The economy rebounded strongly from Covid-19-related lockdowns in the third quarter of 2021, expanding by 6.4% in the first half of 2022, the report said.

A view of Ho Chi Minh City.

The WB attributed the rebound to a recovery of exports and the release of pent-up demand following the removal of Covid-19-related mobility restrictions and, more recently, the gradual return of foreign tourists.

In the medium to long term, achieving Vietnam’s goal to become an upper-middle income economy will depend on transitioning to a productivity and innovation-led growth model based on a more efficient use of productive, human, and natural capital, the bank said.

The WB forecast that growth in the region is projected to decelerate from 7.2 percent in 2021 to 3.2 percent in 2022, which is about two percentage points slower than was expected in April 2022.

Potential output in the region is now projected to expand 4.6% year-on-year over the 2022-2030 period, down from 6.5% in the decade preceding the pandemic.

According to a forecast by the WB in April, East Asian and Pacific countries can achieve an economic growth of 5% in 2022.

Bac Giang looks at ways to expand tourism potential to build economy

The northern province of Bac Giang is promoting its tourism sector by accelerating tourism-related activities to attract more visitors, said Tran Minh Ha, director of the provincial Department of Culture, Sports and Tourism.

Vietnamese economy to perform well: AMRO

Vietnam is expected to come out second only to the Philippines in terms of projected GDP for 2022 and on top for 2023, according to a recent Quarterly Update of the ASEAN +3 Regional Economic Outlook.

Japan shares experiences to help Vietnam develop circular economy roadmap

A workshop took place in Hanoi on July 6 to share Japan’s experiences and policy suggestions for Vietnam in developing a roadmap to implement circular economy.

Development of e-contracts in Vietnam crucial to digital economy

The development of e-contracts in Vietnam is crucial to the country’s digital economy, helping businesses to effectively manage and save costs and time while creating a professional working environment.

Joint efforts needed to promote digital economy in Vietnam

The “E-Conomy SEA 2021” report, co-released by Google, Bain and Temasek, shows that Vietnam’s internet economy in 2021 reached 21 billion USD and contributed 5% of GDP. It is seven times higher than in 2015 and the figure is projected to hit 57 billion USD in 2025, ranking second in Southeast Asia.

Source: VNA