Outstanding economic events of Vietnam in 2022

Faster-than-expected GDP growth, the upgrade of Vietnam’s credit ratings, and big fluctuations in the corporate bond market are among notable events of the Vietnamese economy in 2022.

Faster-than-expected GDP growth, the upgrade of Vietnam’s credit ratings, and big fluctuations in the corporate bond market are among notable events of the Vietnamese economy in 2022.

The following is the list of the top 10 defining events of the economy this year selected by the Vietnam News Agency’s Department of Economic News.

1. Issuance of six resolutions on regional socio-economic development and defence-security safeguarding

Outstanding economic events of Vietnam in 2022 hinh anh 1

A national conference to disseminate and launch the implementation of the Politburo's Resolution No 13-NQ/TW, dated Arpil 2, 2022, on orientations for socio-economic development and defence-security safeguarding for the Mekong Delta (Photo: VNA)

For the first time, the Politburo issued six resolutions on socio-economic development and defence-security safeguarding for 2030, with a vision to 2045, for six regions to tap into advantages of each region while enhancing connectivity within each region and among different regions.

At its third session, the 15th-tenure National Assembly also made investment decisions about five key transport projects expected to create an infrastructure breakthrough and connect regions nationwide.

2. Faster-than-expected GDP amid bleak world economic situation

Outstanding economic events of Vietnam in 2022 hinh anh 2

An oil rig on the Bach Ho (White Tiger) oil field (Photo: VNA)

Vietnam’s 2022 GDP growth is estimated at 7.5-8%, higher than the target of 6-6.5%. Meanwhile, inflation has been curbed to stand at 3.1-3.3%, and about 21 billion USD in foreign direct investment (FDI) disbursed, up over 8% year on year. Total exports and imports this year are valued at some 750 billion USD, rising 12.18%, according to the General Department of Vietnam Customs.

These are impressive results amid undermined growth momentum of the world economy and soaring inflation and living expenses.

3. Issuance of national master plan for 2021-2030, with vision to 2050

Outstanding economic events of Vietnam in 2022 hinh anh 3

Prime Minister Pham Minh Chinh chairs a national teleconference to accelerate the building of the national master plan for 2021-2030, with a vision to 2050. (Photo: VNA)

On October 25, the Government issued Resolution No 138/NQ-CP on the national master plan for 2021-2030, with a vision to 2050.

This was the first time a national master plan had been built on the basis of the Law on Planning and the resolutions and conclusions of the Party Central Committee, Politburo, and National Assembly on national socio-economic development in the time ahead.

The plan specifies the distribution and arrangement of space for socio-economic, defence, security, and environmental protection activities that are nationally and internationally important and strategically inter-regional in the territory, including the mainland, islands, archipelagoes, sea areas, and skies.


4. International organistions’ upgrade of Vietnam’s credit ratings

Outstanding economic events of Vietnam in 2022 hinh anh 4

The automobile assembly line of Hyundai Thanh Cong (Photo: VNA)

In 2022, three leading credit rating agencies in the world, namely Moody’s, Standard & Poor’s (S&P), and Fitch Ratings, made positive assessments of Vietnam’s credit ratings. On September 6, Moody’s upgraded Vietnam’s long-term issuer and senior unsecured ratings to Ba2 from Ba3 and changed the outlook to stable.

Vietnam was the only in the Asia-Pacific and one of the four countries in the world for which Moody’s raised the ratings. International organisations highly valued the country’s efforts in implementing macro-economic policies, keeping financial stability, and surmounting external shocks.

5. Continual adjustment of regulatory interest rates, exchange rates in over one month

Outstanding economic events of Vietnam in 2022 hinh anh 5

The regulatory interest and exchange rates were adjusted continually in over a month. (Photo: VNA)

For the first time, within more than one month (from September 23 to October 25), the State Bank of Vietnam continually adjusted the regulatory interest and exchange rates, with the regulatory interest rate and deposit interest rate ceiling raised twice, and the USD/VND trading band expanded from +/-3% to +/-5%.

The flexible governance by the Government and the central bank has helped contain inflation and enhance people, businesses, and investors’ trust in Vietnam’s investment climate.

6. Vietnam named first country to successfully develop, produce African swine fever vaccines

Outstanding economic events of Vietnam in 2022 hinh anh 6

NAVET-ASFVAC is one of the two African swine fever vaccines made by Vietnam. (Photo: VNA)

Vietnam was the first country to have successfully developed and produced two African swine fever vaccines, NAVET-ASFVAC and AVAC ASF LIVE, which are the first commercial vaccines for this disease.

The Ministry of Agriculture and Rural Development is set to put the vaccines into use nationwide in early 2023. This success has also opened up prospects for exporting African swine fever vaccines.

7. Many new records in stock market

Outstanding economic events of Vietnam in 2022 hinh anh 7

Strong fluctuations have turned VN-Index into one of the most volatile indexes in the world. (Photo: VNA)

In 2022, VN-Index surpassed 1,500 points for the first time, but dropped to less than 900 points within over six months. Such fluctuations have turned VN-Index into one of the most volatile indexes in the world.

The market capitalisation on the Ho Chi Minh Stock Exchange (HoSE) hit a record of more than 6 quadrillion VND (254.5 million USD at the current exchange rate) in early April. In the first 11 months, inpidual investors opened nearly 2.5 million new securities accounts, the biggest number in the 22-year history of Vietnam’s stock market.

Amid the market’s hot growth and signs of stock price manipulation, authorities have taken strong actions to tighten discipline and improve the health of the market.

8. Strong fluctuations on corporate bond market

Outstanding economic events of Vietnam in 2022 hinh anh 8

On April 5, the investigation police agency under the Ministry of Public Security arrests Do Anh Dung, Chairman and Director General of Tan Hoang Minh Group for suspected legal violations relating to bond issuance and capital raising. In the photo: investigators are seen at the Tan Hoang Minh's headquarters on Quang Trung street, Tran Hung Dao ward, Hoan Kiem district of Hanoi. (Photo: VNA)

The corporate bond market, a medium- and long-term capital mobilisation channel, was negatively affected when investigations were launched into some cases involving wrongdoings in corporate bond issuance. Inpidual investors sold bonds before maturity due to concerns over businesses’ failure to repay debts.

To rectify activities in this market, the Government released Decree No 65/2022/ND-CP on September 16 to amend Decree No 153/2020/ND-CP that stipulates rules on corporate bond offerings. It also requested the Ministry of Finance to continue overhauling Decree 65 in order to guarantee publicity, transparency, the legitimate rights and interests of investors, along with the safety and security of the financial and monetary markets.

9. Electronic toll collection applied nationwide

Outstanding economic events of Vietnam in 2022 hinh anh 9

Vehicles pass an electronic toll gate on Hanoi - Hai Phong Expressway. (Photo: VNA)

On August 1, all expressways nationwide applied electronic toll collection (ETC). Piloted since 2015, the ETC application encountered difficulties after repeated delays. The concerted implementation of ETC is expected to help improve service quality, reduce travel time and expenses, ease traffic congestion and environmental pollution, promote convenience and transparency, and safe management and supervision costs.

10. Fuel shortages in many localities

Outstanding economic events of Vietnam in 2022 hinh anh 10

Motorcyclists wait to refill their vehicles at a gas station on Lac Trung street, Hanoi on November 5. (Photo: VNA)

In October and November, residents in many localities had to wait in long queues to buy fuel. This situation came as a result of complex developments in the global oil market, and it also revealed problems in the management of petrol and oil trading.

As directed by the Government, the Ministry of Finance, the Ministry of Industry and Trade, and the State Bank of Vietnam promptly carried out solutions to tackle this situation./.

Source: VNA
en.vietnamplus.vn

Related News

Bright spots at the beginning of the year

Bright spots at the beginning of the year

VCN - Production and business activities of enterprises have been vibrant since the first days of the year, thanks to which, many economic indicators in the first 2 months of 2024 are positive and positive. This is the fulcrum of trust and motivation for businesses to continue to develop.
Vietnam experiences a trade surplus of over US$11 billion in two months

Vietnam experiences a trade surplus of over US$11 billion in two months

VCN - The trade turnover between Vietnam and China reach over US$27 billion only in two months
A lot of room for growth in the potential for Vietnam - Rok financial cooperation

A lot of room for growth in the potential for Vietnam - Rok financial cooperation

VCN - During the business trip program to the Republic of Korea (RoK), the delegation of the Ministry of Finance led by Minister Ho Duc Phoc had a working session with the RoK’s Deputy Prime Minister and Minister of Economy and Finance on March 8, at the Government Complex Seoul.
The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference

The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference

On March 7, in Seoul Capital, South Korea, the State Securities Commission (SSC) organized a financial investment promotion conference with the theme "Vietnam - Investment destination". Minister of Finance Ho Duc Phoc attended and chaired the Conference.

Latest News

Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Deputy Prime Minister Tran Luu Quang on March 27 stressed the Vietnamese Government’s determination to speed up the disbursement of official development assistance (ODA) and concessional loans.
Vietnam, US hold first foreign ministerial-level dialogue

Vietnam, US hold first foreign ministerial-level dialogue

Minister of Foreign Affairs Bui Thanh Son and US Secretary of State Antony Blinken co-chaired the first Vietnam-US Dialogue at the foreign ministerial level in Washington DC on March 25 (local time).
Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

VCN - Mr. Le Huu Quang Huy, Member of the Inter-Branch Executive Committee of Vietnam Industrial Park Finance Association (VIPF), Vice Chairman of the Board of Members of the International Investment Study Institute (ISC) had an interview with Customs Magazine reporters about the FDI attraction situation.
Vietnam attends 148th IPU Assembly in Geneva

Vietnam attends 148th IPU Assembly in Geneva

A delegation of the Vietnamese National Assembly (NA) led by NA Vice Chairman Tran Quang Phuong attended the opening ceremony of the 148th Assembly of the Inter-Parliamentary Union (IPU-148) and a plenary session in Geneva, Switzerland, on March 24.

More News

More Vietnamese people go cashless: Visa study

More Vietnamese people go cashless: Visa study

Visa, a global leader in digital payments, has provided its insights into Vietnam’s payment landscape with its latest Consumer Payment Attitudes study that highlights the surge in cashless transactions among Vietnamese consumers.
Without resolving three significant bottlenecks, real estate market

Without resolving three significant bottlenecks, real estate market's revival will face numerous challenges

VCN - Economic expert Vu Dinh Anh shares insights on the real estate market's recovery trajectory in 2024.
Top Finnish legislator begins official visit to Việt Nam

Top Finnish legislator begins official visit to Việt Nam

Speaker of the Parliament of Finland Jussi Halla-aho and a high-ranking delegation of the Finnish Parliament arrived in Hà Nội on Sunday
Build advantages - Secure the future with Vietnam ESG 2024 Initiative

Build advantages - Secure the future with Vietnam ESG 2024 Initiative

VCN - In the context of global economic integration, Vietnamese businesses are facing many challenges in meeting strict requirements for green and sustainable development from investors, partners, international market and consumers. Faced with this trend, Vietnamese businesses, especially those participating in global supply chains or exports, are facing increasing pressure to apply ESG practices to avoid falling behind or being eliminated from the "game".
Nearly 20 commercial banks lower deposit rates

Nearly 20 commercial banks lower deposit rates

Nearly 20 commercial banks in Vietnam have adjusted deposit rates since the beginning of this month, with most lowering rates.
Breakthrough policies look towards green economy

Breakthrough policies look towards green economy

Extended producer responsibility (EPR) holds producers and importers responsible for the entire lifecycle of their products, including their disposal and recycling.
Vietnam remains attractive destination for foreign investors

Vietnam remains attractive destination for foreign investors

Vietnam's economic strength is reflected in controlled macroeconomic indicators and the country has increasingly affirmed and strengthened its important role in the supply chain diversification strategy of multinational corporations. 2024 will be the year for foreign investors to seize opportunities and implement high-tech foreign direct investment (FDI) projects in Vietnam.
Vietnam pledges to continue contributing to UNESCO’s common affairs

Vietnam pledges to continue contributing to UNESCO’s common affairs

Deputy Minister of Foreign Affairs Ha Kim Ngoc attended the 219th session of the UNESCO’s Executive Board in Paris on March 18 and 19, during which the Vietnamese representative affirmed that Vietnam always highly evaluates multilateral cooperation and UNESCO’s role, and pledges to continue to make active and positive contributions to the organisation’s common affairs.
Vice State President now Acting President

Vice State President now Acting President

Mme. Vo Thi Anh Xuan, Vice State President, assumes the position of Acting President of the Socialist Republic of Vietnam from March 21, 2024, until the National Assembly elects a new President, an announcement of the National Assembly (NA)’s Standing Committee read.
Read More

Your care

Latest Most read
Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Gov’t determined to hasten ODA, concessional loan disbursement: Deputy PM

Deputy Prime Minister Tran Luu Quang on March 27 stressed the Vietnamese Government’s determination to speed up the disbursement of official development assistance (ODA) and concessional loans.
Vietnam, US hold first foreign ministerial-level dialogue

Vietnam, US hold first foreign ministerial-level dialogue

Minister of Foreign Affairs Bui Thanh Son and US Secretary of State Antony Blinken co-chaired the first Vietnam-US Dialogue at the foreign ministerial level in Washington DC on March 25 (local time).
Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

Adaptive, fundamental, and synchronous solutions to improve the effectiveness of attracting FDI

VCN - According to data from the Foreign Investment Bureau (Ministry of Planning and Investment), accumulated to now, Vietnam has attracted 39,553 FDI projects with a total registered capital of US$ 473.1 billion, the total implemented capital of the FDI
Vietnam attends 148th IPU Assembly in Geneva

Vietnam attends 148th IPU Assembly in Geneva

A delegation of the Vietnamese National Assembly (NA) led by NA Vice Chairman Tran Quang Phuong attended the opening ceremony of the 148th Assembly of the Inter-Parliamentary Union (IPU-148) and a plenary session in Geneva, Switzerland, on March 24.
More Vietnamese people go cashless: Visa study

More Vietnamese people go cashless: Visa study

Visa, a global leader in digital payments, has provided its insights into Vietnam’s payment landscape with its latest Consumer Payment Attitudes study that highlights the surge in cashless transactions among Vietnamese consumers.
Mobile Version