Vietnam’s economy back on track for strong recovery: Singaporean daily
In an article posted on July 12, The Business Times of Singapore cited some economists' opinions that said Vietnam’s economy is back on track for a strong recovery this year.
Containers are loaded at Hai Phong Port. (Photo: VNA)
Singapore (VNA) – In an articleposted on July 12, The Business Times of Singapore cited some economists' opinions that said Vietnam’s economy is back on track for astrong recovery this year.
John Paul Lech, portfolio manager at Matthews Asia, said Vietnamis a frontier market star. While frontier markets are generally smaller, lessliquid and have limited foreign investor access, it has bucked the trend.
For the first six months of 2022, foreign directinvestment (FDI) into Vietnam grew by nearly 9% to 10.1 billion USD.
Economist Chua Han Teng from DBS, thelargest bank in Singapore, forecast Vietnam’s GDP expansion will reach 7% thisyear to meet the set target.
He held that the service sector willcontinue growing fast when COVID-19 is classified as an endemic disease. Theservice sector, especially retails, is bouncing back strongly while the numberof new businesses is increasing.
He added Vietnam is emerging as anexporter of information and communications technology, and its market share maydevelop further.
A corner of Ho Chi Minh City (Photo: VNA)
The United Overseas Bank (UOB) recently upgradedthe country’s GDP growth forecast for 2022 to 7% from 6.5% basing on asimulation that there won’t be any more serious disruptions caused by thepandemic.
The optimism was supported by ahigher-than-expected GDP growth rate in the second quarter, at 7.7% compared tothe same period last year - the fastest pace in 11 years and much higher thanthe previous estimate of 5.9%. This strong recovery was driven by manufacturingactivities which have accelerated for four straight quarters and the reboundedservice outputs which have continued regaining its foothold since the lastdecline in the third quarter of 2021.
However, economist Yun Liu saiddespite an optimistic growth trend, the energy crisis has begun affectingVietnam’s growth, recommending the country pay attention to rising growth risks,especially those posed by soaring energy prices./.
Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72% year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period, the General Statistics Office (GSO) reported at a press conference on June 29.
The Singapore-based United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from COVID-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2).
HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region.
Deputy Prime Minister Le Minh Khai requested appropriate measures be taken to guarantee macro-economic stability and control inflation to avoid economic shocks while maintaining normal production and business activities and ensuring people’s jobs and income.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
Containers are loaded at Hai Phong Port. (Photo: VNA) 
A corner of Ho Chi Minh City (Photo: VNA) 
