Despite Vietnamese economic growth reaching 2.58% in 2021, the lowest level over the past 30 years, many economists continue to be optimistic about recovery and growth moving into 2022. However, this process will greatly depend on the country’s ability to contain the pandemic.
Economic expert Le Duy Binh stated that the change in strategy from pandemic prevention and control in recent times has had a positive impact on the business community and the economy as a whole.
With roughly 12,000 businesses involved in the market, with total registered capital of nearly VND150,000 billion, and close to 5,000 businesses returning to operation in November, 2021, this indicates a sharp increase in the number of firms participating in the market compared to the previous year.
“The Government’s Resolution 128/NQ-CP dated October 11, 2021 on safe and flexible adaptation to and effective control of the COVID-19 pandemic has made a big change in restoring economic development, giving the freedom of goods and business circulation of people and businesses. This is even more valuable to businesses than many support packages as they are able to heal themselves from the "hurts" caused by the pandemic by their own capacity," Binh went on to say.
According to economic expert Ngo Tri Long, the primary driving force behind economic growth in the year ahead will still be three pillars, including export, investment, and domestic consumption. In particular, public investment will be a key factor in promoting greater investment in society as a way of maintaining the growth momentum of the wider national economy.
“The disbursement rate in November, 2021, was lower than that of the same period in 2020 and has not met the set requirements, with only 30% to 40% of public investment being disbursed in some places. In the coming time, it is necessary to promote disbursement of public investment, which both stimulates public investment spending in the short term to promote growth, and also creates effective infrastructure facilities that serve the national economy in the long run," Long said.
However, it also remains imperative to deliberate efficiency, not to disburse at all costs in the context of limited resources. Public investment must therefore be focused on the development of transport infrastructure which will serve as a foundation to develop other economic sectors, he added.