High GDP growth, early border reopening, fuel shortages among top 10 significant events of Việt Nam in 2022

GDP growth faster than expected, early border reopening, and fuel shortages in many localities are among the top 10 events that shaped Việt Nam in 2022, as selected by Vietnam News Agency.

GDP growing faster than expected, early border reopening, and fuel shortages in many localities are among the top 10 events that shaped Việt Nam in 2022, as selected by Vietnam News Agency.

The following is the list of the events:

1. GDP growth higher than expected amid gloomy world economic context

In 2022, Việt Nam’s gross domestic product (GDP) growth reached 8.02 per cent, higher than the target of 6-6.5 per cent and highest in the 2011-2022 period; inflation has been kept at 3.1-3.3 per cent; and total disbursed foreign direct investment (FDI) reached about US$21 billion, up over 8 per cent compared to 2021. Total foreign trade is estimated at $750 billion, up 12 per cent, according to the General Department of Việt Nam Customs.

These are impressive results amid a decline in growth momentum among global economies and a surge in inflation and living expenses.

2. Visit to China by Party General Secretary Nguyễn Phú Trọng – important milestone in bilateral relations

Party General Secretary Nguyễn Phú Trọng was the first foreign leader to be welcomed by General Secretary of the Communist Party of China (CPC) and President of China Xi Jinping after the 20th National Congress of the CPC, showing the high-level importance attached to relations between the two Parties and the two countries.

The visit from October 30 to November 1 created a new impetus for and consolidated the friendly neighbourliness, enhanced political trust, and deepened the comprehensive strategic cooperative partnership between Việt Nam and China. Thirteen cooperation documents on various areas, mainly the economy, were signed during the trip.

3. Provincial-level steering committees for corruption, negative phenomena prevention and control established

All the standing boards of the Party Committees of the 63 provinces and centrally-run cities established steering committees for corruption and negative phenomena prevention and control.

Thanks to the concerted engagement of the steering committees at central and local levels, many cases of corruption and negative phenomena involving collusion between officials at different levels and enterprises, especially those involving non-State companies such as Việt Á, FLC, Tân Hoàng Minh, and An Đông, were brought to light.

4. Six resolutions on socio-economic development, defence-security safeguarding for regions issued

For the first time, the Politburo issued six resolutions on socio-economic development and defence-security safeguarding to 2030, with a vision to 2045, for six economic regions to capitalise on their advantages and enhance connectivity within each region and among different regions.

At its third session, the 15th National Assembly also issued decisions on investment policies for five key transport projects to create infrastructure breakthroughs and connect different regions nationwide.

5. Borders reopening, successful hosting of SEA Games 31

The 31st Southeast Asian Games (SEA Games) took place from May 5 to 23, shortly after Việt Nam decided to completely reopen borders and resume all international tourism activities from March 15.

With the successful hosting of the region’s biggest sporting event, the country was acknowledged for its organisation, competition results, and promotion of its image after more than two years fighting the COVID-19 pandemic.

6. Strong fluctuations in corporate bond market

The corporate bond market, a medium- and long-term capital mobilisation channel, was negatively affected after investigations into some issuances were launched. Individual investors sold bonds before maturity due to concerns over the businesses’ failure to repay debts.

To rectify activities in this market, the Government released Decree No.65/2022/NĐ-CP on September 16 to amend Decree No.153/2020/NĐ-CP that stipulates rules on corporate bond offerings. It also requested the Ministry of Finance to continue overhauling Decree 65 in order to guarantee openness, transparency, the legitimate rights and interests of investors, along with the safety and security of the financial and monetary markets.

7. Fastest digital economy growth in Southeast Asia

According to Google, Temasek, and Bain & Company, the gross merchandise value of Việt Nam’s digital economy was estimated at US$23 billion in 2022, rising by 28 per cent from a year earlier, the fastest growth in Southeast Asia.

Data from the Ministry of Information and Communications showed that revenue in the digital economy in 2022 increased by over 10 per cent year-on-year to $148 billion.

8. Fuel shortages in many localities

In October and November, residents in many localities had to wait in long queues to buy fuel. This situation came as a result of complex developments in the global oil market, and it also revealed problems in the management of petrol and oil trading.

As directed by the Government, the Ministry of Finance, the Ministry of Industry and Trade, and the State Bank of Việt Nam promptly carried out solutions to tackle this situation.

9. Abnormal flooding in central region

On October 14 and 15, Đà Nẵng and other localities in the central region experienced severe flooding due to post-storm downpours with rainfall of nearly 700mm in 24 hours. Tidal surges that occurred at the same time further slowed the drainage process, thus seriously affecting the lives of local residents.

This historic flooding gave a warning of worsening climate change that requires strategic response measures.

10. First-ever advance to FIFA Women’s World Cup finals

Việt Nam’s female football team became one of the six Asian representatives in the final round of the 2023 FIFA Women’s World Cup. It was the first time Việt Nam qualified for the finals.

At SEA Games 31, the Vietnamese women's team also successfully defended their championship.