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Vietnam economy bouncing back strongly

ANN – Prime Minister Pham Minh Chính on Saturday chaired the May Cabinet meeting held in Hanoi on the country’s socio-economic situation and recovery progress.

The Government delegates agreed that despite serious headwinds especially in the global affairs, Vietnam in the first five months of 2022 witnessed positive improvements and the economy has been bouncing back robustly on all fronts – with most sectors recording growth compared to previous months and the same period last year, when the intense COVID-19 outbreak started to affect the country.

The five-month average Consumer Price Index (CPI), a strong indication of inflation level, rose only 2.25 percentage points compared to last year (which is still higher than the average of 1.29 per cent witnessed in 2021, but lower than the average in the 2017-2020 period), as most macro-economic indices remain stable and food, energy security ensured.

Industrial production jumped by 10.4 percentage points compared to last year’s first five months, as exports increased by an impressive 16.3 percentage points, with surplus reaching USD516 million.

The implementation of stimulus policies has also achieved initial results, with preliminary statistics estimating that over VND22 trillion (USD948.6 million) out of the VND301 trillion (USD12.9 billion) package already disbursed, with the disbursement rate expected to speed up when the policies are thoroughly understood, popularised and implemented.

Foreign direct investment (FDI) in five months reached USD7.71 billion, up 7.8 per cent, with green FDI on the upwards trajectory.

After the PM decided to set up Working Groups, the disbursement of public investment capital has largely increased – with realised capital from the state budget in the first five months of 2022 reaching VND147.8 trillion, about 27.7 per cent of the plan and up 9.5 per cent over the same period last year.

Vietnam Prime Minister Pham Minh Chính chairing the regular Cabinet meeting. PHOTO: ANN