[Kèm IPA] Vietnam looks to market forces to boost growth

🍋 haʊ wɪl ˌvjɛtˈnɑːm əˈʧiːv ɪts 2023 ˈnæʃənl əˈsɛmbli ˈtɑːɡɪt ɒv 6.5 pəˈsɛnt ɡrəʊθ? ˌvjɛtˈnɑːm ˌiːkəˈnɒmɪk njuːz Nguyen Hoa pʊt ðə ˈkwɛsʧən tuː Dr. Nguyen Quoc Viet, ˈdɛpjʊti dɪˈrɛktər ɒv ðə ˌvjɛtˈnɑːm ˈɪnstɪtjuːt fɔːr ˌiːkəˈnɒmɪk ænd ˈpɒlɪsi rɪˈsɜːʧ (viː-iː-piː-ɑː).

How will Vietnam achieve its 2023 National Assembly target of 6.5 percent growth? Vietnam Economic News’ Nguyen Hoa put the question to Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR).

🍋 haʊ duː juː əˈsɛs ˌvjɛtˈnɑːmz ˌiːkəˈnɒmɪk ɡrəʊθ ɪn 2022?

How do you assess Vietnam’s economic growth in 2022?

🍊ˌvjɛtˈnɑːmz iˈkɒnəmi rɪˈkʌvəd ˈfɑːstə ðæn ðæt ɒv ˈʌðə ˈkʌntriz ɪn ðə ˈriːʤən, ˈnəʊtəbli ˈeɪʃᵊn ˈkʌntriz ɪn ˈkɒmpərəbᵊl ˈsɜːkəmstənsɪz. wiː ɪksˈpɛkt tuː əˈʧiːv ɔːr ɪkˈsiːd 14 ɒv ðiː 15 ˌsəʊsɪəʊˌɛkəˈnɒmɪk dɪˈvɛləpmənt ɡəʊlz sɛt baɪ ðə ˈɡʌvnmənt ænd ðə ˈnæʃənl əˈsɛmbli fɔː 2022, kənˈkluːsɪv pruːf ɒv ˌvjɛtˈnɑːmz səkˈsɛsfʊl pəʊst-pænˈdɛmɪk rɪˈkʌvəri.

Vietnam’s economy recovered faster than that of other countries in the region, notably Asian countries in comparable circumstances. We expect to achieve or exceed 14 of the 15 socioeconomic development goals set by the Government and the National Assembly for 2022, conclusive proof of Vietnam’s successful post-pandemic recovery.

🍊ˌvjɛtˈnɑːm əˈʧiːvd ˌɪntəˈnæʃənl əˈfeəz əˈkɒmplɪʃmənts ɪn əˈdɪʃᵊn tuː ˌiːkəˈnɒmɪk ɡrəʊθ sə ˈsɛsɪz ɪn 2022. ðɪs ɪz ˈdɛmənstreɪtɪd nɒt ˈəʊnli baɪ ðə ˈmæsɪv ˈɪnfləʊ ɒv ˈfɒrɪn dɪˈrɛkt ɪnˈvɛstmənt (ɛf-diː-aɪ), bʌt ˈɔːlsəʊ baɪ ðə ˈkʌntriz p ˈfɔːməns ɪn ðə ˈɡləʊbəl ˈvæljuː ʧeɪn. ˈveərɪəs fɑːm ˈprɒdʌkts hæv biːn ɛksˈpɔːtɪd ˈvaɪə  ˈfɪʃəl treɪd ˈʧænlz tuː ˈmeɪʤə ˈmɑːkɪts wɪð haɪ ˈstændədz, ˈreɪzɪŋ ðə ˈvæljuː ɒv ðə ˈkʌntriz ˈɛkspɔːts.

Vietnam achieved international affairs accomplishments in addition to economic growth successes in 2022. This is demonstrated not only by the massive inflow of foreign direct investment (FDI), but also by the country’s performance in the global value chain. Various farm products have been exported via official trade channels to major markets with high standards, raising the value of the country’s exports.

🍊 əˈkɔːdɪŋ tuː ðə ˈʤɛnərəl stəˈtɪstɪks ˈɒfɪs ɒv ˌvjɛtˈnɑːm, ði ɪˈlɛvn-mʌnθ ˈɛkspɔːt ˈvæljuː hæz ɔːlˈrɛdi tɒpt 2021, ænd ðə treɪd ˈsɜːpləs hæz ɪkˈsiːdɪd juːˈɛs$10 ˈbɪljən. ðɪs ˈdɛmənstreɪts haʊ ˈswɪftli ˌvjɛtˈnɑːm ɪz ˈriːpɪŋ ðə ˈbɛnɪfɪts ɒv ɪts friː treɪd əˈɡriːmənts (ɛf-tiː-eɪz). ˈɛkspɔːts sɪɡˈnɪfɪkəntli kənˈtrɪbjuːtɪd tuː ˌvjɛtˈnɑːmz ˌiːkəˈnɒmɪk ɡrəʊθ ɪn 2022, ˈleɪɪŋ ðə ɡraʊnd fɔː ˈfɜːðə ɡrəʊθ ɪn 2023.

According to the General Statistics Office of Vietnam, the eleven-month export value has already topped 2021, and the trade surplus has exceeded US$10 billion. This demonstrates how swiftly Vietnam is reaping the benefits of its free trade agreements (FTAs). Exports significantly contributed to Vietnam’s economic growth in 2022, laying the ground for further growth in 2023.

🍊 haʊˈɛvə, ɪn 2022, ðə ˌvjɛtnəˈmiːz iˈkɒnəmi stɪl feɪst ˈnjuːmərəs ˈɒbstəklz ðæt mʌst biː əˈdrɛst. spəˈsɪfɪkᵊli, dɪsˈbɜːsmənt ɒv ˈpʌblɪk ɪnˈvɛstmənt wɒz stɪl sləʊ ænd ˌiːkəˈnɒmɪk ɡrəʊθ ˈstɪmjʊləs ˈpækɪʤɪz dɪd nɒt əˈʧiːv ði ɪksˈpɛktɪd rɪˈzʌlts. ɪf ðiːz tuː ˈɛlɪmənts kʊd hæv biːn ɪmˈpruːvd, ˌvjɛtˈnɑːmz ˌiːkəˈnɒmɪk dɪˈvɛləpmənt ɪn 2022 wʊd hæv biːn sɪɡˈnɪfɪkəntli ˈɡreɪtə.

However, in 2022, the Vietnamese economy still faced numerous obstacles that must be addressed. Specifically, disbursement of public investment was still slow and economic growth stimulus packages did not achieve the expected results. If these two elements could have been improved, Vietnam’s economic development in 2022 would have been significantly greater.

🍋 haʊ duː juː əˈsɛs ðiː 2023 ɡrəʊθ ˈprɒspɛkts?

How do you assess the 2023 growth prospects?

🍊 æz ˈsteɪtɪd, ˌvjɛtˈnɑːmz ɡrəʊs dəʊˈmɛstɪk ˈprɒdʌkt (ʤiː-diː-piː) ɡrəʊθ ɪn 2022 hæz əˈʧiːvd ˈsɛvrəl səkˈsɛsɪz, bʌt wiː ʃʊd nɒt biː ˈəʊvəli ˈhəʊpfʊl bɪˈkɒz ði iˈkɒnəmi meɪ feɪs ˈmɛni ˈhɜːdlz ɪn ðə ˈfjuːʧə. dɪsˈpaɪt ˈɡləʊbəl ɪnˈfleɪʃᵊn ˈhævɪŋ piːkt ænd ɪksˈʧeɪnʤ ˈvæljuːz ænd ˈɪntrɪst reɪts ˈsteɪbɪlaɪzɪŋ, 2023 wɪl kənˈtɪnjuː tuː ɪksˈpɪərɪəns ˈmɛni ˌflʌktjʊˈeɪʃᵊnz. ˈkʌntriz əˈraʊnd ðə wɜːld wɪl niːd tuː kənˈtrəʊl ɪnˈfleɪʃᵊn ænd kʌt ˈspɛndɪŋ tuː miːt ðeər əʊn ˈtɑːɡɪts, pəʊˈtɛnʃəli ˈhɑːmɪŋ ˌvjɛtˈnɑːmz ˈɛkspɔːt ænd ˌiːkəˈnɒmɪk ɡrəʊθ ɪn 2023.

As stated, Vietnam’s gross domestic product (GDP) growth in 2022 has achieved several successes, but we should not be overly hopeful because the economy may face many hurdles in the future. Despite global inflation having peaked and exchange values and interest rates stabilizing, 2023 will continue to experience many fluctuations. Countries around the world will need to control inflation and cut spending to meet their own targets, potentially harming Vietnam’s export and economic growth in 2023.

🍊 ɪn əˈdɪʃᵊn, ˈɡləʊbəl ˌiːkəˈnɒmɪk ˌɪnstəˈbɪlɪti ˈdjʊərɪŋ ðə ˈkəʊvɪd-19 ˈaʊtbreɪk ænd ˈsʌbsɪkwənt ˌɪntəˈnæʃənl ˈkɒnflɪkts ɪz stɪl ˈprɛznt ænd wɪl əˈfɛkt ðə wɜːld iˈkɒnəmi. ɔːl ɒv ðiːz kʊd ˌʌndəˈmaɪn ðə ˈnæʃənl əˈsɛmbliz 6.5 pəˈsɛnt ʤiː-diː-piː ɡrəʊθ ɡəʊl fɔː 2023.

In addition, global economic instability during the COVID-19 outbreak and subsequent international conflicts is still present and will affect the world economy. All of these could undermine the National Assembly’s 6.5 percent GDP growth goal for 2023.

🍊 wɒt ˈfɔːsɪz wɪl draɪv ˌvjɛtˈnɑːmz 2023 ɡrəʊθ, ɪn jɔːr əˈpɪnjən?

What forces will drive Vietnam’s 2023 growth, in your opinion?

🍊 ˈpiːpl ænd ˈbɪznɪsɪz wɪl draɪv ˌvjɛtˈnɑːmz ʤiː-diː-piː ɡrəʊθ ɪn 2023. tuː ˈfɒstə ðɪs daɪˈnæmɪk, ˌvjɛtˈnɑːm mʌst ɪmˈpruːv ði ɪnˈvɛstmənt ænd ˈbɪznɪs ɪnˈvaɪərənmənt, æz wɛl æz ˈmɛkənɪzmz ænd ˌrɛɡjʊˈleɪʃᵊnz tuː ˈɪnkriːs ˌɪnstɪˈtjuːʃᵊnᵊl ˈkwɒlɪti ænd ˈmɑːkɪt ɪˈfɪʃənsi, ænd rɪˈdjuːs rɪsks tuː ˈbɪznɪs ækˈtɪvɪtiz.

People and businesses will drive Vietnam’s GDP growth in 2023. To foster this dynamic, Vietnam must improve the investment and business environment, as well as mechanisms and regulations to increase institutional quality and market efficiency, and reduce risks to business activities.

🍊 wɛn ˈbɪznɪsɪz ɡrəʊ, ðeɪ kriˈeɪt njuː ʤɒbz ænd reɪz ˈsæləriz, wɪʧ ˈstɪmjʊleɪts kənˈsjuːmə dɪˈmɑːnd ænd dɪˈvɛləps ðə dəʊˈmɛstɪk ˈmɑːkɪt, ɪsˈpɛʃəli ðə ˈsɜːvɪs ˈɪndəstri. ðɪs ɪz ðə truː ˈdraɪvɪŋ fɔːs fɔː dɪˈvɛləpmənt.

When businesses grow, they create new jobs and raise salaries, which stimulates consumer demand and develops the domestic market, especially the service industry. This is the true driving force for development.

🍊 ˈfɜːðəˈmɔː, ðə ˈraɪzɪŋ ˌɪntəˈnæʃənl ˌiːkəˈnɒmɪk ækˈtɪvɪti ænd ˌɪntəˈnæʃənl ˌiːkəˈnɒmɪk ˌɪntɪˈɡreɪʃᵊn θruː ˈɡləʊbəl ˈvæljuː ʧeɪnz ɑː vjuːd æz ˈdraɪvɪŋ ˈɛlɪmənts fɔː ˌvjɛtˈnɑːmz ˌiːkəˈnɒmɪk ɡrəʊθ ɪn 2023. ˈbɪznɪsɪz ʃʊd biː mɔː prəʊˈæktɪv ɪn ɔːl ˈsteɪʤɪz frɒm prəˈdʌkʃᵊn tuː tɛkˈnɒləʤi, ɪnˈhɑːnsɪŋ ˈvæljuː-ˈædɪd ˈkɒntɛnt ænd kənˈtrɪbjuːtɪŋ ˈpɒzətɪvli tuː ˈtəʊtl ˈɛkspɔːt ˈvæljuː ɪn 2023.

Furthermore, the rising international economic activity and international economic integration through global value chains are viewed as driving elements for Vietnam’s economic growth in 2023. Businesses should be more proactive in all stages from production to technology, enhancing value-added content and contributing positively to total export value in 2023.

(Source: English Article from ven.vn)