The World Bank (WB) has just published the edition of “Vietnam Macroeconomic Update” in March this year.
The financial institution said that “available data suggest that economic activity in the country continued to recover, with industrial production increasing by 8.5% (year-on-year) and total retail Consumer goods and services increased by 3.1% (year-on-year) despite the recent impact of the recent rapid increase in the number of COVID-19 infections on labor supply, production, and consumption which may not be fully reflected.”
The “Vietnam Macroeconomic Update” released on March 10 further added that “despite the increase in energy prices, inflation continues to be held thanks to relatively stable food prices and weak domestic demand.”
The World Bank commented that although Vietnam’s economy “shows resilience and is recovering,” currently “negative risks have increased” due to the high increase in Omicron variant infections and the “intensification” of the Russia-Ukraine conflict which increases uncertainty about the global economic recovery, creating new pressure on global supply chains and increasing inflationary pressures.
“Because the economic growth of the United States, the European Union, and China – Vietnam’s largest export markets – may be affected, the authorities should encourage export businesses to seek new markets, innovate new products through global value chains and existing free trade agreements to strengthen export resilience,” the World Bank wrote.
According to the Vietnamese government’s online newspaper, Vietnam’s National Assembly at the end of last year voted to approve a resolution on the socio-economic development plan in 2022, according to which “requires a growth rate of gross domestic product about 6 – 6.5%; effectively control the COVID-19 epidemic.”
Translated by Thoibao.de from the original source: https://www.voatiengviet.com/a/6487790.html
