Vietnam's GDP growth may reach 3.5-4% in 2021 if pandemic well controlled in September
A view of Ho Chi Minh City (Photo: VNA)
NDO/VNA – If the COVID-19 pandemic is put under good control in September, the country’s gross domestic product (GDP) growth may reach 3.5-4% in the whole year, said Minister of Planning and Investment Nguyen Chi Dung.
The minister held that although the predicted result is lower than the set target, it requires greater efforts of the whole political system and localities.
If this scenario becomes true, 2021 will be the second year that Vietnam fails to complete its growth target, which will affect the implementation of the overall development plan for the 2021-2025 period. Last year, Vietnam’s GDP growth only expanded 2.92% due to impacts from the pandemic.
Dung held that social distancing measures have greatly affected production and business activities as well as employment. Meanwhile, the cost for pandemic prevention and control is high, which affects the State budget collection and spending, he said, adding that the pandemic have also impacted on the establishment of new firms and the attraction of foreign direct investment.
Particularly, weak domestic consumption of agricultural products and high prices of input materials have also caused difficulties for businesses’ production expansion, he said.
The minister reminded localities to grasp all opportunities to catch up with the recovery trend of world major economies which have great impacts on the Vietnamese economy. He suggested that some localities should not depend on only one or two foreign-invested firms to secure economic growth.
In order to boost economic growth in the rest of the year and 2022, Dung pointed out a number of solutions, including the good control of COVID-19 and the avoidance of another outbreak that may crack down production and supply chains.
Besides, localities should increase meetings and dialogues with local businesses to create a more favourable investment environment for them, while ensuring social security, supporting pandemic-hit people, and actively building their own economic recovery plans.
PV Gas, US corporation move to implement Son My LNG port warehouse project
ROK firms pour US$2.43 billion into Vietnam in eight months
Vietnam to facilitate US investment projects, says minister
President Nguyen Xuan Phuc receives leaders of US enterprises in New York
Fitch Ratings ranks PetroVietnam's Standalone Credit Profile at 'BB+'
Arlo Introduces Newest Addition To Its Award-Winning Pro Series With Pro 4 Spotlight Camera
Cryptocurrency and Millennials—The Perfect Match: An Expert Article by OctaFX
Curated Conscious Beauty Solutions Online Platform, Aardae, Launches In Singapore
Chen Zhi Scholarship Jointly Launched by Prince Group and Ministry of Education Youth and Sport to Prepare Cambodian University Students For Post-Pandemic Future
Cognian and Avnet Enter Strategic Engagement