(VOVWORLD) - In 2020, Vietnam was one of a very few countries that successfully contained the COVID-19 pandemic while maintaining economic growth. This achievement was due to effective management by the government and strong public confidence in the Vietnamese Party and State.
 (Photo: baochinhphu.vn) |
Vietnam’s highlights in 2020 included social stability, economic growth, and strong public confidence in the Party and State despite the COVID-19 pandemic. Vietnam’s economy is expected to grow 2% this year, at a time when many other countries are experiencing negative growth.
Aware of situation, not to boost growth at any cost
As soon as the COVID-19 pandemic began, the government implemented emergency measures to monitor and respond to the disease. Associate Professor Doctor Hoang Van Cuong of the National Assembly’s Finance and Budget Committee says Vietnam was successful because its decisions were based on scientific analyses and prompt forecasting.
“We implemented flexible, effective response measures. At the beginning of the epidemic, the government was determined to protect people’s lives and safety at any cost. Vietnam closed its borders early and implemented a lockdown and social distancing when it appeared prudent, accepting the sacrifice of economic gains,” said Cuong.
Vietnam, which shares a long border with China, was initially considered to be high-risk. But having successfully contained the disease, Vietnam has quickly resumed its economic activities and minimized the pandemic’s economic impact.
Pham Dinh Doan, Chairman of the Phu Thai Group and Vice Chairman of the Vietnam Business Association’s Central Council said: "The government’s effective disease containment has been a gift to businesses. Otherwise they would be facing great difficulties.”
Focused on key spearheads
Vietnam’s GDP grew 1.81% in the first half of the year. The Prime Minister urged increased investment, exports, and consumption in order to achieve the highest possible growth this year. In the last 11 months, disbursement of public investment almost doubled last year’s figure, the highest rate in 10 years. Vietnam’s exports were estimated at 255 billion USD in the reviewed period, 5.3% more than last year. Retail sales and service revenue increased sharply in the last two months, showing a growth of 8.5% over the last 11 months.
Nguyen Van Hoi, Director of the Industry and Trade Policy and Research Institute, said: “This is a proud success which has been evidenced by the growth of the domestic market. The success is due to the efforts of the Party and the government at all levels and their policies on domestic market stimulation, trade infrastructure investment, and links between markets, supermarkets, and shopping malls, which boosted consumer sales.”
 Party General Secretary and President Nguyen Phu Trong (photo: dangcongsan.vn) |
In his closing speech at a Party Central Committee meeting in October, Party General Secretary and President Nguyen Phu Trong said: “We have implemented prompt policies and measures to maintain business activities, generate jobs and boost incomes for workers, and help people and businesses recover from the epidemic.”