Viet Nam's GDP Projected to Expand by 7% This Year

10:05:53 AM | 7/5/2022

Viet Nam’s GDP is likely to expand by around 7 percent in 2022, 0.5 percent higher than the National Assembly’s preset goal, said Minister of Planning and Investment Nguyen Chi Dung.

Nguyen made the above statement at the Cabinet meeting in Ha Noi on July 4. 

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country's GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government's Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio - economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Viet Nam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Viet Nam posted the GDP growth of 2.58 percent in 2021.

By VGP