Australian expert optimistic about Vietnam’s economic prospects | Company

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Illustrative image (Source: VNA)

Sydney (VNA) – Along with the self-recovery of businesses and people, the economic achievements Vietnam has achieved so far this year have shown the efficiency of the government’s economic management and the bright prospects for the country’s economy this year, said associate professor Dr Chu Hoang. Long from the Crawford School of Public Policy, Australian National University.

Long quoted General Statistics Office data showing that the Vietnamese economy rose 8.8% year-on-year in the third quarter of 2022, the highest in 10 years.

The country’s exports in the first nine months of this year increased by more than 17%, while foreign direct investment (FDI) disbursements increased by 16%, a record rate in the past five years, ensuring major economic balances. A number of reputational credit ratings around the world such as S&P and Moody’s have upgraded Vietnam’s credit rating, he noted.

The expert pointed out that the country’s economic performance has manifested the effective management of the Vietnamese government in 2022. This has an important significance in the context where many countries are struggling with macro-economic instability, record inflation.

Long highlighted Vietnam’s efforts to control the COVID-19 pandemic, restructure its economy, improve business environment and eliminate difficulties in production and business activities, as well as accelerate economic recovery and development. and controlling inflation.

In particular, despite the impacts of the pandemic, Vietnam has actively engaged in the world’s joint efforts on climate change response and natural disaster prevention and control, while making strong commitments during the 26th United Nations Climate Change Conference (COP26).

Regarding Vietnam’s economic prospects, Long expressed his belief that the Vietnamese government will further encourage achievements to ensure higher development in the future.

With the trend of recovery in the first nine months of 2022, the expert was optimistic about Vietnam’s economic prospects in the future. Some international organizations predict that Vietnam’s economic growth will be 7-7.5% this year and 6.7% or even more in 2023. Vietnam is expected to become one of the world’s major consumer markets at the start of the next decade, he added.

However, according to Dr Long, the difficulties are still there for Vietnam, as businesses need more time to continue to recover and there are risks associated with high inflation and a high rate of bad debts, as well only to external fluctuations.

He made a number of recommendations for Vietnam regarding economic policies, including addressing institutional bottlenecks, implementing prudent monetary policy, and fully implementing the economic recovery and support program. to development by accelerating infrastructure projects and strengthening digital technologies. The expert also stressed the need for Vietnam to promote deep economic restructuring by renovating the growth model./.

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