1. National Assembly (NA) 2021-2025 economic restructuring plan
The economic restructuring plan for the 2021-2025 period was approved by the 15th NA during its second session on November 12.
Socio-economic strategy for the 2021-2030 period
The plan sets out a general goal of forming a suitable and effective structure in each industry and field, and between industries, fields and the whole economy. It also looks to develop national products based on new or high technologies, to create breakthrough competitiveness in key economic sectors, and significant and substantive changes in the growth model and productivity, and increase the autonomy, adaptability and resilience of the economy.
2. Economic indicators meet and exceed year’s plan
Despite being hit hard, GDP in 2021 still grew positively, at 2.58%. In the economy’s general growth rate, the agriculture, forestry and fishery sector increased by 2.9%, contributing 13.97% to the growth rate of total added value; the industry and construction sector soared by 4.05%, contributing 63.8%; and the service sector rose by 1.22%, contributing 22.23%.
The economy is still growing positively
Import and export activities continue to be the spotlight of the economy. In general, in 2021, export and import turnover totaled 668.5 billion USD. Foreign investment attraction witnessed positive results. As of December 20, 2021, total registered FDI capital reached 31.15 billion USD, up 9.2% compared to last year.
3. Agriculture - Foundation of the economy in the context of the epidemic
Affected by the COVID-19 epidemic, agricultural growth remained high compared to the national average GDP (estimated at 2%). Food production increased by over 1 million tons to 43.86 million tons under terms of flexible use of 3.5 million hectares of rice land approved by the National Assembly, contributing to ensuring solid food security and serving exports.
Many miracles were seen in agriculture
This is also the first year that the agricultural sector has implemented the Resolution of the 13th National Party Congress on building “ecological agriculture, modern countryside and civilized farmers”. Notably, exports of agricultural, forestry and fishery products achieved a record of 48.6 billion USD, up 14.9% compared to 2020. Trade surplus reached 6.4 billion USD.
4. Digital transformation creates growth engine for economy
In 2021, the 13th National Party Congress identified digital transformation as the driving force of economic development. COVID-19 is also a push for digital transformation. To promote digital transformation, it is necessary to synchronize digital institutions, digital infrastructure, digital production tools, digital management tools, digital human resources, digital markets, and digital law management in order to have a healthy digital environment.
Digital transformation creates growth engine for economy
According to the Global Innovation Index 2021 (GII 2021) by the United Nations' World Intellectual Property Organisation (WIPO), Vietnam is one of four middle-income economies (the others being Turkey, India and the Philippines) with the potential to change the global innovation landscape, systematically catching up with other economies like China.
The country kept its first position among the 34 lower-middle income economies in the index.
5. Cat Linh-Ha Dong metro line begins commercial operation
Cat Linh-Ha Dong metro line begins commercial operation
The Cat Linh-Ha Dong metro line project in Hanoi was officially inaugurated and put into commercial operation on November 6.
The line, which runs from Cat Linh in Ba Dinh district to Ha Dong district, is the first urban railway put into operation in the country.
With a total investment of approximately 886 million USD, funded by Chinese ODA, the elevated line is more than 13km long and has 12 stations and 13 trains. Each train, whose designed speed is 80 km per hour, has four carriages capable of carrying over 900 passengers
6. Stock market booms
As of December 27, 2021, the average trading value on the stock market reached VND 26.52 trillion a session, up 257.5% compared to the previous year’s average. The average trading value on the bond market reached over 11.42 trillion VND a session, up 9.9%. Of which, VN30 index futures contract product had an average trading volume of 189,923 contracts a session, up 11.27%.
7. Construction of many big projects kicked off
In 2021, the construction of many important infrastructure projects and works began, such as: My Thuan - Can Tho Expressway (4.826 trillion VND); Long Thanh International Airport (109.111 trillion VND); Ho Chi Minh road, the Eastern bypass through Buon Ma Thuot city in Dak Lak province (1.509 trillion VND); Project to strengthen traffic connection in the Central Highlands (3.654 trillion VND); North - South expressway, Dien Chau - Bai Vot section (13.338 trillion VND); North - South expressway, and Nghi Son - Dien Chau section (8.381 trillion VND).
8. Vietnam moves up three places in Global Soft Power Index
Vietnam moved up three places from 50th to 47th in the Global Soft Power Index 2021, which ranks the world’s top 60 soft power nations, according to the Brand Finance Global Soft Power Index Report.
Vietnam was the only country in ASEAN to be upgraded in the global soft power rankings. It is considered a bright spot, thanks to the increasing value of Vietnam's national brand and the socio-economic results achieved over the past year.
9. 15 years of Vietnam’s WTO membership
15 years of Vietnam’s WTO membership
Since Vietnam joined the World Trade Organisation (WTO) 15 years ago, the country has made major strides on the path of international integration, confidently joining the global playground.
With 17 free trade agreements (FTAs) whose negotiations have been completed or underway, Vietnam has become an open economy with a trade to GDP ratio of up to 200 percent.
The country’s total export-import value rose from 84.7 billion USD in 2006 to 545.3 billion USD last year. In the first 10 months of this year, the figure was 537.31 billion USD.
Vietnam has always recorded a trade surplus, from 1.77 billion USD in 2016, to 2.1 billion USD in 2017, 6.8 billion USD in 2018, 10.9 billion USD in 2019 and 19 billion USD in 2020.
10. Seminar on improving efficiency of managing, exploiting, using and promoting resources of the economy
The seminar was organized by the CPV Online News and the Central Businesses Bloc’s Party Committee, on December 13.
The seminar on improving efficiency of managing, exploiting, using and promoting resources of the economy
The workshop expected to define the contents, requirements, tasks and solutions for the effective implementation of Resolution 39-NQ/TW and Resolution of the 13th National Party Congress in the new situation.
In nearly 3 years of realizing the Resolution and nearly 1 year of implementing the Resolution of the 13th National Party Congress, the whole country has overcome difficulties and challenges, and achieved numerous breakthrough results which play an important role in promoting economic growth, cultural and social development; ensuring national defense and security; and improving people’s living standards./.