Vietnam’s GDP expected to expand 2 – 2.5% in 2020

Friday, 2020-09-04 17:30:19
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Vietnam’s GDP is forecast to grow 2 – 2.5% in 2020 and 6.7% in 2021. (Illustrative image)
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NDO – Vietnam’s GDP is forecast to grow 2 – 2.5% in 2020 and 6.7% in 2021, as announced by the Minister of Planning and Investment Nguyen Chi Dung at the regular Government Cabinet meeting on September 4.

At the meeting, the minister reported on the estimated results of the implementation of socio-economic development tasks in 2020 and the projected plan for 2021.

He said that despite the difficult context, Vietnam’s economy has not fallen into recession and maintained a positive growth while many other countries in the region and the world are forecast to have negative growth rates.

Vietnam also fulfilled its five socio-economic development targets and exceeded two among its 12 targets set for 2020.

He noted that the Government remains consistent on the viewpoint of maintaining macroeconomic stability, controlling inflation, and developing appropriate mechanisms to stimulate the three main drivers for economic growth including investment, export and consumption.

In addition, the Government will make every effort to realise the “dual goals” of preventing the COVID-19 pandemic and quickly restoring economic activity to achieve an economic growth rate of 2% - 2.5% across the entirety of 2020, Dung said.

Besides these achievements, the economy still reveals limitations and inadequacies regarding economic restructuring associated with the renewal of the growth model, low productivity and competitiveness, a weak private sector, the lack of connection with foreign direct investment enterprises and global value chains, and others.

Minister Dung said that Vietnam will focus on overcoming difficulties and restoring the economy in 2021. The domestic economy is expected to expand by 6.7% in 2021.