31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / News / Viet Nam
PM Phuc lists 5 breakthroughs for Vietnam to achieve 5%-plus GDP growth in 2020
Ngoc Thuy 10:56, 2020/05/06
These breakthroughs in FDI attraction, export, domestic consumption, public and private investment, are what the economy should focus on to boost growth.

Prime Minister Nguyen Xuan Phuc has pointed out five breakthroughs for Vietnam to achieve a GDP growth rate of over 5% this year, significantly higher than the International Monetary Fund (IMF)’s estimate of 2.7% after growth in the first quarter hit a decade low.

 Overview of the meeting. Source: VGP. 

These breakthroughs in FDI attraction, export, domestic consumption, public and private investment, are what the economy should focus on to boost growth and overcome difficulties during the current crisis, PM Phuc said at a monthly government meeting on May 5.

However, Phuc acknowledged the necessity to adjust certain socio-economic development criteria, given the growing global uncertainties and Vietnam’s deep integration into global economy.

Phuc requested relevant agencies to update growth scenarios and set up new GDP growth target, as well as new estimates for state budget collection, fiscal deficit and public debt for 2020.

Vietnam’s economy has felt the true impacts of the Covid-19 pandemic in April, particularly in the fields of manufacturing and processing, construction, transportation and tourism.

Notably, the aviation industry suffered a contraction of 98% month-on-month in the number of passengers, in which the number of foreign tourists coming to Vietnam plunged 94.2%.

According to Phuc, millions of people have lost their jobs or faced wage reduction as a result, which requires strong measures to address the issues in May and subsequent months.

However, the PM noted Vietnam should remain alert and put strong measures in place to prevent potential spread of the virus, including temporary ban on foreign entries and requirement for people to wear face masks in public places.

Vietnam continues to pursue dual target in the new situation, focusing on economic recovery and socio-economic development, Phuc said, adding the government would provide support for speedy operation of major industrial parks, businesses activities in large cities and boosting domestic tourism.

RELATED NEWS
TAG: Vietnam IMF GDP covid-19 coronavirus nCoV pandemic economic recovery prime minister Nguyen Xuan Phuc
Other news
23:47, 2022/47/03
Thailand, Vietnam urged to be more proactive in new int’l challenges
The cooperation in international issues has made the two countries leading trade partners in ASEAN and shared common goals in the Greater Mekong Subregion.
23:15, 2022/15/02
Cuc Phuong National Park: Typical model for conservation in Vietnam
Joint efforts over 60 years have placed Cuc Phuong National Park among the leading natural reserves and the candidate site for the International Union for Conservation of Nature (IUCN) Green List.
12:39, 2022/39/01
National Assembly Chairman’s visit to Australia: Enhance strategic partnership
Vietnam and Australia will work on an Action Plan that is expected to elevate their partnership as a Comprehensive Strategic Partnership.
23:02, 2022/02/30
Vietnam, Australia vow to upgrade relations
It demonstrates the government's determination to deepen Australia's relationship with Southeast Asia.
21:58, 2022/58/27
Australia, Vietnam hold 1st Defense Ministers Meeting in Hanoi
The two countries are committed to upgrading cooperation in peacekeeping to a “Peacekeeping Partnership.”
15:17, 2022/17/25
Vietnam, Uganda boost bilateral free trade
The visit of Ugandan President would open a new development phase for the two countries amid the upcoming 50th anniversary of diplomatic relations (1973-2023).