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Vietnam Economic News

 Improving the resilience of the economy and creating a premise for the building of a self-reliant economy in association with active and extensive international integration are of special significance for Vietnam, especially in the new situation, Minister of Planning and Investment Nguyen Chi Dung said.

In an interview granted to the Vietnam News Agency (VNA), the minister noted that last year, the macro-economic situation was stablised, with inflation reined in and all major balances ensured. The consumer price index (CPI) expanded 3.15 percent, he said, adding that the country’s GDP growth reached 8.02 percent.

At the same time, the financial and currency markets remained stable. Interest and exchange rates were regulated in line with market developments, and liquidity and credit growth mediated. These moves helped remove bottlenecks in capital flow, he noted.

However, he said that the economy faced many difficulties last year, especially in the last months, mostly due to complicated fluctuations in the world.

The minister said that in 2023, the global economy will continue to experience complications, and inflation is forecast to create headwinds.

In that context, the ministry will continue to coordinate with other ministries and sectors to give advice to the Government and the PM on management measures and policies in short, middle and long terms. The aim is to ensure macro-economic stability, support businesses and boost economic growth, and complete the institutions, he said.

At the same time, the ministry will complete the development directions for six key economic regions, while speeding up the implementation of the three strategic breakthroughs and the 12 groups of tasks and solutions stated in the socio-economic development plan for the 2021-2030 period. This should improve domestic production capacity, labour productivity and the efficiency, competitiveness, and self-resistance of the economy against new external factors and challenges in the medium and long terms.

The minister highlighted a number of lessons learnt in 2022 that can be applicable for 2023, including keeping a close eye on developments in the domestic and international situation, staying confident and actively preparing plans to respond to all possible circumstances.

For Vietnam, a developing country, the improvement of resilience of the economy which creates a premise for building an independent and self-reliant economy associated with proactive and active international integration holds special significance, especially in the new situation, he stressed.

The minister underlined the need to focus on speeding up the implementation of key tasks and solutions for 2023 on the spirit of solidarity, discipline, flexibility, innovation, and efficiency.

At the same time, it is necessary to stick to the viewpoints, targets and directions by the Party and State. These tenets maintain economic stability, reining in inflation, promoting growth, ensuring major economic balances, and closely coordinating fiscal and monetary policies as well as other macro-economic policies to suit the real situation, he said.

The official also pointed to the need to complete institutions, remove bottlenecks and optimise all resources for development, while making breakthroughs in institutions, human resources and infrastructure. Meanwhile, it is crucial to restructure the economy, promote science-technology, innovation and digital transformation, he said, adding that economic development must be made harmonious with environmental protection and defence-security protection.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.