Weathering the storm, Vietnam builds confidence in a year ahead

VOV.VN - Last year represented a difficult period for the whole world with numerous challenges, but Vietnam stood firm to weather the storm and record outstanding achievements, paving the way for it to reap new successes in the year ahead.

The past year ended with almost several trends that could not have been predicted. After two years of exhaustion due to the COVID-19 pandemic, the world began to move into a new period, with high hopes that the crisis was over. However, the Russia-Ukraine conflict broke out, exerting far-reaching consequences on a global scale. The protracted conflict reversed all predictions, leading to disruption of key supply chains.

In a highly-globalised world, economies are largely dependent on each other, and unimaginably the military conflict happening in the heart of Europe even fueled the price of a bowl of Phở (noodles) or a cup of coffee in Hanoi.

Extreme circumstances, coupled with tireless efforts, aspirations, and disappointment, as well as pessimism, made its ways into every corner of the world. Entering 2022, the Vietnamese economy that boasts a high level of openness and international trade nearly twice the size of GDP, was forced to also bear the brunt of those challenges.

Against this backdrop, the country introduced bold measures, including living safely and flexibly with COVID-19 and reopening its borders to the world, as a means of rebooting its ailing economy. Its efforts paid off, with GDP expanding by 8.02%, import-export turnover rising by 9.5%, and budget revenue exceeding the estimate by 26.4%.

Furthermore, the anti-corruption campaign was accelerated nationwide, with a series of business scandals involving large enterprises in the real estate, finance, and banking sectors brought to light and a number of officials disciplined.

The Party’s resolve to handle the root cause of corruption may have short-term consequences, but it will certainly develop the country’s long-term stability and healthy development. That’s why prestigious international partners and institutions have made positive forecasts about the country’s economic prospects moving forward.

Last year witnessed a range of important decisions being made, with a specific focus on removing bottlenecks in institutions, infrastructure, and human resources development. These efforts have helped to fuel optimism in people, businesses, and society as a whole towards further development, integration, and innovation, and this is an irreversible trend.

Despite these efforts, the country faced difficulties and paradoxes in the last months of 2022 due to unpredictability of the global situation. Inflation was controlled as planned, but deposit and lending interest rates remained high. Large firms lacked production orders, forcing them to lay off employees, while the general demand for labour increased sharply. Businesses recorded sound performances in general, but many continue to worry about their future ahead in the coming months.

These issues have both objective but also psychological factors, as well as other factors that cannot be completely anticipated. It’s highly likely that in addition to the impact of inflation and the global economic recession, the Vietnamese economy, industries, and businesses will have to restructure themselves. As a mean of properly assessing the situation, it is necessary to keep a cool head with regard to the current situation.

Uncertainty, complexity, volatility, and ambiguity are set to continue to dominate the world in the year ahead. A country with a high level of openness, as well as determination to integrate comprehensively like Vietnam must always be well prepared to face unprecedented challenges. To weather the storm, Vietnam should look at their inner strength to see their own potential, advantages, and disadvantages, as well as to introduce appropriate solutions.

It is not by chance that Vietnam discussed and talked a lot about culture in 2022. Following the 2021 National Cultural Conference, there were concrete, practical, and serious actions adopted in order to develop Vietnamese cultural and national value systems. At the same time, there were solutions aimed at improving institutions, policies, and mobilising resources for cultural development.

It is therefore impossible to fan the desire to make the country stronger and more powerful without the root foundation of culture. Economic development remains an issue that can be discussed over the short-term, but cultural development is a long-term issue that needs to be addressed both thoroughly and comprehensively.

It can be seen as necessary to make wisdom-based decisions and to take appropriate actions in order to build an advanced culture imbued with national identity, thereby making culture the spiritual foundation and the endogenous strength of the nation whilst guiding national development.

Many Vietnamese leaders and business executives pointed out that the country’s image in the eyes of foreigners is completely different from what it was many years ago. No longer asking for help, the country is now standing on an equal footing with partners, having an important voice and looking for opportunities to cooperate and win together. The country’s national status has thereby improved, and along with a glorious history and a long-standing culture, it is important that its aggregate strength has changed.

Not to mention diplomatic achievements, large Vietnamese technology groups have gradually made inroads into demanding software markets such as Japan and the Republic of Korea, generating billions of US$ in revenue in the process. They have gained a firm foothold overseas, not only thanks to their outstanding products and services, but they have also been convinced by the beauty of Vietnamese culture.

The ‘cultural passport’ of each nation is not only measured by overseas visits by great men, heroes, cultural activists, or scientists, but also by businesses with unique products and services. In line with this, Vietnam continues to do a good job.

Keeping wisdom and peace of mind when making major decisions, as well as in each specific behaviour, is therefore a must at this time. It is also necessary to maintain a spirit of tolerance in order to spread the spirit of humanity in all circumstances. That can be viewed as the root of positive spiritual emotions that drive both commitment and devotion.

With strong determination, will, and perseverance, let’s continue to promote Vietnamese aspirations, with a focus on its bravery and wisdom, in order to realise the development goals towards 100 years the Communist Party of Vietnam in 2030 and 100 years of the Socialist Republic of Vietnam ahead in 2045.