Gov’t sets 6-6.5% GDP target for Vietnam in 2022

Vietnam’s economy is projected to grow by between 6% and 6.5% next year, Prime Minister Pham Minh Chinh unveiled the Government’s target at the ongoing session of the National Assembly in Hanoi on October 20.

PM Pham Minh Chinh addresses the year-end session of the National Assembly

PM Pham Minh Chinh addresses the year-end session of the National Assembly

The Government will also strive to keep the consumer price index (CPI) at about 4%; and the State budget deficit over GDP at about 4%, he said.

Among other key indicators, the rate of trained workers will be raised to about 67%, the rate of poor households will decrease by about 1-1.5%, and about 92% of the population will access health insurance services.

The PM admitted that the COVID-19 pandemic has taken its heavy toll on the national economy, posing a great challenge to Vietnam to implement its socio-economic tasks for 2022 and beyond.

“With the combined strength and resolve from the entire Party, army and people, we are confident that we will deliberately control and beat the pandemic to create conditions for the economy to get back on track and further integrate into the global economy,” stressed Chinh.

To meet the targets set for 2022, the PM affirmed that the Government will work towards achieving the ongoing goal of safe and flexible adaptation to and effective control of COVID-19, while seizing upon every opportunity for economic recovery.  

The Government will try hard to maintain macroeconomic stability, control inflation, ensure major balances, and improve the autonomy, resilience and adaptability of the economy, he stressed.

According to the PM, Vietnam failed to fulfil four out of 12 targets set for 2021 due to the negative impact caused by the COVID-19 pandemic. Notably, the yearly GDP growth rate is estimated at 3-3.5% compared to the 6% set target, and the GDP per capita is estimated at US$3,660 – 3,680 compared to the US$3,700 target.

Despite securing a GDP growth rate of 5.64% in the first six months of this year, the national economy surprisingly contracted by 6.17% in the third quarter, making the nine-month growth rate rise by just 1.41% - a record low figure.

The macro-economy still faces potential risks when inflation pressure increases and exports decelerate. In addition, import and export activities depend a lot on the FDI sector and a few major markets. The COVID-19 pandemic has also dealt a heavy blow to the economy disrupting supply and production chains in some industries.

VOV

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.