On the morning of March 29, 2022, the General Statistics Office held a press conference to announce the socio-economic statistics for the first quarter of 2022. Mrs. Nguyen Thi Huong, Director General, chaired the press conference. At the press conference, the Director-General announced the socio-economic situation of Vietnam in the first quarter of 2022. Accordingly, the estimated gross domestic product (GDP) in the first quarter of 2022 increased by 5.03% over the same period last year, higher than the growth rate of 4.72% in the first quarter of 2021 and 3.66% in the first quarter of 2020 but still lower than the growth rate of 6.85% in the first quarter of 2019.
Some key socio-economic indicators in the first quarter of 2022 are as follows:
– Gross domestic product (GDP): + 5.03%
– Index of Industrial Production (IIP): + 6.4%
– Number of newly established enterprises: 34.6 thousand enterprises
– Total retail sales of consumer goods and services: + 4.4%
– Investment capital realized by the whole society: + 8.9%
– Total export turnover of goods: + 12.9%
– Total import turnover of goods: + 15.9%
– Trade surplus: 809 million USD
– International visitors to Vietnam: + 89.1%
– Average consumer price index: +1.92%
– Core inflation: + 0.81%
– Labor force aged 15 and over: 51.2 million people
– Employees aged 15 and over are working: 50 million people
– Unemployment rate of the labor force in the age group: 2.46%
– Underemployment rate of the labor force in the age group: 3.01%
In the context of the Covid-19 epidemic still developing complicatedly, spreading rapidly in the community, the world economic and political situation fluctuated unpredictably, the socio-economic picture of Vietnam in the first quarter of 2022 achieved good growth in all fields due to the participation of the whole political system, the timely, drastic and close direction and management of the Government, the Prime Minister and the efforts of the Prime Minister efforts of all levels, branches, localities, the business community, and the people of the country. Agencies, both central and local, have adapted safely and flexibly to effectively prevent and control the Covid-19 epidemic, with a high rate of vaccine for the people to be determined to have a quick and sustainable socio-economic recovery. The economy achieved a growth rate of 5.03%, which is quite a growth rate compared to other countries in the region and the world, the macro-economy is stable, inflation is controlled at an appropriate level. The supply and demand of domestic goods were guaranteed, and goods procurement, consumption, and export activities increased. The area of agriculture, forestry, and fishery had a relatively high growth rate, confirming that the restructuring of the industry has brought into play effectively, ensuring the supply of food, foodstuffs, and essential goods. The processing and manufacturing industry played an important role in promoting economic growth in the first quarter of 2022. The progress of disbursement of public investment capital has improved markedly, the growth rate of realized investment capital under the State budget reached a high level, and social security was paid attention to care.
However, entering the second quarter, our country’s economy and society still have to face many difficulties and challenges, especially Vietnam’s economy has a remarkable openness, so it is affected in many ways by the political situation. The world economy has been complicated and unpredictable, world economic recovery is slowing down, the prices of essential goods are high, and there is a risk of high inflation around the world. Although Vietnam controlled the Covid-19 epidemic, there are still complicated developments of the disease in the world. Therefore, Vietnam’s economy in 2022 still has to face many difficulties. Reaching the target of 6.5% growth is a big challenge, requiring the joint effort and consensus of the Government, businesses, and people. Sectors and all levels in the country should strengthen their forecasts, proactively operate flexibly, in line with new situations, promptly respond to arising situations, focus on effectively implementing synchronous recovery support and socio-economic development policies. At the same time, focus on some of the following key contents:
Firstly, continue to effectively implement Resolution No. 128/NQ-CP on the provisional provision “Safely adapting, flexibly, effectively controlling the Covid-19 epidemic”; implementing synchronously, drastically, and effectively the tasks in Resolution No. 11/NQ-CP on the program to support economic recovery and development in 2022-2023; especially to ensure 100% disbursement of public investment capital, creating an economic impetus.
Secondly, persistently maintain macroeconomic stability; control prices, markets; ensure supply, circulation of goods, and major balances of the economy. Continuously update forecast scenarios on growth and inflation to proactively manage and respond to arising situations. Closely monitor the price movements of the most essential commodities, especially petroleum products, develop plans to regulate supply, limit sudden price increases in order to minimize the impact on inflation and people’s lives.
Thirdly, promote domestic production towards self-reliance in domestic raw materials supply. At the same time, speed up electricity projects to meet demand when production increases as well as people’s demand, especially in the coming summer months.
Fourthly, strengthen the domestic market, promote sustainable export, remove barriers, and create favorable conditions for domestic consumption and export of agricultural, forestry, and fishery products. Building the value chain of each agricultural product is associated with the development of agricultural and rural logistics infrastructure, ensuring the supply chain of the domestic market.
Fifthly, urgently restore the tourism market, facilitate international and domestic passenger traffic, and appropriately support tourism businesses associated with disease safety to welcome the upcoming tourist season.
Sixthly, promote administrative reform, and remove bottlenecks, barriers, and obstacles hindering production and business activities. Actively and faster supporting digital transformation for Vietnamese businesses in all fields, building a practical and effective digital economy and digital society, creating maximum favorable conditions for businesses.
Seventhly, closely monitor the weather situation, proactively plan for disaster prevention, warn of floods, landslides, the impact of drought, and saline intrusion in order to minimize damage to production and people’s lives. Effectively implement policies on social security, labor, and employment. Implement well the work of unexpected assistance, ensure that people in danger or disaster receive timely support, overcome difficulties, and stabilize their lives. Strengthen the work of ensuring traffic order and safety, environmental protection, and fire and explosion prevention./.