Gdp

Such a high fiscal deficit is due to low state budget revenue and increase in regular spending under the severe Covid-19 impacts.

This comes as Vietnam’s GDP growth in 2020 is set to expand by 2 – 3%, much lower than the 6.8% target initially set for the year, Prime Minister Nguyen Xuan Phuc has said.

While Vietnam is on track to witness the strongest growth in ASEAN this year, a weakening job market is the biggest risk to its economic recovery.

Vietnam's 2021 growth is forecast at 11.2%, the highest in the Asia-Pacific region.

The Vietnamese government is recommended to consider applying AMRO’s “4C and 4R” framework on policy design toward robust economic recovery and sustainable growth.

The country’s economic expansion in the third quarter is expected to be in a range of 1.04 – 1.69%.

Continuing the success of the August Revolution, the Vietnamese people then recorded significant victories in the resistance wars against the French and Americas as well as in the Doi Moi economic reform.

Looking ahead, Vietnam’s economy remains vulnerable to new waves of coronavirus outbreak and, even in their absence, it could be stuck in what we can label as the “Covid-19 economic trap.”

Hanoi should set a vision to compete with other capital cities in the world such as Beijing, Bangkok, or Kuala Lumpur, said Prime Minister Nguyen Xuan Phuc.

As of July 15, budget revenue collection reached VND697.5 trillion (US$30.17 billion), equivalent to 46.1% of the year's estimate.