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

Vietnam’s GDP growth in the first nine months of this year is estimated at 1.51 – 1.76%, according to the Ministry of Planning and Investment (MPI).
Vietnam' GDP growth in the third quarter is expected at an upper limit of 1.69%. |
Meanwhile, the country’s economic expansion in the third quarter is expected to be in range of 1.04 – 1.69%.
The MPI also set up two growth scenarios for the fourth quarter, with a baseline scenario at 2.06% and at 2.86% for positive ones.
In 2020, Vietnam targets an economic growth rate of 2% in normal conditions and 2.5% if favorable factors emerge, while uncertainties could lower the country’s GDP growth to 1.69%.
In a government meeting on September 4, Minister of Planning and Investment Nguyen Chi Dung said out of 12 socio-economic development goals in 2020, seven are highly likely to be achieved and potentially exceed their set targets.
The Vietnamese government remains steadfast in ensuring macro-economic stability and focusing on three major growth driving forces, namely investment, export and domestic consumption, added Mr. Dung.
Mr. Dung forecast 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 could 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.
The MPI’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%.
In the first half of 2020, Vietnam’s GDP expanded 1.81% year-on-year, the lowest six-month growth rate in the past 10 years, but is still a spotlight in Asia.
Other News
- Vietnam scales back plan to boost offshore wind
- US firms in Vietnam concern potential export tariffs
- Vietnam’s hi-tech firms urged to master semiconductors, AI technologies
- Vietnam to develop small-size nuclear power plant
- Vietnam's institutional reforms critical to achieving 2025 growth targets
- Prime Minister reaffirms reaffirms commitment to enhancing investment climate
- PM visits domestic firms joining high-speed rail project
- Vietnam e-commerce sales to hit $15.4 billion in 2025
- Nearly 13,800 new jobs created in Hanoi in January
- Vietnam faces increased trade remedies amidst growing export success
Trending
-
Changes in Vietnam’s government apparatus seen through legislative efforts
-
Vietnam news in brief - February 23
-
AI in education: teachers must be key
-
Vietnam heritage painting contest launched
-
Vietnam scales back plan to boost offshore wind
-
Indochina fine arts heritage in the heart of Hanoi
-
Keeping the spirit of Vietnamese folk paintings alive
-
Hanoi's traditional craft villages join the world stage
-
Hanoi tackles traffic violations with 600 cameras