Economic Recovery

The city's authorities will continue focusing on boosting economic recovery while addressing the concerns of the business community.

Hanoi would continue to speed up construction progress and public investment, identified as a major solution to spur economic growth and further attract investment capital to the city, said the city’s mayor.

Greater efforts are required to combat corruption and violations of the law, especially in the issuance of corporate bonds, stock market and real estate, Prime Minister Pham Minh Chinh has said.

The opportunities for the local firms are huge as the EU remains the second-largest import market in the world with a turnover of $2.16 trillion in 2020.

The GDP growth is set to expand by 4-4.5% in 2022, along with inflation rates of 3.4-3.7%, or a rise from an estimated 2% rate this year.

Foreign direct investment (FDI) would help create breakthroughs for the country to move forward, especially in terms of capital, technology, corporate governance, and human resources training.

The fiercer global trade landscape means there is no other way for Vietnam to stay competitive, but to build a legal framework beyond its commitments made in current trade agreements.

While many companies are eager to expand production activities to keep up with deadlines, they remain cautious in preventing possible infections.

Hanoi is scheduled to announce an economic recovery plan in line with Covid-19 control and prevention.

Vietnam’s growth prospects remain much dependent on the effectiveness of vaccination programs, restriction measures, and the implementation of supporting policies.