Singapore’s straitstimes.com commented that Vietnam’s economy grew at the fastest pace in Asia this year. The U.S.’s CNN called it the fastest growth rate since 1997 while the U.K.’s BBC stressed that it was the highest growth posted from 2011-2022, the main driver of which was the export sector and strong retail sales.
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Vietnam’s economy grew at the fastest pace in Asia this year. (Photo for illustration) |
The figure was released amid concerns about the global economic slowdown and its impact on export demand from Vietnam, a major producer of apparel, footwear, and electronics for major international brands.
Russia’s Sputnik news agency said thanks to this miraculous economic growth, low inflation, booming imports-exports, political stability and brilliant diplomatic successes, Vietnam had emerged as one of the rare spotlights in the gloomy landscape of recession and crisis covering the world.
It quoted the World Trade Organization (WTO) ranking as saying that Vietnam has continuously been named in the group of 30 countries and territories with the biggest trade value globally. In particular, while many ASEAN countries have not moved up in the rankings in recent years, Vietnam has leapt with total trade value of over 700 billion USD this year.
Bloomberg said Vietnam’s economy grew faster than expected this year, signaling momentum towards a recovery following the pandemic.
The better-than-expected showing gives Vietnam’s central bank the space to wait-and-watch before deciding to pivot monetary policy away from tightening, it added.
According to Reuters and Hong Kong’s asiafinancial.com, though the economy in 2022 grew at the fastest pace in many years, economists warned it is facing headwinds ahead, with weakening global demand having already impacted shipments.
The full-year data showed that the U.S. remained Vietnam's biggest importer, with an estimated turnover of 109 billion USD. Meanwhile, China is the biggest seller to Vietnam, with estimated sales worth more than 119 billion USD. In 2022, it is estimated that Vietnam had a trade surplus of 11.2 billion USD, higher than the 3.32 billion USD recorded in the previous year.
Source: VNA