(VOVWORLD) - With enhanced effort to prevent the spread of the COVID-19 pandemic and respond to global challenges, international media and experts have forecast that Vietnam will continue to be an economic spotlight in the region and the world. With a firm political foundation, improved investment environment, and increased international prestige, Vietnam is forecast to obtain an impressive growth rate.
 Prime Minister Nguyen Xuan Phuc |
2021 – a good start for 2021-2025
The World Bank has made a positive forecast for Vietnam’s economy with a growth rate at 6.8% in 2021 and 6.5% in following years.
Vietnam begins the first year of the 13th National Party Congress’s 5 year term with major decisions which are expected to create breakthroughs for the future. The Government has the dual tasks of COVID-19 pandemic prevention to protect people’s health while taking opportunities and enhancing efforts to recover and develop the economy.
To achieve the targets, the government has set major tasks and solutions, including to strictly and effectively implement preventive measures and minimize damage caused by COVID-19; continue to stabilize the macro-economy, control inflation; speed up economic restructuring while reforming growth model, improving productivity, quality, efficiency, and competitiveness; mobilize and effectively use of resources; push ahead the implementation of key socio-economic infrastructure projects; improve the quality and use of human resources and step up innovation and scientific and technological application to create a foundation for socio-economic development.
Effort to gain growth breakthrough
Vietnam is fighting the 3rd wave of the COVID-19 pandemic. With experience learned from earlier pandemics, Vietnam has immediately mapped out scenarios and solutions to contain the virus as quickly as possible. Measures have been enhanced to boost economic growth in the first half of this year toward the annual GDP target of 6.5%.
Prime Minister Nguyen Xuan Phuc said: “We need to boost three economic spaces: the domestic economy of 100 million people; the international economy with strengthened global economic integration; and Vietnam’s digital economy. We are determined to ensure macro-stability, control inflation, guarantee major balances of the economy, and boost growth. The Ministry of Finance and the Ministry of Planning and Investment continue to allocate resources, implement appropriate solutions, resolve obstacles for businesses and employees who were dismissed, laid off, and reduced income due to the COVID-19 pandemic, and consider investment stimulation measures, fee reduction in line with the law, and a second stimulation package.”
Economists have worked with the government to analyze the situation and brainstorm solutions for economic development. Economist Vo Tri Thanh said: “We need to act with a wartime spirit which is quick and drastic response and engagement of all forces. Economic incentive policies should be enhanced together with new policies in line with global development trends, such as digital transformation, lifestyle, consumption, and climate change response.”
The COVID-19 pandemic is spreading complicatedly which restrains global economic recovery. Vietnam’s open economy depends on global economic recovery. With strong determination from the political system to surmount difficulties, Vietnam’s economy can take advantage of opportunities to grow strongly in the near future.