Macroeconomics assignment

Topic: Economic Growth

Hoàng Thế Phương - Advanced Finance 64B
I. Introduction

Economic growth stands as a vital and universally sought-after objective for nations across the
globe. It serves as the cornerstone of prosperity, shaping the quality of life, opportunities, and
aspirations of individuals and societies. From ancient civilizations to modern economies, the
pursuit of economic growth has propelled nations forward, revolutionizing industries, elevating
standards of living, and fostering technological advancements. However, the mechanisms behind
economic growth are complex and multifaceted, influenced by a myriad of interconnected
factors. Understanding the drivers, consequences, and challenges of economic growth is
paramount in designing effective policies and strategies that promote sustainable and inclusive
development.
At its essence, economic growth refers to an increase in the production and consumption of
goods and services within an economy over a specific period. It is commonly measured through
metrics such as Gross Domestic Product (GDP), which encapsulates the total value of all goods
and services produced within a nation's borders. While economic growth is often associated with
enhanced material wealth, it encompasses a broader spectrum of benefits, encompassing
improved education, healthcare, infrastructure, and overall societal well-being.
Historically, numerous theories and ideologies have emerged to explain the drivers of economic
growth. Classical economists like Adam Smith emphasized the role of free markets and
specialization, while later theories introduced by economists like John Maynard Keynes
highlighted the importance of government intervention to stimulate demand and ensure stability.
Today, a consensus has emerged that economic growth stems from a delicate interplay of factors,
including human capital, technological progress, investment, innovation, institutional
frameworks, and effective governance.
The consequences of economic growth extend far beyond the realms of finance and production.
It fuels job creation, reduces poverty, and enhances income distribution, offering individuals and
families opportunities to improve their standard of living. Furthermore, economic growth
generates resources for public investment, allowing governments to allocate funds towards
essential sectors such as healthcare, education, and infrastructure. However, the impacts of
growth are not uniformly distributed, and the challenge lies in ensuring its benefits are inclusive,
equitable, and sustainable.
Nevertheless, economic growth is not without its complexities and challenges. Rapid growth can
strain natural resources, exacerbate environmental degradation, and contribute to social
inequalities. Managing these trade-offs necessitates a delicate balance between economic
expansion, social development, and environmental stewardship. Achieving sustainable economic
growth requires foresight, strategic planning, and the adoption of innovative policies that
reconcile competing priorities.

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II. Basic Theories
1. Theories in the past
Adam Smith, Thomas Malthus, John Maynard Keynes, and the neoclassical school of thought
have all contributed significant theories on the subject of economic growth. These theories offer
different perspectives on the drivers, challenges, and policy implications associated with
fostering sustained economic progress.
Adam Smith, considered the pioneer of modern economics, emphasized the role of free markets
and specialization in driving economic growth. In his seminal work, "The Wealth of Nations,"
Smith argued that when individuals pursue their self-interest in a competitive market, guided by
the invisible hand of supply and demand, it leads to increased production, efficiency, and overall
economic growth. Smith's theory highlighted the importance of market mechanisms and the
benefits of allowing individuals and businesses to freely engage in economic activities.
Thomas Malthus, however, presented a contrasting perspective on economic growth. In "An
Essay on the Principle of Population," Malthus argued that population growth would eventually
outpace the availability of resources, leading to a struggle for survival and limiting economic
progress. Malthus suggested that controlling population growth was necessary to prevent dire
consequences for society. While his theory raised concerns about the limits to growth, it also
sparked debates on the relationship between population dynamics, resource availability, and
sustainable economic development.
John Maynard Keynes challenged the classical view of economic growth during the Great
Depression. Keynesian economics proposed that markets would not automatically self-adjust and
return to full employment. Instead, Keynes argued that government intervention through fiscal
policy measures was necessary to stimulate demand and increase aggregate spending. His theory
advocated for increased government spending, tax cuts, and monetary policies to boost economic
growth and reduce unemployment. Keynesian economics greatly influenced policy-making and
shaped economic thinking for several decades, particularly in times of economic downturn.
The neoclassical school of thought emerged as a response to Keynesian economics and focused
on market mechanisms and efficiency in driving economic growth. Neoclassical economists,
such as Robert Solow and Trevor Swan, developed the neoclassical growth theory, which
emphasized the role of factors such as capital accumulation, technological progress, and efficient
resource allocation in sustaining economic growth. The Solow-Swan model introduced the
concept of "steady-state" growth, where long-term economic growth is driven by technological
progress and the accumulation of physical and human capital. Neoclassical economists argued
that sustained economic growth required ongoing advancements in technology to overcome
diminishing returns to capital accumulation.
It is important to recognize that economic growth theories have continued to evolve.
Contemporary economists have expanded on these foundational theories, incorporating elements
such as institutional economics, endogenous growth theory, and sustainability considerations.
These modern perspectives recognize the significance of institutions, human capital, innovation,
and environmental sustainability in promoting sustainable and inclusive economic growth.

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 2. Determinants of growth
Economic growth is influenced by various factors, and understanding the determinants of growth
is crucial for policymakers and economists seeking to foster sustainable and robust economic
development. Four key determinants that significantly impact economic growth are physical
capital, human capital, technological progress and natural resources.
Physical Capital:
Physical capital refers to the stock of productive assets, such as machinery, equipment,
infrastructure, and facilities, that contribute to the production process. Adequate investment in
physical capital is essential for promoting economic growth. Increased capital accumulation
allows for higher levels of production, efficiency gains, and enhanced competitiveness.
Investments in infrastructure, transportation networks, energy systems, and technology
contribute to increased productivity and facilitate the expansion of industries and businesses.
Effective policies promoting investment in physical capital can bolster economic growth by
providing a solid foundation for production and innovation.
Human Capital:
Human capital encompasses the knowledge, skills, education, and health of individuals within a
society. It plays a critical role in economic growth by enhancing productivity, innovation, and
adaptability. Investments in education, vocational training, and healthcare are essential for
developing a skilled and healthy workforce capable of driving economic expansion. A well-
educated and skilled labor force can effectively utilize physical capital, adopt new technologies,
and contribute to the overall productivity and competitiveness of an economy. Governments and
institutions that prioritize investments in human capital development lay the groundwork for
sustained economic growth and societal advancement.
Technological Progress:
Technological progress, often referred to as innovation, plays a vital role in driving economic
growth. It involves the creation, adoption, and diffusion of new ideas, technologies, and
processes that improve productivity and efficiency. Technological advancements allow for the
production of higher-quality goods and services, reduced costs, and increased competitiveness.
Innovation can originate from research and development activities, private sector investments,
knowledge spillovers, and collaborations between academia, industry, and government.
Governments that promote research and development, protect intellectual property rights, and
foster an environment conducive to innovation can fuel technological progress and drive
sustained economic growth.
Natural Resources:
Natural resources, including minerals, energy sources, agricultural land, forests, and water, can
significantly influence economic growth. Countries endowed with abundant and well-managed
natural resources can harness their potential for economic development. Natural resources can be

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utilized as inputs in production, exported for revenue generation, or contribute to the
development of related industries. However, the sustainable management and efficient utilization
of natural resources are crucial to prevent overexploitation, environmental degradation, and
resource-dependent vulnerabilities. Prudent policies and institutions that govern natural resource
extraction, promote sustainable practices, and ensure equitable distribution of benefits can
support long-term economic growth.
3. Rule of 70
The Rule of 70 is a commonly used approximation in economics and finance to estimate the time
it takes for a variable to double based on a given growth rate. This rule provides a quick and
convenient way to estimate doubling time without the need for complex calculations.
According to the Rule of 70, if a variable grows at a constant rate, dividing the number 70 by the
growth rate will give an approximate estimate of the time it takes for that variable to double. For
example, if an economy has an annual growth rate of 5%, applying the Rule of 70 would suggest
that it would take approximately 14 years (70 divided by 5) for the economy's size or output to
double.
The Rule of 70 offers a practical and widely accepted estimate for doubling time in economic
growth. It allows economists and analysts to make rough projections and understand the potential
pace of growth in various contexts. However, it's important to note that the Rule of 70 assumes a
constant growth rate, which may not always hold true in reality. Additionally, it is a simplified
approximation and does not account for potential fluctuations or variations in growth rates over
time.
4. Production function
In macroeconomics, the total output of an economy is captured by the production function,
which describes the relationship between the inputs of capital (K), labor (L), natural resources
(R), and technology (T) and the overall level of output. The production function equation, Y = f
(K, L, R, T), serves as the foundation for understanding how these inputs interact to determine
the total output of an economy.
The production function, expressed as Y = f (K, L, R, T), provides a framework for analyzing
economic growth. It highlights the relationships between inputs and output, emphasizing the
impact of changes in capital, labor, natural resources, and technology on the overall level of
production. For instance, an increase in capital investment can lead to higher output levels as
more productive machinery and equipment are employed. Similarly, improvements in labor skills
and education can enhance productivity, contributing to economic growth. Discovering and
utilizing new natural resources can expand output possibilities, while technological
advancements can lead to increased efficiency and innovation, further driving economic
expansion.

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III. Analysis: Vietnamese economy in three years of Covid 19 Pandemic
1. Abstract
The COVID-19 pandemic, which emerged in late 2019, has had a profound impact on economies
worldwide. As the virus spread rapidly across continents, governments implemented stringent
measures such as lockdowns, travel restrictions, and social distancing guidelines to curb its
transmission. While these measures were essential for safeguarding public health, they unleashed
an unprecedented economic crisis with far-reaching consequences.
The pandemic's economic impact has been multi-faceted, ranging from disruptions in global
supply chains to significant shifts in consumer behavior. Businesses of all sizes, from small
enterprises to multinational corporations, have grappled with decreased demand, decreased
production, and financial instability. Furthermore, the pandemic's consequences have
disproportionately affected vulnerable populations, exacerbated inequalities and leaving millions
unemployed or underemployed.
One notable consequence has been the sharp decline in international trade and travel. Global
supply chains experienced severe disruptions, leading to shortages of essential goods and raw
materials. The aviation, tourism, and hospitality industries, heavily reliant on international travel,
faced immense challenges due to border closures and travel restrictions, resulting in mass layoffs
and revenue loss.
The labor market, a crucial indicator of economic well-being, experienced unparalleled shocks.
Widespread job losses, particularly in sectors directly affected by the pandemic, caused a surge
in unemployment rates and income insecurity. Many individuals and households faced financial
hardships, struggling to meet their basic needs, and experiencing increased vulnerability to
poverty.
In the context of the COVID-19 pandemic's economic impact, Vietnam stands as a notable case
study. Despite being geographically close to the initial outbreak in Wuhan, China, Vietnam
swiftly implemented strict containment measures, including early border closures, widespread
testing, and contact tracing. These proactive measures helped mitigate the virus's spread,
enabling the country to experience comparatively lower infection rates. However, the pandemic
still took a toll on Vietnam's economy, particularly affecting sectors such as tourism,
manufacturing, and exports.
2. Data analysis

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 GDP growth rate in Vietnam in and after pandemic
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2020 2021 2022 Q1 2023

a. 2020

The year 2020 was characterized by significant difficulties and challenges for the global
economy, including Vietnam. The global economy was projected to experience the most severe
recession in history, as the growth of major economies sharply declined due to the negative
impact of the Covid-19 pandemic. However, the Vietnamese economy managed to maintain
growth, with an estimated GDP growth rate of 2.91%.
According to the recently published Quarterly and Annual Macroeconomic Report for the fourth
quarter and full year of 2020 by the Vietnam Institute for Economic and Policy Research
(VEPR), despite the severe impact of COVID-19 on the global economy, Vietnam stood out as
one of the few countries worldwide to achieve positive economic growth in the fourth quarter of
2020, reaching 4.48%. Overall, in 2020, the country witnessed the establishment of 134.9
thousand new businesses, with a total registered capital of over 2,235.6 trillion VND and a total
registered workforce of 1.043 million, representing a 2.3% decrease in the number of businesses,
a 29.2% increase in registered capital, and a 16.9% decrease in the number of workers compared
to 2019. The average annual Consumer Price Index (CPI) increased by 3.23%, which was within
the target range. The central exchange rate trended downward throughout the fourth quarter of
2020, ending at 23,131 VND/USD. The exchange rate at commercial banks also experienced a
slight decrease, ending at 23,215 VND/USD. Overall, domestic gold prices closely followed
global gold prices, and with the bleak global economic outlook, it is expected that domestic gold
prices may remain high in the coming quarter.

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Vietnam's economy in 2020 shone brightly in the region with a rare positive growth rate of
2.91%, placing it among the top-performing countries in the region and the world. Factors
contributing to this growth include the government's effective control of the pandemic from the
early stages, which helped maintain domestic economic activities, the positive outlook stemming
from the completion of the European Union-Vietnam Free Trade Agreement and Investment
Protection Agreement (EVFTA and IPA), accelerated disbursement and implementation of key
public investment projects, the investment and trade relocation wave aimed at diversifying risks
from the US-China trade conflict, a stable macroeconomic environment, and acceptable inflation
control, which created an enabling environment for the implementation of growth-supporting
policies.
b. 2021
In 2021, the global COVID-19 pandemic exhibited complex dynamics with the emergence of
new variants, hindering the global economic recovery. Vietnam was one of the countries heavily
affected by the disease, experiencing an economic growth rate of only 2.58% in 2021, the lowest
in the past 30 years.
The global economy has gradually recovered in 2021; however, it continues to face short-term
uncertainties due to the emergence of new COVID-19 variants. After two years of the COVID-19
crisis, the uneven process of global recovery is still unfolding, albeit with diminished momentum
due to various uncertainties and risks. Our country has also been severely affected by the
prolonged outbreak of COVID-19 since April, which has disrupted the economic recovery
process in the third quarter of 2021 (with a 6.02% decline in GDP in Q3 2021). Following the
outbreak starting in April 2021, prolonged lockdown measures were implemented, resulting in
significant economic losses. Our country struggled with prolonged lockdowns in major economic
centers such as Ho Chi Minh City, Hanoi, and surrounding areas, leading to a more than 6%
decline in GDP in Q3 2021. Despite the initial low testing and vaccination rates during the
outbreak in April 2021, the authorities responded swiftly and implemented widespread
vaccination campaigns nationwide. From July to mid-December 2021, over 75% of the
population received at least one vaccine dose, and over 55% received full vaccination. The
vaccination efforts paved the way for the Government to transition from a "COVID-zero" policy
with strict social distancing measures and significant economic losses to a "living with COVID-
19" approach, whereby the economy reopened while continuing to implement preventive
measures.
The reality shows that the outbreak starting in April 2021 has caused significant damage to
workers, households, and businesses. This outbreak further worsened the labor market situation.
Vietnam's labor market had not fully recovered from the pre-pandemic period at the time this
outbreak began. The social distancing measures in Q3 2021 affected approximately 28.2 million
workers, with around 2.5 million losing their jobs and the unemployment rate reaching a record
high of 3.7%. The actual average income of workers decreased by 12.6% in Q3 2021 compared
to the same period last year. In terms of economic sectors, the service sector workforce was most
severely affected by the social distancing measures. In the manufacturing and processing
industries, measures such as job losses, unpaid leaves, reduced working hours, or salary

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reductions helped companies maintain operations and secure future employment but negatively
impacted workers' incomes. Geographically, the Southeast region accounted for the highest
proportion of job losses (52%) and witnessed two waves of labor migration back to rural areas.
One group of migrant workers left before the lockdown was implemented, resulting in labor
shortages, while the second group left immediately after the reopening, exacerbating the labor
shortage situation. According to the General Statistics Office, as of December 15, 2021,
approximately 2.2 million people had returned to their hometowns, with over half of them
coming from Ho Chi Minh City and southern provinces. With the relaxation of social distancing
measures and the reopening of the economy, the labor market situation improved in Q4 2021.
c. 2022
In the year 2022, the Vietnamese economy gradually reopened despite the complex
developments of the COVID-19 pandemic and other emerging diseases. Building upon this
foundation, the socio-economic landscape of Vietnam exhibited remarkable progress across
various sectors, with many industries experiencing a strong recovery and high growth rates. The
GDP in 2022 recorded a significant increase of 8.02% compared to the previous year, marking
the highest growth rate within the period of 2011-2022.
In the context of global economic volatility and uncertainty, the overall value-added growth in
the Vietnamese economy witnessed varying contributions from different sectors. The
agricultural, forestry, and fisheries sector recorded a growth rate of 3.36% and contributed 5.11%
to the total value-added. The industrial and construction sector experienced a growth rate of
7.78% and contributed 38.24% to the total value-added. Meanwhile, the service sector saw a
growth rate of 9.99% and contributed 56.65% to the total value added.
Amidst the turbulence and challenges faced by most countries and regions in terms of economic
growth, Vietnam's economic performance has been highly regarded due to the actual results
achieved during the 6-month, 9-month, and full-year periods of 2022, which not only met but
exceeded the growth forecasts outlined in Resolution No. 01/NQ-CP. This outcome partly
demonstrates the effectiveness of supportive management measures in facilitating economic
recovery and enhancing the resilience of the economy.
According to the report by the State Bank of Vietnam, as of December 21, 2022, the total means
of payment increased by 3.85% compared to the end of 2021 (compared to a growth of 8.31%
during the same period in 2021). Capital mobilization by credit institutions increased by 5.99%
(compared to a growth of 7.73% during the same period in 2021), while credit growth in the
economy reached 12.87% (compared to a growth of 12.53% during the same period in 2021). As
a result, the State Bank of Vietnam has proactively and flexibly stabilized the monetary market,
responding to the trends of inflation and high interest rates worldwide. However, despite the
success in controlling inflation and protecting exchange rates, there has been an increase in risks
to the banking system. The fracture of trust in the currency and financial markets in the third and
fourth quarters of 2022, which remains unresolved, has yet to fully return to normalcy. The high
anchor interest rates, deposit interest rates of 9-10%, lending interest rates of around 13-15%, or
even higher, pose a significant cost burden that is challenging for businesses to sustain over an

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extended period. Non-performing loans and systemic risks will escalate rapidly if the high
interest rate situation is not addressed promptly.
In terms of inflation, the average headline inflation for the entire year of 2022 increased by
2.59%, lower than the overall inflation rate. However, the core inflation consistently rose from
the third quarter of 2022, particularly in the fourth quarter, reaching record levels of 4.47%,
4.81%, and 4.99% in the months of October, November, and December 2022, respectively,
compared to the corresponding period in 2021. The recent developments in core inflation have
exceeded the typical range of about 2%, surpassing even the peak levels of the late 2019 to early
2020 period (reaching 3.25% in January 2020, with an average of 2.31% for the entire year of
2020). Towards the end of 2022, the pressure of inflation was somewhat mitigated by resolute,
flexible, and prioritized efforts from the government in terms of policy management. Measures
were expedited to address the challenges in domestic fuel supply. Stabilizing the exchange rate
has helped alleviate inflationary pressures and inflation expectations.
d. 2023: Still recovering, however….
In the first three months of 2023, the economy of our country is operating in the context of
continued complex and unstable global economic conditions. Global inflation, although cooling
down, remains at a high level, and there is a slow recovery and reduced consumer demand from
major trading partners. The estimated GDP growth rate for the first quarter of 2023 is 3.32%
compared to the same period in 2022, slightly higher than the growth rate of 3.21% recorded in
the first quarter of 2020 during the period of 2011-2023.
In general, during the first quarter of 2023, the country witnessed the registration of nearly 34
thousand newly established businesses, with a total registered capital of 310.3 trillion
Vietnamese dong and a total registered labor force of 212.3 thousand workers. These figures
indicate a decrease in the number of businesses, registered capital, and labor force compared to
the same period last year.
During the first three months of 2023, the number of temporarily suspended businesses was 42.9
thousand, representing an increase of over 20% compared to the same period last year.
Additionally, there were nearly 12.8 thousand businesses ceasing operations pending dissolution,
showing an increase of over 13%. Moreover, 4.6 thousand businesses completed the dissolution
procedures, reflecting a 6.5% increase. On average, more than 20 thousand businesses withdrew
from the market each month.
Especially in the context of slow global economic recovery and tight monetary policies in many
countries, which have affected the consumer demand of major trading partners, Vietnam's
merchandise import and export turnover has been affected. In the first quarter of 2023, the total
import-export turnover was estimated at $154.27 billion, a decrease of 13.3% compared to the
same period last year. Specifically, exports decreased by 11.9%, while imports decreased by
14.7%.

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 e. Conclusion
In conclusion, the Vietnamese economy has navigated through three challenging years of the
COVID-19 pandemic, demonstrating resilience and perseverance. Despite modest GDP growth
during this period, Vietnam has managed to overcome numerous challenges and maintain a
stable economic trajectory. However, the year 2023 is anticipated to be particularly demanding,
requiring heightened attention and focused efforts.
Throughout the pandemic, Vietnam has successfully implemented proactive measures to control
the spread of the virus, safeguard public health, and mitigate the socio-economic impact. The
government's swift response and effective containment strategies have allowed economic
activities to gradually resume and recover.
While the Vietnamese economy experienced growth during the pandemic years, it faced various
obstacles. Supply chain disruptions reduced global demand, and travel restrictions significantly
affected key sectors such as manufacturing, tourism, and export-oriented industries. Despite
these challenges, Vietnam's resilient economy, characterized by strong domestic demand, a
diversified export market, and a robust agricultural sector, provided a solid foundation for
recovery.
Looking ahead to 2023, the Vietnamese economy is expected to face a more challenging
environment. The persisting global uncertainties slower-than-expected global recovery, and
tightening financial policies in several countries pose new obstacles. These factors may impact
Vietnam's export activities, foreign investment, and overall economic performance.
To address these challenges, the Vietnamese government needs to remain vigilant and
concentrate its efforts on multiple fronts. This includes implementing effective fiscal and
monetary policies to stabilize the economy, supporting businesses in adapting to the changing
global landscape, and promoting domestic consumption. Prioritizing investment in critical
sectors such as healthcare, digital transformation, and sustainable development will be essential
for long-term growth and resilience.
Furthermore, enhancing international cooperation and diversifying export markets can help
reduce dependence on a few key trading partners and ensure a more sustainable and balanced
economy. Strengthening the digital infrastructure, promoting innovation, and fostering a
favorable business environment will be vital in positioning Vietnam for future economic success.

IV. Summary

Economic growth is a fundamental concept in the field of economics, and several theories help
us understand its drivers and implications. Over the past three years, despite the challenges posed
by the COVID-19 pandemic, Vietnam has demonstrated commendable economic growth, albeit
at a modest pace. This growth can be attributed to various factors and theories.
One prominent theory explaining economic growth is the neoclassical growth theory, which
emphasizes the role of capital accumulation, technological progress, and productivity in driving

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long-term economic growth. Vietnam's sustained investment in infrastructure development,
technological advancements, and improvements in labor productivity have contributed to its
overall economic growth.
Additionally, the endogenous growth theory highlights the importance of innovation, human
capital development, and knowledge spillovers in promoting economic growth. Vietnam's focus
on fostering innovation, investing in education and skills development, and attracting foreign
direct investment has stimulated productivity gains and contributed to economic growth.
Moreover, the theory of structural transformation suggests that transitioning from traditional
sectors to higher value-added industries can drive economic growth. Vietnam's efforts to
diversify its economy, promote industrialization and modernization, and enhance its position in
global value chains have facilitated structural transformation and economic growth.
It is important to note that 2023 is expected to be a challenging year for Vietnam's economy,
requiring increased attention and focus. To sustain and accelerate economic growth, it will be
crucial for Vietnam to continue implementing sound economic policies, fostering innovation and
technological progress, improving human capital, and addressing structural constraints.
In conclusion, the Vietnamese economy has demonstrated resilience and achieved modest
economic growth over the past three years, driven by factors such as capital accumulation,
technological progress, productivity gains, innovation, human capital development, and
structural transformation. While facing challenges ahead, Vietnam has the potential to further
strengthen its economy and achieve sustained and inclusive growth by continuing to implement
appropriate policies and reforms.

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 References
Smith, Adam. "An Inquiry into the Nature and Causes of the Wealth of Nations."
Malthus, Thomas. "An Essay on the Principle of Population."
Keynes, John Maynard. "The General Theory of Employment, Interest, and Money."
Solow, Robert M. "A Contribution to the Theory of Economic Growth."
Swan, Trevor W. "Economic Growth and Capital Accumulation."
https://dangcongsan.vn/chao-xuan-tan-suu-2021/dat-nuoc-vao-xuan/kinh-te-viet-nam-2020-la-
diem-sang-trong-khu-vuc-va-the-gioi-574667.html
https://www.qdnd.vn/kinh-te/tin-tuc/buc-tranh-kinh-te-quy-i-nam-2023-nhieu-thach-thuc-723360
https://dangcongsan.vn/kinh-te/kinh-te-viet-nam-va-trien-vong-trong-boi-canh-dai-dich-
602523.html
https://www.tapchicongsan.org.vn/web/guest/kinh-te/-/2018/827154/kinh-te-viet-nam-nam-2022-
va-trien-vong-nam-2023.aspx

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Contents
I. Introduction..............................................................................................................................................1
II. Basic Theories..........................................................................................................................................2
1. Theories in the past.........................................................................................................................2
2. Determinants of growth..................................................................................................................3
3. Rule of 70.........................................................................................................................................4
4. Production function.........................................................................................................................4
III. Analysis: Vietnamese economy in three years of Covid 19 Pandemic....................................................5
1. Abstract...........................................................................................................................................5
2. Data analysis....................................................................................................................................5
IV. Summary...............................................................................................................................................10
References.................................................................................................................................................12

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