Vietnam News Today (Oct. 3): Vietnam’s GDP Growth to be Among the Highest in Southeast Asia

Illustrative image. Photo: VNA

490 new Covid-19 cases recorded on October 2

The national Covid-19 caseload rose to 11,480,518 with 490 new cases recorded on October 2, according to the Ministry of Health.

With 319 patients given the all clear during the day, the number of recoveries rose to 10,592,911. Meanwhile, there are 65 patients needing breathing support, cited VNA.

No death from Covid-19 was recorded in the past 24 hours. The total fatalities was still 43,149.

On October 1, an additional 26,358 doses of vaccines were administered, raising the total number of doses of Covid-19 vaccines injected to 260,205,383.

Vietnam’s GDP growth to be among the highest in Southeast Asia

Vietnam’s GDP growth in 2022 and 2023 will be among the highest in Southeast Asia as shown in many international organizations’ forecasts and assessments on the Vietnamese economic outlook, according to VOV.

The statement was made by Minister-Chairman of the Government Office Tran Van Son at a routine government press briefing in Hanoi on October 1.

Moody’s, the World Bank (WB), the International Monetary Fund (IMF), and the Asian Development Bank (ADB) have projected Vietnam will achieve a GDP growth of 8.5%, 7.2%, 7% and 6.5%, respectively, this year, he said.

Photo: VNA

The economy is back on track, Son said, noting that the GDP growth hit 13.6% in the third quarter of 2022 and 8.83% in the first nine months of the year, the highest since 2011.

The nine-month GRDP growth exceeded 11% in 10 localities. Hanoi and HCM City recorded a GRDP growth of 9.97% and 9.69%, respectively, during the period, according to Son.

From January to September, the agriculture, forestry and fisheries sector expanded 2.99% year-on-year; industry and construction, 9.63%; and services, 10.57%.

Vietnam has maintained a stable macro-economy with inflation well under control and CPI picking up 2.73%, he said.

Vietnam ranks 48th in Global Innovation Index 2022

Vietnam ranked 48th among the 132 economies featured in the Global Innovation Index 2022 (GII 2022).

Noticeablly, Viet Nam was placed 2nd among the 36 lower-middle-income group economies, and 10th among the 17 economies in South East Asia, East Asia, and Oceania.

The Southeast Asian nation ranked 59th in innovation compared to 60th in 2021 and 62th in 2020; and 41st in innovation inputs compared to 38th in the two preceeding years.

Photo: VGP

Especially, Vietnam performed best in Creative outputs and its weakest performance is in Human capital and research.

Vietnam took the global lead in high-tech imports. In addition, other strengths of Vietnam’s indicators are labor productivity growth (ranking third) and high-tech exports (third), reported VGP.

The 2022 edition of the Global Innovation Index (GII) tracks the most recent global innovation trends against the background of an ongoing Covid-19 pandemic, slowing productivity growth and other evolving challenges. It reveals the most innovative economies in the world, ranking the innovation performance of around 132 economies while highlighting innovation strengths and weaknesses.

This edition’s thematic focus on the future of innovation-driven growth provides a stance on whether stagnation and low productivity growth are here to stay, or whether we are about to enter a new era, where new innovation spurts – the Digital Age and the Deep Science Innovation waves – bring about an economic uplift.

Over US$6 bln earmarked for national socio-economic recovery

Prime Minister Pham Minh Chinh has issued a decision earmarking over VND147 trillion (US$6.39 billion) from the State budget for ministries, agencies and localities to carry out the socio-economic recovery and development program.

They must use public investment capital in line with the National Assembly’s resolution and relevant legal regulations on this issue, he stressed.

Illustrative image. Photo: VNA

In case projects need more capital than the State budget allocated for the program, localities must be responsible for arranging enough local budget for them during 2021-2025, cited VNA.

The Ministries of Health, Agriculture and Rural Development, Labor-Invalids and Social Affairs must instruct ministries and localities to use the assigned capital for the right purpose and effectively.

Meanwhile, the Ministries of Planning and Investment, and Finance must be responsible to the PM, inspection, audit agencies and those concerned for the correctness of reported data in line with the laws.

Relief handed to storm victims in Quang Ngai

President of the Vietnam Red Cross Society Central Committee Bui Thi Hoa visited and handed relief to victims hit by the recent storm in Binh Son district, the central province of Quang Ngai.

On October 1, she handed VND200 million (US$8,600) and 200 boxes of necessities worth over VND120 million to families that suffer serious damage in housing, crops and livelihoods.

Poor, near-poor households and those living in disadvantaged circumstances received VND1-5 million in aid each.

The same day, the Quang Ngai provincial Red Cross Society and the national charity alliance handed over 300 relief package, each valued at VND305,000, to disadvantaged and storm-hit families, VOV reported.

The storm pulled down and unroofed nearly 1,300 houses, damaged more than 300ha of vegetables and other crops, many schools, medical stations and roads.