Processing catfish for export at Go Dang Joint Stock Company in My Tho Industrial Park, Tien Giang. (Photo: VNA)

Standard Chartered Bank has forecast that Vietnam’s gross domestic product (GDP) growth will reach 6.7% in 2022 and 7% in 2023.

Tim Leelahaphan, an economist for Thailand and Vietnam at Standard Chartered, said that Vietnam's economy will continue to recover in 2022 when the COVID-19 pandemic is over.

The expert listed the positive factors of Vietnam’s economy such as income growth outstripping spending growth in recent years, which is believed to provide a buffer zone to fight the pandemic.

He believes that COVID-19 remains the main risk, at least in the short term. Therefore, factories can return to full operation in the first quarter, after closing in the third quarter of 2021 and being supported by the Government. He believed that a more obvious recovery will take place in March 2022.

Economists at Standard Chartered said that continuous improvement in the global trade environment will support exports in 2022, although imports are likely to remain high.

In a recent report on Vietnam, HSBC also said that after 2 years of slow growth, Vietnam’s economy will accelerate and is estimated to achieve a 6.5% growth rate in 2022.

The government also sets a 2022 GDP growth target at 6.5 to 7%, similar to pre-pandemic levels.

HSBC noted that the biggest obstacle that Vietnam needs to pay attention to right now is the ongoing COVID-19 outbreak, but emphasized that vaccination rates have improved significantly, enough to avoid re-imposing social distancing./.