Many industries recovered strongly
Vietnam's economy in recent years has had spectacular development, in all fields. In particular, the impression is the field of industry, trade, import and export. Regarding the industry, the index of industrial production (IIP) in August 2022 increased sharply, estimated to increase by 15.6% over the same period last year; in which the production index of the manufacturing industry increased by 16.2%. In the first eight months of 2022, the IIP index increased by 9.4%, including many key industries with high growth.
Illustrated photo.
Trade and service activities in August 2022 recovered in most industries, reaching a high increase compared to the same period last year and gradually regaining the scale compared to the year before the Covid-19 epidemic occurred. Total retail sales of consumer goods and services was estimated to increase by 0.6% over the previous month and by 50.2% over the same period last year, of which retail sales of goods increased by 1.3 times (up 20 % over the same period in 2019); accommodation and catering services 2.9 times (up 6.7%). In the first eight months of 2022, the total retail sales of consumer goods and services is estimated to increase by 19.3% over the same period last year.
International visitors to Vietnam in August reached 486.4 thousand arrivals - an increase of 38% compared to the previous month and 52.3 times higher than the same period last year because Vietnam has opened up tourism, international routes are opened. restore back. In the first 8 months of 2022, international visitors to our country reached 1,441 thousand arrivals, 13.7 times higher than the same period last year.
Export and import of goods continued to maintain a high growth rate with the total import and export turnover of goods in 8 months estimated at US$497.64 billion, up 15.5% over the same period last year, of which export exports increased by 17.3%; imports increased by 13.6%.
The balance of trade in goods in the first eight months of 2022 is estimated to have a trade surplus of 3.96 billion USD, which is a bright spot in the context of the world economy facing many challenges and difficulties...
Another bright spot in the economic picture in the first eight months of 2022 is about foreign direct investment. Accordingly, foreign direct investment capital realized in Vietnam in the first eight months of 2022 was estimated at $12.8 billion - up 10.5% over the same period last year. This is the highest amount of foreign direct investment capital realized in 8 months in the past 5 years.
Along with that, the total foreign investment capital "poured" into Vietnam as of August 20, 2022 includes: newly registered capital, adjusted registered capital and value of capital contribution and share purchase by investors. Foreign investment reached nearly 16.78 billion USD.
Plenty of room for economic growth
In the last week of August, international financial institutions forecast Vietnam's economic growth in 2022 to reach 7.5 - 8.5% based on Vietnam's economic picture in the first 2 quarters and economic indicators. economic 8 months of the year.
Credit rating agency Moody's upgraded Vietnam's growth forecast for 2022 to 8.5% - the highest level among Asia-Pacific economies. Vietnam is also the only economy in the region that has adjusted its growth forecast from 2.6% in 2021 to 7.5% this year. Meanwhile, Standard Chartered Bank forecasts Vietnam's GDP growth will reach 10.8% in the third quarter of 2022 and 3.9% in the fourth quarter of 2022, bringing the full-year GDP growth to 6.7%. ..
"Organizations raising GDP forecasts in 2022 show the optimism and confidence of international organizations about the recovery of the Vietnamese economy," said economist Dinh Trong Thinh (Academy of Finance).
According to the General Statistics Office, there are 6 groups of exports with over 10 billion USD, including: phones and components, computer-components, machinery, equipment, textiles, footwear, wood and products wood. In 2021, Vietnam has 26 items with export turnover of over 1 billion USD, in just 8 months of this year, there have been 30 items with export turnover exceeding 1 billion USD. With the current growth momentum, many are optimistic about the goal of achieving import-export turnover for the whole year to exceed 700 billion USD.
In the context that the world economy is struggling to cope with high inflation and the risk of recession, a very characteristic feature of Vietnam's economy is that foreign direct investment is still increasing strongly. Vietnam is still considered an attractive investment market due to its stable political and macroeconomic system.
“This reflects foreign investors’ confidence in the business environment and the role of the Vietnamese economy in the global supply chain,” said Axel Goethals, executive director of the European Institute for Europe. In the future, Vietnam's economy will continue to grow strongly and become an attractive destination for many investors around the world.
In addition, this year's economy will continue to expect a breakthrough from service revenue. The purchasing power of the domestic market with a scale of 100 million people has been "revived" strongly. Mr. Raymon Mallon - Australian economist assessed: "Economic growth has been strong, especially in the manufacturing sector, but also in key service industries and agriculture. A growth on a large scale. , in many industries, that's very impressive."
Besides positive signs of recovery, our country's economy is being affected by external factors such as: conflict between Russia and Ukraine; the price of raw materials and input materials increased, especially petrol and oil prices; inflation increased in many countries around the world; slow economic recovery in countries with major trading partners; The Covid-19 epidemic is increasing in the world with many new variants...
In such a context, according to Dr. Tran Dinh Thien, Vietnam needs to continue to focus on changing the economic structure, reforming the mechanism so that the private sector can quickly and best absorb the support capital. Strongly promoting public investment with a series of public investment infrastructure projects, resulting in spillover effects. Continue to promote the knots of the investment and business environment related to land, construction...
According to General Director of General Statistics Office Nguyen Thi Huong, import and export continued to grow well, especially enterprises caught up quite well with Vietnamese markets that are signing FTAs. Therefore, continue to seek and expand export markets, support taxes and export fees. There are appropriate policies for credit institutions to concentrate capital and create favorable conditions for small and medium-sized enterprises to access capital, support enterprises to access the State's 2% preferential loan support package...
Thao Nguyen
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