In 2022, Vietnam is expected to be one of the fastest-growing economies in the world

DNHN - The Institute of Chartered Accountants of England and Wales (ICAEW) and Oxford Economics have forecasted that Vietnam's economy will develop at a rate of more than 6.5 per cent during the next three years.

While the rest of Asia has been recovering at a slower pace, Vietnam's economy has rebounded swiftly in 2021. The revival of the tourism service industry has been greatly aided by the relaxation of epidemic control measures from the fourth quarter of 2021 to the first quarter of 2022. The influx of FDI into Vietnam this year is expected to increase demand for building materials and labourers, while also keeping the country's export capacity strong.

Economic recovery in Southeast Asia is uneven due to the Delta fluctuation, yet the GDP of most countries in the region (Singapore Indonesia Malaysia the Philippines) is the same. The exception of Thailand, which remains 2 per cent below pre-pandemic levels due to limitations on travel and movement, the global economy has rebounded to its pre-pandemic levels.

Likewise, supply chain disruptions and reduced demand for Chinese goods as a result of long-term blockades, as well as the current Russia–Ukraine conflict, have had an influence on inflation and commodity prices, according to ICAEW.

Even yet, Southeast Asia is expected to grow at a rate of 5.8 per cent this year, an increase of 3.7 per cent over the previous year. The opening of borders and the relaxing of disease prevention procedures have contributed to this positive growth rate.

PV