Vietnam targets 2022 GDP growth at 6-6.5%

The Government of Vietnam has set economic growth targets for 2022 with the gross domestic product (GDP) growth rate at 6-6.5%.

Top leaders at a government meeting on Jan 5. Photos: VGP

Its specific targets include an increase of 7-8% in retail sales and consumer price index (CPI) estimated to expand by 4%, Deputy Prime Minister Le Minh Khai said at a government meeting on January 5.

To make the goals possible, the government will focus on three pillars namely production, exports, and disbursement of public capital together with promoting public-private partnership (PPP) in infrastructure and key projects.

Accordingly, the whole political system from the central level to grassroots will consistently uphold the policy on flexible adaptation to Covid-19.

It will stress the importance of stabilizing capital, monetary, and labor markets with attention to digital transformation, innovation, manpower, real estate sector, science and technology.

Key infrastructure projects would be sped up like the North-South Railway project, My Thuan-Can Tho Expressway, Long Thanh International Airport, and some projects in Hanoi and Ho Chi Minh City.

According to Minister of Transport Nguyen Van The, the ministry in 2022 will complete procedures for 12 expressway projects. He said the ministry will work with localities to speed up site clearance.

For better economic connectivity, it will enhance the connection among parts of Vietnam through master plans for regions and the country as a whole with those for 2022 alone and others for the 2021-2030 period and vision to 2050.

Vietnam’s GDP growth in 2021 slowed to 2.58%, dropping from 2.91% the year before as the coronavirus pandemic casts a long shadow over the country that is listed among Southeast Asia’s key economies.

The International Monetary Fund (IMF) forecast Vietnam’s GDP to rise 6.6% in 2022 on the condition that transnational firms are keeping their appetite for investing in the country, according to Nikkei.

Vietnam’s growth expanded by 7% for the second straight year in 2019, with factories relocating from China as a result of the Sino-US trade barbs.

Leaders of Hanoi join the meeting.

Hanoi, the capital of Vietnam, expects an economic growth rate of 7-7.5% in 2022. The city’s top leaders said the goal is possible thanks to its growth results in the fourth quarter (Q4) 2021 as the consequence of the reopening plans after prolonged Covid-19 curbs on movement.

In Q4/2021, the city’s GDP grew to 6.69%, taking the whole year's growth to 2.92%. In the same year, the city’s state budget collection reached VND264 trillion (US$11.47 billion).

To attain the 2022 targets, the city will focus on flexible adaptation to Covid-19 with the resumption of almost all sectors at the same time intensifying investment in health, education, and culture.