The regional average will be 4.9 percent in 2022 and 5.2 percent in the next year, according to a report released Wednesday by the Asian Development Bank.

ADB Country Director for Vietnam Andrew Jeffries said: "The renewed Covid-19 outbreak hindered Vietnam’s economic recovery, tightened the labor market, and disrupted manufacturing and supply chains in 2021".

Workers at An Ha Industrial Park, Ho Chi Minh City's Binh Chanh District, 2021.

"The high vaccination rate enabled the government to abandon harsh containment measures. This timely shift of the pandemic containment strategy helped restore economic activity and reduce bottlenecks in the business environment."

The bank forecasts industrial growth to top 9.5 percent this year, spurred by a recovering labor market and monetary and fiscal stimulus measures.

Agriculture output is expected to grow by 3.5 percent on revived domestic demand and rising global commodity prices, and tourism is likely to rally 5.5 percent thanks to the reopening of international travel in mid-March and easing pandemic control.

But it also warned of near-term downside risks that could cloud Vietnam’s recovery, including high Covid-19 infections since mid-March, slowing global recovery, and surge in global oil prices from the Russia-Ukraine crisis.

Recovery also depends on the government’s speedy and effective rollout of the economic recovery and development program, it added.

Vietnam’s economy grew by 2.6 percent in 2021.

Bac Giang maintains economic recovery momentum together with strict disease prevention

(BGO) – On February 2, the People’s Committee in Bac Giang province (PPC) held regular meeting in February under the chair of PPC Chairman Le Anh Duong.

Vietnam’s aviation ready to fully recover international flights

The Vietnamese aviation industry is currently ready in all aspects to operate the entire international flight network like before the Covid-19 outbreak, the Civil Aviation Authority of Vietnam (CAAV) has told Deputy Transport Minister Le Anh Tuan.

PM urges effective implementation of socio-economic recovery, development programme

Prime Minister Pham Minh Chinh on February 12 signed a dispatch urging the drastic and effective implementation of the socio-economic recovery and development programme as well as the acceleration of the disbursement of public investment.

Government acts to achieve rapid economic recovery, development

The Government has issued a resolution on socio-economic recovery and development programme, and the implementation of the National Assembly’s resolution on fiscal and financial policies in support of the programme.

Vietnamese economy to recover fast in 2022: Fitch Ratings

Vietnam’s recovery is set to gather momentum in 2022, as domestic demand rebounds and export performance remains strong, according to Fitch Ratings.

Source: VnExpress