‘New normal’ adaptation leads to positive forecast for Vietnamese economy in 2022

The COVID-19 pandemic might not end this year and business sectors could not fully recover, however, the situation will be more positive than 2021 thanks to the adaptation to ‘new normal’ conditions, said General Director Nguyen Thi Huong of the General Statistics Office (GSO).

In an interview with the Vietnam News Agency, Huong said the 2022 growth can be forecast based on such indicators as macroeconomics and major balances of the economy, creating a premise for more flexible and efficient fiscal and monetary policy management.

According to her, the post-pandemic economic development and recovery programme offering support packages through fiscal and monetary policies will be an opportunity for businesses and people to quickly recover from the pandemic.

Domestic demand will recover and increase gradually, as a proper part of the population have been fully vaccinated.

In the context of the epidemic, many industries and fields have turned to the application of information technology, creating new production and business forms that integrate technology to achieve higher productivity, quality, and efficiency.

In addition, major trade partners of Vietnam are on their ways toward recovery, pushing for stronger transactions in the near future. Meanwhile the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are likely to open up market accesses that facilitate larger trade and investment activities.

The flow of direct foreign investment is projected to be sustained or expanded following Vietnam’s reopening of its international commercial flights.

Huong also noted that the inflation pressure for 2022 is high because when production and consumption demand increases, inflation will be affected by increasing global prices of raw materials.

Earlier, the National Assembly’s Resolution has set the growth target for 2022 at 6-6.5%.

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