Australian expert positive on Vietnamese economic outlook
VOV.VN- Along with the recovery of the business environment and people, economic achievements recorded by Vietnam this year have raised the efficiency of the Government’s economic management and the bright prospect ahead for the country’s economy, according to Associate Prof. Dr. Chu Hoang Long of Crawford School of Public Policy at the Australian National University.
Dr. Long cited the General Statistics Office data which indicates that the Vietnamese economy grew 8.8% on-year in the third quarter of 2022, the highest growth recorded for the past 10 years.
The country’s exports during the first nine months of the year grew by over 17%, while the disbursement of foreign direct investment (FDI) increased by 16%, a record rate over the past five years, there ensuring major economic balances. A number of reputable global credit agencies such as S&P and Moody’s have moved to raise the country’s credit ranking, he noted.
The expert underlined that economic results highlight the effective management of the Vietnamese Government this year. This has a significant impact amid many countries struggling with macro-economic instability and record inflation.
Dr. Long applauded Vietnamese efforts in containing the COVID-19 pandemic, restructuring its economy, improving the local business environment, and removing difficulties for production and business activities, as well as speeding up economic recovery and development amid efforts to curb inflation.
Most notably, despite the impact of the COVID-19 pandemic, the nation has actively engaged in joint global efforts in climate change response and natural disaster prevention and control, while making strong commitments at the 26th UN Climate Change Conference (COP26).
Regarding the future outlook of the Vietnamese economy, Dr. Long expressed his confidence that the Vietnamese Government will further promote the achievements to secure higher development moving forward.
With the recovery trend in the first nine months of the year, the expert showed his optimism about the country’s economic prospects in the future.
Some international organisations forecast that Vietnamese economic growth will be 7% to 7.5% this year, with the figure anticipated to be 6.7% or even higher in 2023.
The nation is therefore expected to become one of the major consumption markets in the world by the beginning of next decade, he added.
However, according to Dr. Long, difficulties remain for Vietnam, as businesses require more time to continue to recover and there are plenty of risks from high inflation and a high rate of bad debts, along with global economic fluctuations.
He offered a number of recommendations regarding economic policies, including the settlement of bottlenecks in institutions, the application of a cautious monetary policy, and the full implementation of the economic recovery and development support programme. This should be done through speeding up infrastructure projects and the strengthening of digital technologies.
The expert also underlined the necessity of the country promoting in-depth economic restructuring by renovating the growth model.