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Vietnam gov’t stays firm on GDP growth target of 2.5 – 3% in 2020
Nguyen Tung 16:58, 2020/11/17
Hanoi and Ho Chi Minh City are urged to remain alert in the Covid-19 fight, including tight control over people entering Vietnam.

The Vietnamese government has urged local authorities to continue pursuing the dual target of containing the pandemic and boosting economic growth in the final months of the year, aiming to realize the GDP growth target of 2.5 – 3% for 2020.

 Vietnam targets GDP growth of 2.5 - 3% for this year. Photo: Chien Cong. 

Meanwhile, the country’s two biggest cities Hanoi and Ho Chi Minh City are requested to stay alert in the Covid-19 fight, including tighting control over people entering Vietnam and the enforcement of face mask wearing rule in public places, stated a resolution recently released by the government following its monthly meeting on October 30.

The Ministry of Planning and Investment is tasked with cooperating with related ministries and agencies in accelerating the disbursement of public funds, including official development assistance (ODA) and preferential loans.

Additionally, more efforts are needed to promote private investment and new business models.

The State Bank of Vietnam (SBV), the country’s central bank, would continue to manage monetary policy in a flexible manner to stabilize macro-economic environment and support economic growth.

The resolution urged the SBV to ensure sufficient credit support for the economy while guaranteeing credit quality and pushing for non-cash payment.

Focusing on trade

The Ministry of Industry and Trade (MoIT) is in charge of working with related agencies and localities in resuming supply chains, as well as the development of the logistics sector and supporting industries.

The MoIT should support local enterprises in taking advantage of free trade agreements, especially the CPTPP and EVFTA, to penetrate new export markets.

For the rest of the year, the MoIT is responsible for promoting domestic consumption and ensuring efficient functioning of distribution channels related to the “Vietnamese prefer Vietnamese goods” campaign, along with a focus on e-commerce development.

The Ministry of Transport is requested to speed up the pace of upgrading projects at Noi Bai and Tan Son Nhat airports, and soon start the construction of Long Thanh International Airport.

The Ministry of Labor, War Invalids and Social Affairs should continue to carry out efficiently the instruction of Prime Minister Nguyen Xuan Phuc on providing support for the people and enterprises affected by the Covid-19 pandemic.

The Ministry of Information and Communications is set to step up efforts in developing e-government and upgrading digital infrastructure to prepare for the nationwide implementation of 5G network.

This year, the International Monetary Fund (IMF) predicted Vietnam to remain the only economy in the Southeast Asian region to register positive growth of 1.6%, taking the country’s economic size to US$340.6 billion and leapfrogging Singapore to be the fourth largest economy in the region.

The World Bank and Standard Chartered have released forecast for Vietnam’s economic growth similar to that of the government, which is in range of 2.5 – 3% in this year.

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