31st Sea Games - Vietnam 2021 Covid-19 Pandemic
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%.

TAG: Vietnam covid-19 coronavirus nCoV pandemic GDP growth uncertainties rebound
Other news
17:25, 2022/25/09
Vietnamese Gov’t halves MFN tariff on petrol products to 10%
Such a move will help Vietnam diversify oil import sources from China, the US, and the Middle East, and avoid dependence on certain partners amid growing global uncertainties.
16:25, 2022/25/09
Vietnamese tourism looks at niche markets
Travel businesses will concentrate on niche markets rather than traditional markets such as South Korea or Japan.
15:10, 2022/10/09
EVFTA drives Vietnam’s exports forward
Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market.
18:18, 2022/18/08
Vietnam’s GDP growth set to expand 7.5% in 2022: World Bank
In long term, transforming the higher education system will be key to boosting Vietnam’s productivity and helping achieve its goal of becoming a high-income country by 2045.
17:59, 2022/59/08
People and businesses urged to take part in the digitalization: PM
Digitalization is seen as a major instrument for Vietnam to promote an independent and self-reliant economy.
11:24, 2022/24/07
Hanoi Agriculture Fair 2022 underway until August 7
Many consumers have joined a promotion fair, which is displaying products under the One Commune, One Product (OCOP) program, farm produce, regional specialties, and processed foods.