Vietnamese Economist identifies three main pillars of Vietnam's growth

Economist Vu Vinh Phu has defined investment, export, and domestic consumption as the three main pillars of Vietnam's economic development in 2022. Phu said that Vietnam needed substantial amounts of investment for its development. Phu outlined export as the second pillar of economic growth for this year saying that Vietnam will remain one of the countries with the largest export turnover in the region and world. To increase its export turnover, however, Phu said Vietnam must overcome many shortcomings such as goods being mainly exported in raw and processed form, dependence on imported raw materials, high production and export costs, and unstable export markets with overdependence on one or two importing countries. He added that the lack of official distribution systems in foreign countries led to many Vietnamese-made goods labeled under foreign branding when exported.