(VOVWORLD) - International organizations and media agencies have raised forecasts of Vietnam’s growth and made positive comments on Vietnam’s economic development, considering the country an illustration of the Vietnamese government's effective policies.
 Vietnam has posted strong economic growth this year, according to One Asset Management. (photo: bangkokpost) |
Vietnam's economy is recovering faster than expected, according to a report by the Asian Development Bank in September. The Bank forecasts growth for Vietnam of 6.5% in 2022 and 6.7% in 2023. ADB said Vietnam will be the fastest growing economy in Southeast Asia in 2022 and 2023.
The ADB based its forecast on Vietnam's continued expansion of trade and faster-than-expected recovery in manufacturing, domestic travel, and public investment disbursement. The Vietnamese government has effectively managed the exchange rate, credit growth, and inflation.
Nguyen Minh Cuong, ADB’s chief economist, said: “The reduction of the environmental tax on petroleum and other costs has lowered oil and gas prices. Vietnam’s food self-reliance has helped it control inflation this year.”
The World Bank’s report for October said Vietnam has one of the world’s most positive growth forecast of 7.2% in 2022 and 6.7% in 2023.
The Financial Times in September described Vietnam as “one of the seven economic wonders of a worried world.” It said that, in periods of gloom like this one, when commentators see nothing but faults in most countries, it is worth highlighting the few that defy the prevailing pessimism.
The seven that stand out in a world tipping towards recession and higher inflation are Vietnam, Indonesia, India, Greece, Portugal, Saudi Arabia, and Japan.
The Financial Times said that, by investing heavily in the infrastructure required of a manufacturing export power, and opening its doors, Vietnam is growing at nearly 7%, the fastest pace in the world.
The TechCrunch reports that Apple is now gearing up to make Vietnam and India key global manufacturing hubs. It quoted analysts at JP Morgan saying that Vietnam will contribute 20% of all iPad and Apple Watch production, 5% of MacBooks and 65% of AirPods by 2025.
Thailand’s Bangkok Post ran an article entitled “Towering above the rest” on September 19, which said that amid global concern over inflation and rising interest rates, Vietnam has emerged as a rare economic bright spot, boasting healthy GDP growth and an array of opportunities.
Vietnam's economy has continued its sturdy expansion despite the pandemic with stable GDP growth and lucrative opportunities for investors.