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| In 2023, many forecasts that Vietnam will continue to be one of the fastest growing mid-sized economies globally with a growth rate of 6%. (Source: mof.gov.vn) |
Vietnam's economy has gradually regained momentum and grown rapidly in all sectors in 2022 thanks to the Government's timely adjustment of appropriate policies and seizing opportunities, with the highlight being the comprehensive opening on March 15, 2022. This is a solid premise for Vietnam's economy to overcome the Covid-19 crisis, the Russia-Ukraine conflict, supply chain disruptions, inflation... to achieve impressive achievements.
Results from the total campaign
The National Steering Committee for Covid-19 Prevention and Control has just agreed to move Covid-19 from Group A infectious disease to Group B infectious disease. Up to now, it can be affirmed that with the efforts of the entire political system and people, Vietnam has controlled the Covid-19 epidemic. In particular, vaccine diplomacy has made a positive contribution to the success of the Vaccine Strategy, contributing to controlling the pandemic and soon moving to the stage of economic recovery and development.
Looking back at 2020, in the context of the new outbreak of the Covid-19 epidemic, the supply of vaccines is scarce. Finding vaccines has become a decisive step to ensure people's livelihoods, a prerequisite for timely strategic change from epidemic prevention by administrative measures to professional and scientific measures, ensuring the successful implementation of the Government's dual goals.
The Party and State have mobilized all efforts and resolutely directed the diplomatic sector to exploit channels to access vaccines. Vaccines have become an important topic in many international phone calls and diplomatic contacts.
On August 13, 2021, Vietnam established a Government Working Group on Vaccine Diplomacy headed by Foreign Minister Bui Thanh Son, with three main goals: urging timely vaccine delivery; mobilizing vaccine aid from bilateral partners and international organizations; and promoting technology transfer.
Vietnam has become one of the countries with the highest vaccine coverage in the world, a leading symbol among developing countries in successfully implementing a vaccine strategy.
The success of vaccine diplomacy is achieved first of all thanks to our gaining the support of international friends and partners, affirming a close partnership, a message of solidarity and mutual support, highly appreciated by the international community and thus ready to cooperate and support when Vietnam needs it.
Growth Highlights
Thanks to the achievements of the vaccine diplomacy campaign, the epidemic has been controlled, Vietnam has moved to the stage of socio-economic recovery and development, stabilizing the macro-economy, controlling inflation, promoting growth, ensuring major balances (revenue-expenditure, import-export, food balance, energy balance, labor supply and demand); maintaining political stability, social order and safety, protecting independence, sovereignty, territorial integrity, promoting and expanding integration and effective foreign affairs.
Many international organizations assess that one of the most important reasons for Vietnam to become the country with the highest economic growth rate in the region in 2022 is due to early and effective control of the epidemic and opening up for economic recovery and development.
Reality has proven that this shift is correct and timely, the economy from negative growth of more than 6% in the third quarter of 2021 has achieved positive growth in the following quarter and the following quarter is higher than the previous quarter, the epidemic is under control. In 2022, Vietnam's Gross Domestic Product (GDP) grew by 8.02%, prices of domestic goods are basically under control. Many people even say that they do not feel the impact of the global economic crisis in Vietnam.
Andrew Huntley, CEO of investment consultancy BDA Partners, said that with an increase of 8.02% - among the highest in the world, Vietnam has witnessed a strong recovery after two years of the pandemic. According to him, the driving force of the recovery is consumption, which increased by about 14%, a high growth rate and a large contribution to GDP growth. In addition, exports in 2022 will also recover similarly with an increase of 13%.
Since fully reopening to international visitors on March 15, 2022, Vietnam's tourism industry has gradually recovered. In 2022, Vietnam welcomed a total of 3.66 million international visitors, an increase of 23.3 times compared to the previous year. In the first five months of 2023, international visitors to Vietnam are estimated to reach nearly 4.6 million, 12.6 times higher than the same period last year. With an increasing economic scale, soft power and widely recognized influence, Vietnam maintains its position in the top 30 most powerful countries in the world in 2022 according to the ranking of the media company US News & World Report (USA).
Based on the experience of vaccine diplomacy, at the Conference on Summary of Vaccine Diplomacy - Lessons learned to promote economic diplomacy in the new situation (November 2022), Prime Minister Pham Minh Chinh assigned the Ministry of Foreign Affairs to develop a Government Action Program to implement economic diplomacy, diplomatic activities to promote economic activities, including market expansion...
The success of vaccine diplomacy not only contributes to strengthening "soft power", affirming the national image and the pioneering role of the Diplomatic sector, but also adds valuable experiences in diplomatic advocacy and implementing economic diplomacy and export diplomacy in the current difficult world economic context.
Vaccine diplomacy is a “shortcut” for developing countries to boost vaccination and prevent the spread of the Covid-19 pandemic. However, in the long term, technology transfer, expanded production, and redistribution of vaccine supplies will truly create the ability to meet the world's vaccine needs, including Vietnam.
In 2023, many experts predict that Vietnam will continue to be one of the fastest growing mid-sized economies in the world, with a growth rate of 6%. According to HSBC Bank's second quarter economic update report released on May 5, Vietnam's GDP growth is forecast to reach 5.2% this year. On May 11, Standard Chartered Bank continued to forecast Vietnam's GDP growth at 6.5%.
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