Vietnam has fulfilled several economic targets 2021 despite COVID-19 pandemic, becoming one of the world’s 20 leading economies in terms of global trade, according to an article recently published by Malaysia’s Bernama.

Illustrative image (Photo: VNA)

The article said Vietnam has switched from “Zero COVID” strategy to safe and flexible adaptation to and effective control of the pandemic to maintain economic activities.

In order to achieve a solid macro-economic foundation, the Vietnamese Government offered unprecedented support to firms and residents hit by the pandemic while making timely policy adjustments.

Each locality also took own measures to achieve the dual goal of fighting the pandemic and restoring economic development, it said, adding that such policies and strategies have strengthened public trust on the Government and encouraged residents to join hands in the process, said the vietnamplus.

According to the Bernama, Vietnam’s foreign trade surpassed US$660 billion, up 21 percent, with a trade surplus of nearly 2.1 billion USD. Notably, foreign direct investment in the country topped US$29 billion, or around US$500 million higher than that in 2020. Its gross domestic product growth is estimated at 2.58 percent this year.

In its recently published article, Bernama said Vietnam has become one of the world’s 20 leading economies in terms of global trade. The country has switched from “Zero COVID” strategy to safe and flexible adaptation to and effective control of the pandemic to maintain economic activities, it said.

In order to achieve a solid macro-economic foundation, the Vietnamese Government offered unprecedented support to enterprises and residents hit by the pandemic, while making timely policy adjustments.

The article quoted Vietnamese Prime Minister Pham Minh Chinh as saying that existing difficulties faced by the country are only temporary. The Vietnamese Government chief underscores advantages, potential and new driving forces for long-term national development, with a solid and stable economic balance, according to the VOV.

Bright outlook ahead for Vietnamese economy in 2022

The Vietnamese economy is expected to gather full steam in 2022 following positive growth in 2021, according to international organisations and experts. (Photo: vnmedia.vn)

Major international organisations and experts positively acknowledged Vietnamese efforts to weather the brunt of the COVID-19 crisis and reboot the local economy, with many believing that the country would once again achieve high growth in 2022.

This year has seen the country achieve a record high export value of more than US$336 billion thanks partially to the opening of the international trade system and the full implementation of free trade deals, such as the EU – Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific partnership (CPTPP).

Ambassador of the EU Delegation to Vietnam Giorgio Aliberti partly attributed the impressive figure to the country’s exports to the EU, which represents a large but demanding market.

This marks a positive sign that has created momentum going into next year, especially when the free trade deal between the two sides really comes into full play, he said.

Meanwhile, foreign direct investment (FDI) attraction is also a bright spot in the country’s economic picture for 2021. The Ministry of Planning and Investment reported that Vietnam attracted US$31.15 billion in FDI as of December 20, an annual rise of 9.2%.

The UN Conference on Trade and Development (UNCTAD), in its World Investment Report 2021, named Vietnam among the world’s top 20 host economies for FDI for the first time, cited the VOV.

Both the World Bank and the Asian Development Bank over the last month also agreed that the opening of the international trading system and the shift of the COVID-19 strategy by the Government has helped the country’s trade balance to improve, thereby helping its economy grow and attract greater foreign investment.

Foreign media have also published stories, making positive comments on the Vietnamese economic outlook ahead in 2022. Indeed, Russian news agency Sputnik reported that thanks to the rapid vaccination campaign, along with the flexible COVID-19 strategy implemented, the Vietnamese economy is showing signs of recovery and will certainly regain its strong growth momentum ahead in 2022.

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