Vietnam Adb

Much remains to be done for Vietnam to reach the goal of becoming a developed country by 2045, but it is moving in the right direction.

The Government needs to create the right conditions for Vietnamese enterprises to be independent in creativity and innovation, a key factor contributing to the economy’s self-reliance.

Vietnam’s economy recovered faster than expected in the first half of 2022 and continues to grow amid the challenging global environment.

Vietnam’s economic growth will be driven by continued trade expansion, the faster-than-expected recovery of manufacturing, domestic travel, and the acceleration of public investment.

The fund will be part of the ASEAN Green Recovery Platform launched at COP26.

The country, however, continues to face risks from high inflationary pressure, which, without proper action from the Government, may lift the inflation to over the 4% target set for 2022.

The ADB forecast the country’s GDP growth to be around 6.5% in 2022 and 6.7% in 2023, a significant improvement from a modest 2.58% attained in the previous year.

The loan will support LDC’s operations in India, Indonesia, Pakistan, Thailand, and Vietnam by financing coffee, cotton, and rice inventories for over 50,000 smallholder farmers across these countries.

Strengthening the healthcare system and ensuring effective and timely implementation of the Economic Recovery Plan for 2022-2023 is key for Vietnam to boost growth recovery this year.