GDP next year is expected to increase 6-6.5%

Given that the economy in 2022 is subject to many risks and challenges from the impact of Covid-19, the Government still sets a target of next year’s GDP growth of 6-6.5%.

This goal was stated by the Government in the report on socio-economic development plan for 2022, dated October 12.

Under the authorization to present the report, Minister of Planning and Investment Nguyen Chi Dung said that, although facing the serious impact of the global crisis in terms of health, economy and society for the first time, the economic The macro economy remained stable in the first 9 months of this year.

However, 4 out of 12 targets have not been achieved. Economic growth in the first 6 months of the year reached 5.64% compared to the same period in 2020, and the 4th outbreak had a serious impact when the growth in the third quarter decreased by 6.17%, dragging the GDP growth rate. 9 months only reached 1.42%.

Mr. Dung also said that the macro economy still has some potential risks; inflation pressure increases; export deceleration. “There was a situation of disruption in some production and supply chains; the circulation of goods was sometimes blocked in some places. Financial markets, real estate, and securities had hot times.” Minister of Planning and Investment commented.

It is expected that growth for the whole year will be at 3-3.5% depending on the country’s ability to open up, but these are all very difficult indicators to achieve.

About the projected socio-economic development plan in 2022Minister of Planning and Investment Nguyen Chi Dung said that the Government set out 16 key indicators in the fields of economy, society and environment. In which, GDP growth rate is about 6-6.5%; Average CPI is about 4%; State budget deficit is about 4% of GDP…

Mr. Nguyen Chi Dung, Minister of Planning & Investment. Photo: Hoang Phong

Commenting, National Assembly Chairwoman Vuong Dinh Hue suggested that the agriculture, forestry and fishery sector still maintained growth in the third quarter and contributed to the overall growth of 0.35%. Therefore, it is necessary to clearly assess the supporting role of agriculture and how to promote agriculture in the coming time.

Meanwhile, the industrial and construction sectors were heavily affected by the 4th Covid-19 epidemic due to the implementation of strict social distancing measures, broken supply chains and dependence on the international market. Economic, logistics, freight transport, labor market faced many difficulties.

GDP of the construction industry in the third quarter decreased by 5.02%, bringing the 9-month increase to only 3.57%. Export growth of textile, leather and footwear industries slowed down. The phenomenon of supply chain disruption, labor chain, loss of customer orders has been happening. The service sector, the sector that has been hardest hit, is not easy to recover from.

The National Assembly Chairwoman emphasized that these are areas that need specific analysis, in order to have solutions for each area, they cannot be general. He noted that the solution for the last months of this year needs to clarify the prioritized content and at the same time carefully evaluate the 2022 context to have a suitable scenario.

Stated that the first important goal is to stabilize the macro-economy in association with social security, National Assembly Vice Chairman Nguyen Khac Dinh said that 2020-2021 is the most difficult period ever for the country. water. Therefore, it is necessary to have support packages with larger scale, stronger measures to recover the economy, stimulate investment demand, stimulate consumption demand and support people and businesses.

Synchronous fiscal and monetary policy, associated with administrative procedure reform, digital transformation, correction of responsible attitude of officials and civil servants, accelerated disbursement of public investment and promotion of social investment festival.

In addition, it is suggested that the Government examine, review and clarify some issues that have emerged over the past time for a report to the National Assembly such as the cost of Covid-19 test; personal charitable matters; the relocation of labor in the southern provinces, laborers returning to their homeland… Impact of the Covid-19 epidemic on disadvantaged groups who have difficulty accessing support policies and the implementation of national target programs on socio-economic development in ethnic minority and mountainous areas.

Concluding the discussion, Vice Chairman of the National Assembly Nguyen Duc Hai said that forecasting the situation in 2022 still faces many difficulties, so it is necessary to analyze specifically and have breakthrough solutions to solve. In which, attention is paid to the decreasing trend of foreign capital inflows into Vietnam, difficulties for domestic private investment, and reduced growth potential for recovery.

The implementation of supportive policies will put great pressure on the state budget, increase bad debts of credit institutions, increase unemployment and job losses, laborers are leaving the provinces and cities. In large cities, there is a local labor shortage in some areas.

The National Assembly Standing Committee unanimously submits to the National Assembly for consideration and decision the socio-economic goals, targets, tasks and solutions in 2022 and the state budget at the second session, expected to open. next October 20.

Mr. Minh


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