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Vietnam Sees Fastest Growth in Southeast Asia for Two Years

Government forecasts 2022 GDP growth at 8%, beating target

Vietnam sees inflation quickening to about 4.5% in 2023

The prime minister’s annual address sets the economic direction for the year ahead and comes amid efforts to support a recovery from last year’s anti-virus lockdowns, when factories were shuttered and global supply chains were crippled. Since then, the economy has rebounded as restrictions ended, domestic demand picked up and exports increased.

For the rest of 2022 and next year, the government “will continue to prioritise restraining inflation, while boosting economic growth,” he said.

Vietnam posted double-digit growth in the third quarter, with the government striving to balance between curbing inflation, shielding households from the impact of rising costs of living and maintaining the economy’s recovery momentum. The central bank is urging commercial banks to find ways to keep lending costs low, even after it delivered a rare monetary policy tightening with last month’s interest rate hike to curb inflation and stabilise the currency.

The government “will manage policies that can help economic recovery but will also be mindful about the risk of fueling inflation,” Chinh told the parliament. “The government will aim to maintain sufficient money supply for businesses, while strictly controlling loans to potentially risky areas,” he added.
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