Vietnam is back and on the rise again

That does summarise a year that had its ups and downs but also a year when Vietnam moved on from the challenges of the pandemic and resumed an impressive economic bounce back that is a reflection of the strategy the country has chosen to follow but is also a reflection of the people and their ambitions for the future.

Tim Evans - CEO, HSBC Vietnam

If you cast your mind back to the start of last year, there were high hopes for a strong global recovery as the challenges posed by the pandemic receded into the rearview mirror and we could return to our normal lives. Meeting with friends and family were simple pleasures that became the norm again.

The year certainly started that way. There was a palpable feel that humanity had overcome one of its biggest, most recent challenges, and this led to renewed optimism about a better future.

All of a sudden, the world had to contend with a new challenge with upheaval in Ukraine. The impact on energy and food prices was dramatic. This, coupled with the amount of liquidity pumped into the global economy during recent years, meant that inflation reared its head and did so at a pace seldom seen in the past.

I have learned that if there is ever a place or a group of people to overcome an obstacle, Vietnam is the place to be. Overcoming obstacles appears to be part of the Vietnamese national psyche and so once again with a sense of resilience and an ever-present smile, it was time to overcome another hurdle.

Central banks around the world raised interest rates at breakneck speed and consumers in key markets like North America, the EU, and the United Kingdom started to feel the pinch on their wallets. Yet despite a drop-off in consumer sentiment that had a knock-on effect to consumer spending, Vietnam continued its bounce back. Exports continued to rise, foreign direct investment continued to flow in, international tourists returned to the beaches, and local consumers started spending significantly.

Despite turbulent times elsewhere, it felt like Vietnam was back. Coffee shops were full, planes were full, hotels were filling up, and traffic was back. Yes, Vietnam suffered from the impact of what was happening in the rest of the global economy but it still produced 8.02 per cent GDP growth – an enviable performance given the circumstances.

Vietnam can be proud of how it managed through the year. The reality is that in a more interconnected world, very few countries are isolated from global events. We cannot control the unexpected, and we cannot always predict the future, but what countries, companies, and individuals can do is ensure they have the right mindset to adapt to their circumstances and find a way to navigate through tough times.

Vice President Vo Thi Anh Xuan undertakes role of acting President Vice President Vo Thi Anh Xuan will undertake the role of acting President of Vietnam until the National Assembly elects a new President, the NA Standing Committee made the announcement to agencies, organisations at home and abroad, voters and people nationwide.

Speaker of RoK National Assembly concludes official visit to Vietnam Speaker of the National Assembly (NA) of the Republic of Korea (RoK) Kim Jin-pyo and his wife left Hanoi on January 18, concluding their seven-day official visit to Vietnam at the invitation of NA Chairman Vuong Dinh Hue.

Vietnam-India cooperation blossoming in technology and engineering spheres Vietnam and India last year coordinated in many activities to explore potential cooperation, including in IT and engineering, which helped mark 50 years of diplomatic relations between the two nations.