Vietnam to resume economic activities with countries having Covid-19 vaccines

Vietnam should prepare methods to resume trade and investment activities with countries having Covid-19 vaccines, while pushing for international cooperation in vaccine distribution to high risk areas.

Minister of Planning and Investment Nguyen Chi Dung. Photo: Quang Hieu.

This is among solutions put forth by Minister of Planning and Investment Nguyen Chi Dung at a government’s monthly meeting on December 2 to aid the country’s efforts in realizing its socio-economic development goals in 2020.

"Government agencies should closely monitor the pandemic situation globally, and strictly carry out anti-Covid-19 measures under the instruction of the National Steering Committee on Covid-19 Prevention and Control," Mr. Dung said.

He said Vietnam needs to pursue flexible fiscal and monetary policies to push up economic recovery  andfurther support enterprises and people affected by the pandemic.

Mr. Dung said the Ministry of Planning and Investment (MPI) is in process of drafting stimulus packages and support programs for priority fields, including tourism, hospitality, catering and transportation, among others, to ensure the attainment of dual target in both containing the pandemic and boosting economic growth.

"There should be stronger efforts against animal diseases in cities and provinces nationwide, while poviding breeding animals and production materials to natural disaster-hit regions to avoid disruption of economic activities and ensure people's living standards," he added.

Mr. Dung said the country needs to continue diversifying export activities and expand trade in potential markets by taking advantages of major trade deals, including the CPTPP and EVFTA.

Government agencies should assess the impacts of the recently-signed RCEP on the economy, and provide updated information to the business community, especially small and medium-sized ones, so that they could fully benefit  from the deal.

As public investment remains a key solution to boost economic recovery, Mr. Dung stressed it is essential for Vietnam to accelerate the disbursement progress of public funds, while continuing to monitor issues emerged during the process.

In 2020, the International Monetary Fund (IMF) has revised up Vietnam’s economic growth forecast to 2.4%, among the highest in the world, from its initial estimate of 1.6%. Such growth rate is in line with the government target of 2.5 – 3%.