Fulcrum for Viet Nam’s economy to recover
17:50 | 01/01/2021

VGP – In the gloomy context of the global economy, the three fulcrums for Viet Nam’s economy have still been maintained, including institutional reform, international integration and digital transformation.

Viet Nam has experienced three quarters of 2020 with full of difficulties caused by the COVID-19 pandemic.

Economies around the world have been seriously affected, prompting prestigious international organizations to simultaneously lower their growth forecasts, making the world economic picture more and more pessimistic. 

However, according to the Asian Development Bank (ADB)’s Asian Development Outlook 2020 Update, Viet Nam's economic growth could reach 2.8% in 2020 and is expected to increase by 6.3% in 2021.

Notably, the report assessed that Viet Nam is showing a stronger resilience than most of the other similar economies, with the outlook of the economy in the medium and long terms remaining positive. Viet Nam is likely to benefit from current global trade, investment and production trends.

“It is a miracle that Viet Nam maintains positive growth in 2020. Viet Nam has been successful in realizing the dual goal of repelling the disease and developing production and business activities,” said Vu Tien Loc, Chairman of the Viet Nam Chamber of Commerce and Industry. 

As reported by the General Statistics Office, Viet Nam’s gross domestic product (GDP) rose 4.48% in the last quarter of 2020, bringing the whole year's growth rate to 2.91%.

In particular, the agro-forestry and fishery sector grew by 4.69%, industry and construction up by 5.6%, the service sector up by 4.29%, and taxes on products minus subsidies on products surging by 1.07% on year-on-year basis.

Such a positive growth rate has been attributed to the country’s successful management of COVID-19, which allows economic activities to gradually recover in the new normal.

In addition, the European Union-Viet Nam Free Trade Agreement (EVFTA) came into force from August 1, 2020, adding growth drivers for the economy.

The successful control of the pandemic and the regained growth momentum have demonstrated the correctness in the direction and administration work and the determination of the entire political system, the Government and the Prime Minister, as well as the concerted efforts of the people and the business community in implementing the dual goal of both combating the disease and ensuring socio-economic development./.

By Vien Nhu

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