Vietnam gov’t targets 2.5% GDP growth for 2020
The GDP growth is expected to rebound to around 6.7% in 2021.
Vietnam targets an economic growth rate of 2% for this year in nornmal conditions and 2.5% if favorable factors emerge, according to Nguyen Chi Dung, minister of Planning and Investment.
|Overview of the meeting. Photo: VGP.|
The Vietnamese government remains steadfast in ensuring macro-economic stability and focusing on three major growth driving forces which are investment, export and domestic consumption, said Mr. Dung at a monthly government meeting on September 4.
For 12 socio-economic development goals in 2020, seven are highly to be achieved and potentially exceed their set targets.
According to Mr. Dung, Vietnam would continue to pursue the dual target of containing the Covid-19 pandemic and grasping opportunities for the resumption of economic activities.
While the pandemic has caused severe impacts on various economic sectors, the economy has not fallen into a recession and kept maintained a positive growth momentum, Mr. Dung asserted, adding this is a positive situation given a bleak outlook for countries in the region and all over the world.
Meanwhile, Mr. Dung pointed to a number of shortcomings that have not been able to be fully addressed, including the low productivity and competitiveness of the economy, weak linkages between domestic and foreign-invested firms, and limited integration into regional and global value chains, among others.
Looking ahead, Mr. Dung expected negative impacts from the Covid-19 pandemic to persist for the whole 2021.
With growing global uncertainties, Vietnam’s major economic partners are predicted to take at least two to four years to return to their pre-Covid-19 levels. However, Vietnam’s GDP growth should rebound to around 6.7% in 2021, for which the government is set to continue to look for a rapid and sustainable economic growth rate, Mr. Dung suggested.
Mr. Dung’s GDP forecast for this year is not vastly different from that of World Bank in July with 2.8%, making Vietnam the fifth fastest-growing economy globally, while HSBC also expected the country to reach growth of 2.9%.
- Vietnam fruit, vegetable exports rise above 6% to over US$900 million in Q1
- Finance ministry turns to stock market for greater transparency in SOE privatization
- IMF maintains Vietnam GDP growth forecast at 6.5% in 2021
- Vietnam eyes services sector to make up 60% of GDP by 2030
- SK group buys 16.3% stake of Vietnam’s largest retailer
- Vietnam – Algeria – Senegal seeks greater trade and investment cooperation
- Vietnam car imports surge 70% in March
- Vietnam to borrow US$2 billion for Mekong Delta development
- External trade a new driver of Vietnam economic growth
- Casino investment to boost Vietnam GDP growth by 2%, says businessperson
The old man guarding Hanoi's last ancient gate for 20 years
C.bank expects credit growth to exceed 12%-target for 2021
Vietnam officially approves online schooling
Vietnam warned of imported Covid-19 transmission amid rising regional cases
Hanoi team ranks 1st at National Archery Championships 2021
Vietnam moves up in int’l vaccine regulation ranking
Vietnam to cut research time of Covid-19 vaccines amid thin supply
Corporate bonds of real estate - risky commercial debt for investors
Six major tasks await newly-appointed Hanoi Party Chief