Home / Economy / Trade - Service
Vietnam gov’t targets 2.5% GDP growth for 2020
Ngoc Thuy 16:40, 2020/09/04
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%.

RELATED NEWS
TAG: Vietnam covid-19 coronavirus nCoV pandemic GDP growth uncertainties rebound
Other news
21:24, 2022/24/22
US-Vietnam trade turnover hits more than US$111 billion in 2021
Trade has become a pillar of the growing bilateral relationship between the two countries.
05:32, 2022/32/22
Vietnam’s petrol prices surge for second time this year
The latest price adjustment marked the second consecutive price hiking in 2022.
19:11, 2022/11/20
Smoother transactions at Vietnam-China border, Hanoi says
The clogging could happen at anytime during the year and every year due to changes in the Chinese side’s import policy.
15:33, 2022/33/19
Vietnam sets up task force to address trade congestion with China
Risks of further congestion remain due to uncertainties surrounding the Covid-19 situation and limited loading capabilities from both sides.
19:08, 2022/08/17
Trade ministry targets 6-8% export growth in 2022
Assuming Vietnam keeps the current pace of trading growth, the turnover could set a new record and exceed the $700-billion mark in 2022.
21:10, 2022/10/16
Hanoi targets surge in export turnover in 2022
The capital will continue to focus on realizing the dual goal of fighting the Covid-19 pandemic and boosting socio-economic development.