Vietnam targets 6-6.5 percent GDP growth in 2022

By Anh Minh   October 13, 2021 | 12:30 am PT
Vietnam targets 6-6.5 percent GDP growth in 2022
A woman shops at a supermarket in District 3, Ho Chi Minh City, July 11, 2021. Photo by VnExpress/Quynh Tran
The government targets GDP growth of 6-6.5 percent in 2022 despite the likely challenges the Covid-19 pandemic could pose.

At a National Assembly Standing Committee meeting on Tuesday, Minister of Planning and Investment Nguyen Chi Dung listed the 16 main goals of the socio-economic development plan for next year, which also includes containing inflation and the budget deficit at 4 percent.

Despite the severe impacts of the global pandemic on health, the economy and society, the economy has remained stable this year, he said.

The economy grew by 5.64 percent year-on-year in the first half of the year, but contracted by 6.17 percent in the third quarter as the fourth wave of Covid raged, leading to growth of 1.42 percent for the first nine months, he said.

He warned that the economy still faces potential risks such as a surge in prices and fall in exports.

There is a disruption of some production and supply chains while distribution of goods faces bottlenecks in some places, he said.

This year’s growth target is 3-3.5 percent depending on the pace of reopening, but it would be difficult to achieve, he admitted.

Saying 2020-21 is the country’s most difficult period ever, NA Vice Chairman Nguyen Khac Dinh said it is necessary to have larger stimulus packages and drastic measures to restore the economy, revive consumer demand and investment and support people and businesses.

He underlined the need for coordinating fiscal and monetary policies, administrative reform and digital transformation.

The committee will submit the plan to the National Assembly for approval at the session starting on Oct. 20.

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