(VOVWORLD) - Vietnam’s gross domestic product (GDP) increased 2.12% during the first nine months of the year, according to the General Statistics Office (GSO). Although the slowest growth in the past decade, it has to be considered a success given the heavy toll the COVID-19 pandemic has taken on the global economy.
 A press conference announces Vietnam's socio-economic statistics in the 3rd quarter and 9 months of 2020. |
Vietnam’s GDP growth was made possible by a successful effort to contain the COVID-19 pandemic.
Recovery effort continues
The COVID-19 pandemic has hurt businesses, but positive signs reappeared in the third quarter. The number of new businesses and businesses resuming operation was 133,600, up 2.9% from last year, and employment has increased.
Total export and import turnover reached 388.7 billion USD, of which exports totaled 202 billion USD, marking Vietnam’s biggest ever export surplus – 17 billion USD, 150% higher than last year. Director of GSO’s Industry Statistics Department Phạm Đình Thúy said this reflects timely and effective decisions by the government and efforts at all levels to realize the dual goals of epidemic control and economic growth.
“Because of COVID-19, all the big economies have been declining. Many economies count it extremely luckly to avoid any kind of negative growth. Meanwhile, Vietnam’s positive growth has been impressive.”
Recently the World Bank and the Asian Development Bank said that if Vietnam can maintain its growth rate in the 3rd and 4th quarter, it will have one of the world’s top 10 or top 5 growth rates.
Positive signs for the rest of the year
Vietnam’s economy faces many challenges. It’s economic openness will be easily affected by the global economy. But with the global economic rebound and the EVFTA boosting Vietnam’s exports to the EU, it’s feasible that Vietnam will see higher economic growth in the 4th quarter and an annualized growth rate close to 3%.
In agriculture Vietnam has the advantages of a bumper harvest of fruits, stable rice prices and export market, close government management, and active engagement by many sectors.
Vietnam has gone a month with no new COVID-19 infections. Some international commercial flights have resumed. Transportation, tourism, hotels, restaurants, and entertainment are expected to revive in the remainder of the year.
Nguyen Thi Huong, GSO Director, said: “Vietnam will carry on with COVID-19 prevention and control measures, while providing emergency support to businesses and individuals and encouraging the public to purchase Vietnamese goods. Vietnam will enhance the disbursement of public investment capital. Production plans and market demand estimates will be revised. Steps will be taken to stimulate investment, take advantage of the EVFTA, and limit the import of goods that Vietnam produces. Monetary, interest rate, and foreign exchange policies will be synced with other policies.”