Vietnam's GDP growth hits 5.03% in Q1
A GDP growth of 6.5% for 2022 would be a challenge given the global uncertainties and inflationary pressure from rising key commodities prices in international markets.
A GDP growth of 6.5% for 2022 would be a challenge given the global uncertainties and inflationary pressure from rising key commodities prices in international markets.
The support, estimated at a maximum of VND40 trillion (US$1.76 billion), is part of the overall socio-economic recovery program worth VND350 trillion ($15.4 billion).
Vietnam said it’s time to re-evaluate threats and strengthen international economic cooperation and linkage for a more inclusive and sustainable recovery.
A 2% rate cut in the value-added tax (VAT) would cause a decline of VND49.4 trillion (US$2.1 billion in state budget revenue, but is necessary to support socio-economic recovery.
Vietnam, with a high vaccination rate and a flexible Covid-19 strategy, could see the economy rebound stronger in 2022 and the coming years.
The economy faced severe consequences from the pandemic posting a modest 2.58% GDP growth in 2021. Drastic measures, therefore, are required to ensure the economy’s speedy recovery.
The most important point in the Government’s new stance is guaranteeing the operation of businesses in any Covid-19 circumstance as long as they fully comply with anti-Covid-19 measures.