Hanoi (VNA)✤ - Vietnam's economy will recover quickly, effectively and strongly to return to a trajectory of sustainable development in 2022, said Deputy Minister of Planning and Investment Tran Quoc Phuong.

Through 2020 and 2021, Vietnam learned a lot of lessons to find new motivation and vitality for development this year, he said. At the seminar "Looking back at 2021 - Strategic Shifts", held by the Government Portal on January 4, the Deputy Minister emphasised that the COVID-19 epidemic once again demonstrated the high national spirit of the Vietnamese when facing great difficulties. Currently, Vietnam still retains the basic foundations for rapid economic recovery and sustainable development in the context of socio-economic stability and inflation control in 2022.

Timely decisions

According to Phuong, to maintain economic growth amid numerous difficulties caused by the pandemic, the role of the Government and the Prime Minister in 2021, especially in COVID-19 prevention and combat, promoting socio-economic development and ensuring security and macro-control, was extremely important. Policies and decisions made by the Government and the Prime Minister were all suitable to the specific situation in 2021, typically Resolution 128/NQ-CP promulgating temporary regulations on safe, flexible adaptation to and effective control of the COVID-19 pandemic. Dr Nguyen Sy Dung, former Vice Chairman of the National Assembly Office, said that this could be considered a strong strategy of the Government that is very important in both combatting the pandemic and restoring economic development. Echoing Dung, Phuong affirmed that Resolution 128 has turned the whole situation around, both in the fight against the pandemic and socio-economic development. “Resolution 128 has met the expectations of the people when they had to go through a very long period of social distancing due to the fourth pandemic outbreak. In terms of economy, it is of key significance in reversing the economic performance in 2021,” he said. He cited a big change in the economy when the GDP contracted over 6% in the third quarter but recovered by 5.2% in the fourth quarter, resulting in a positive growth rate for the whole year.

Returning to growth trajectory

Deputy Minister Tran Quoc Phuong affirmed that based on what was achieved in 2021, it is completely expected that the internal strength of the economy will still be maintained to return to the trajectory of rapid and sustainable development in 2022. Between 2020 and 2021, many domestic and foreign economic experts mentioned the V-shaped or U-shaped recovery model to describe how a domestic economy can recover after being affected by COVID-19. According to Phuong, thanks to the issuance of Resolution 128, Vietnam recorded great macroeconomic achievements in 2021. Data on GDP growth in the second, third and fourth quarters showed that Vietnam’s recovery model was V-shaped. He also pointed out that the drivers of economic growth in the coming year include the agricultural, industrial and services sectors. According to Deputy Minister of Foreign Affairs Nguyen Minh Vu, Asia and the world currently have three trends. Firstly, comprehensive strategic partners and partners that Vietnam has signed a free trade agreement (FTA) with in the world and the Asia-Pacific region in particular are all in the recovery process, at different levels. Vietnam is following the V-shaped recovery model. Second is the trend of living with the pandemic, even with the new complicated variant Omicron. Many countries have shown determination in living with the COVID-19 to begin a new normal period. Thirdly, with the impact of the 4th Industrial Revolution and the COVD-19 pandemic, new trends are gradually taking shape, such as green transition and digital transformation. Vietnam has actively participated in these trends at multilateral forums and is in the process of internalising many contents. "Vietnam is catching up very precisely with the above trends. And so we cautiously hope that under the leadership of the Party and State and the close, well-harmonised coordination of ministries, agencies, localities, people and businesses, the country will make the best use of opportunities from these trends for rapid recovery, stable and sustainable socio-economic development and successful control of COVID-19," Vu stressed./.