Viet Nam’s economy is expected to grow by 7.2 percent in 2022, on the back of a strong rebound in domestic demand and continued solid performance by export-oriented manufacturing.
According to the World Bank East Asia and Pacific Economic Update, October 2022, Viet Nam’s economy rebounded strongly from COVID-related lockdowns in the third quarter of 2021, expanding by 6.4 percent in the first half of 2022.
The WB attributed the rebound to a recovery of exports and the release of pent-up demand following the removal of COVID-19-related mobility restrictions and, more recently, the gradual return of foreign tourists.
In the medium to long term, achieving Viet Nam’s goal to become an upper-middle income economy will depend on transitioning to a productivity and innovation-led growth model based on a more efficient use of productive, human, and natural capital, the lending institution said.
Earlier, the Asian Development Bank (ADB) maintained its favorable economic outlook for Viet Nam as it forecasts the country’s gross domestic product to expand 6.5 percent in 2022 and 6.7 percent in 2023, based on the update of its flagship economic report released last week.
Meanwhile, Standard Chartered predicted Viet Nam’s GDP would grow at 10.8 percent in the third quarter and 3.9 percent in the last quarter of 2022, contributing to an annual expansion of 6.7 percent.
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