A workshop to launch the report on Vietnamese macroeconomic performance in the third quarter and September 2020. (Photo: thoibaonganhang.vn)

However, Vietnam’s economic prospects for this year will largely be dependent on its capability to continue its success in containing the novel coronavirus (COVID-19) pandemic, the report said.

Dr Can Van Luc, BIDV Chief Economist suggested measures to ensure high growth rate for Vietnam this year. He said, “Besides pandemic control and economic growth targets, new momentum for development should be initiated as alternatives to constraint resources, including focus on domestic market, digital economy and new business models. Productivity must be prioritized to ensure sustainable development. The enforcement of the EU-Vietnam Free Trade Agreement is equally important besides business climate improvement.”

According to experts, with the current global economic outlook being gloomy, the forecast for the next quarter will remain high, adding that the nation still faces challenges due to the potential resurgence of the COVID-19 outbreak globally, along with lockdown measures that could lead to prolonged periods disruption for global supply chains. They called for continued administrative reform and solid fiscal buffer to prevent unpredictable challenges caused by COVID-19 pandemic in the years to come.