Vietnam’s economy is returning to its previous development trajectory, promising not only post-pandemic recovery but also earning a solid position internationally, analysts told the 4th Vietnam Economic Forum on June 5.

Vietnam has diplomatic relations with 189 of the 193 members of the United Nations, including strategic partnerships and comprehensive partnerships with 30 countries. The Communist Party of Vietnam has established relations with 247 political parties in 111 countries. The National Assembly has relations with parliaments in more than 140 countries. Vietnam has trade relations with over 220 partners, and 71 countries have recognized its economic status. It has joined 15 free trade agreements, including many new-generation agreements.

“In posting these achievements, a key factor has been the guidelines and policies of the Party and State on socio-economic development, especially on building an independent, self-reliant, and proactive economy and actively integrating into the world,” said Head of the Party Central Committee’s Economic Commission, Mr. Tran Tuan Anh.

Credit ratings agency S&P, meanwhile, has recently upgraded Vietnam’s long-term credit rating from “BB” to “BB+”, noting that the economy is on a solid recovery track, and forecasts GDP growth of around 6.9 per cent in 2022 with a long-term trend of 6.5-7 per cent from 2023.

“The encouraging socio-economic development results in the opening months of 2022 show that Vietnam’s economy is gradually returning to its pre-pandemic growth trajectory,” said Mr. Tuan Anh. “However, the impact of the pandemic along with the emergence of many new events in the international context, such as the conflict in Ukraine, has required that Vietnam be more effective in building an independent and self-reliant economy associated with extensive and effective international integration.”

According to Mr. Andrew Jeffries, Country Director for Vietnam at the Asian Development Bank (ADB), it is important to maintain public debt at a manageable level and have an appropriate fiscal policy. Vietnam is in an excellent position, with a bright future and good strategies, goals, and policies already in place. Implementation is the key issue.