The first nine months of 2022 saw the fast recovery of the Vietnamese economy when Covid-19-related restrictions were removed.

Manufacturing photocopiers at VSIP Hai Phong.

The gross domestic product (GDP) in the first three quarters of this year expanded 8.83%, motivated by strong production and exports as well as the growth of retail and tourism.

Pemba said that Vietnam’s inflation has stayed at a lower level than the majority of countries in the region.

Highlighting some policies that have contributed to the economic results so far this year, she mentioned the Vietnamese Government’s switching of the Covid-19 control strategy and the complete reopening of the country’s economy in March thanks to the super-fast vaccination campaign. This was the key for the resumption of economic motivations, she held.

The expert also underlined the country’s low interest rate and responsive monetary policies that have allowed businesses to return to operation, along with tax cuts to support labourers including income and environmental taxes to minimise the impacts of the global petrol price hike, and price freezes for some services, including power, healthcare and education, which have contributed to keeping inflation under control.

However, Pemba pointed to a number of challenges that Vietnam is facing, and gave a number of recommendations, especially on monetary and fiscal policies. She also welcomed the expansion of the trading band for the exchange rate recently, and advised Vietnam to maintain inflation at around 4% in 2023.

She underscored the need to maintain flexible policies and the stability of the financial system, along with the improvement of the business environment and the productivity of domestic firms as well as the capacity of labourers, and continuous economic digitalisation. Vietnam should also focus more on implementing reform policies in climate change to complete its target of net-zero emissions in 2050, she added.

In its latest global economic outlook report, the IMF predicted that the world economy will see a fall of 2.7%, while Vietnam will enjoy a growth of about 5.8%.

Bac Giang becomes destination for top leading businesses worldwide

(BGO) – With proper policy and drastic action, Bac Giang has achieved a lot of results in socio-economic development. From a bottom rank locality, now the province enters the top leading provinces and cities in economic growth rate and industrial development with proud and prominent targets.

1,279 new businesses established in Bac Giang

(BGO) – Since early this year, 1,279 new businesses have been established in Bac Giang province, up 25 percent year on year, reported the provincial Department of Planning and Investment.

Businesses take effort to overcome and affirm trademark

(BGO) – In spite of encountering many difficulties in production and business, the enterprises have exerted every effort to overcome and affirm the trademark. Recently, many have been honored as “Outstanding enterprises” in Bac Giang province at the six event of its kind in 2019 – 2022 period.

Head of Bac Giang IP Management Board exchanges with business

(BGO) – On October 11, the Industrial Park Management Board (IPMB) in Bac Giang province held a talkshow with nearly 200 businesses under the chairman of IPMB Head Dao Xuan Cuong and leaders of relevant departments and sectors.

Finance Ministry provides favourable conditions for businesses to ensure petrol supplies

The Finance Ministry always offers all possible support to firms, especially distributors and retailers, to ensure stable petrol supplies, thus stimulating production-business and daily activities, said Minister Ho Duc Phoc.

Source: VNA