 25.5 percent, according to the General Statistics Office.
July consumer price index rose 0.62 percent against the previous month and picked up 2.25 percent compared to December last year, according to data from the General Statistics Office.
Vietnam raked in $16.7 billion FDI in the first seven months of 2021, down 11.1 percent from the same period last year, data from the Ministry of Planning and Investment shows.