Vietnam Economic Trends and Future Challenges

Vietnam Economic Trends and Future Challenges

Dec 28, 2022

Vietnam Economic Trends and Future Challenges.

HCM City could face headwinds from a global slowdown next year, said the chairwoman of the HCM City Council.

The government called on city authorities to focus on stabilizing the macro-economy, controlling inflation, and streamlining administrative reform to ensure socio-economic recovery and development.

As of the end of November, public spending was 34 percent of the full-year target and is expected to increase to 77 percent by the end of 2022.

It would also need to develop high-quality human resources and promote digital transformation to achieve digital governance, a digital economy, and a smart city.

UK Offers Grants to Fund Insulation for Middle-Income Homes

As far as Vietnam economic trends are concerned, HCM City has set a target to attract 4.5-5 million foreign tourists next year for revenue of $5.03 billion.

Despite huge challenges, the city’s gross regional domestic product (GRDP) is expected to reach 9.4 per cent in 2022, surpassing its target of 6-6.5 per cent.

Its total State budget revenue is estimated at VNĐ457.5 trillion this year (accounting for one-third of the country’s total State budget revenue), up 17 per cent year-on-year.

Its Index of Industrial Production so far this year is estimated to increase by 14.2 per cent.

So far this year, the city’s exports were worth $49.5 billion, up 10.3 per cent, and its imports $66.2 billion, up 10 per cent.

Saudi Arabia Economy Expands by 8.8%

The city has received 3.5 million foreign visitors to date.

Its retail sales of goods and services were estimated at more than VNĐ900 trillion ($36.5 billion), up 30.6 per cent year-on-year.

Source: VietnamNews

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