In their most recent updates, many domestic and foreign organisations have predicted that Vietnam’s GDP growth in 2022 will likely exceed 7-7.5%, higher than the target set by the National Assembly, while inflation is expected to be curbed at below 4%.

Cat Lai Port in Ho Chi Minh City.

The driver for the Vietnamese economy’s strong rebound is a stable macroeconomic foundation, which has been maintained despite the unprecedented impacts of the Covid-19 pandemic and the Russia-Ukraine conflict.

It can be seen through the stability of major economic balances amid difficulties, with inflation kept under control, an improved standard of living, and Vietnam’s growing reputation on the international arena.

The reality has demonstrated that only when macroeconomic indicators are kept stable can the economy have the ability to withstand as well as the capacity to effectively deal with unexpected developments and make a prompt recovery afterwards.

Continuing to maintain macroeconomic stability is both an urgent and strategic requirement, as well as a high and consistent task in the coming time to help successfully realise the five-year and yearly socio-economic development plans.

According to experts, strengthening the macroeconomic foundation lies not only in fiscal policy, monetary policy or price management, but also in addressing obstacles for enterprises in restoring their production, helping the economy to run smoothly, opening the market flows, and effectively tapping into societal resources.

Therefore, an urgent task to maintain macroeconomic stability and safeguard the fruits of economic growth in the time ahead is removing bottlenecks to promote public investment disbursement in order to soon put projects into operation and create a spillover effect on the overall economy.

Measures are needed to enhance the resilience of the financial and monetary markets, restore the labour market, fine-tune the social security system to protect workers against shocks, coordinate fiscal and monetary policies, and implement the socio-economic recovery programme more effectively.

Macroeconomic stability is an important factor in stepping up the restructuring the economy, changing the growth model, and enhancing the competitiveness of the economy. It is also the key to the country’s recovery and development in the coming period.

Tuyen Quang promotes historical and cultural tradition for development

Tuyen Quang is home to numerous historical and cultural traditions, a “revolutionary museum” of the country. Ethnic minorities here have created unique cultural nuances, with a rich treasure of special festivals. That historical and cultural tradition is now becoming a driving force for development.

Party chief orders HCMC to focus on infrastructure development

Party General Secretary Nguyen Phu Trong asked Ho Chi Minh City to give priority to infrastructure construction and create a "stronger breakthrough" in the field.

Breakthrough in industrial development

(BGO) – In 2022, the industrial production of Bac Giang province continues strong recovery momentum as the main driving force for economic growth. The industrial production index (IPI) in September increased 7.6 percent against previous month while the nine-month index went up 44.2 percent year on year. 

Luc Ngan improves citrus quality in associated with tourism development

(BGO) – Recently, the owners of orange and pomelo gardens in Luc Ngan district (Bac Giang province) have actively cared for the trees and beautified the gardens to welcome visitors. Promoting the results of previous years, Luc Ngan district continues cooperating with competent sectors to connect and launch trade and tourism promotion event toward product introduction and consumption.

45 years of Vietnam-UN ties: Reliable partnership for peace, cooperation, development

Since officially becoming the 149th member of the United Nations (UN) on September 20, 1977, Vietnam has always been a trustworthy partner and an active member of the organisation, with numerous important contributions to the implementations of its missions, Foreign Minister Bui Thanh Son has stated.

Source: NDO