VIETNAM'S GDP GROWTH RATE REACHES NEARLY 3 PER CENT IN 2020

As plenty of economies are hit hard by COVID-19, Vietnam has come out on top with the GDP growth rate of nearly 3 per cent, listed among the top 10 economies with the highest growth.

“Vietnam has generated more than $1.2 trillion in GDP within the recent five years,” said Prime Minister Nguyen Xuan Phuc while chairing the government meeting with local authorities on December 28 and 29. “In 2020 alone, with the pandemic overruning many countries, the Vietnamese economy still maintained positive growth.”

The International Monetary Fund pointed out that Vietnam’s GDP exceeded $340 billion, placing among the 40 largest economies in the world. With this, the country has surpassed the regional powerhouses of Singapore and Malaysia. Meanwhile, the World Bank listed Vietnam in the top 10 highest growing countries.

The prime minister said that economic growth no longer depended on any single economic sector. Whether state-owned enterprises or foreign-invested companies, the role of the private sector is growing into an important motivation for the country stipulated in Resolution No.10/NQ-TW.

Through its wide network of free trade agreements, Vietnam has been constantly expanding foreign trade activities to many new markets while also focusing on the domestic market.

PM Phuc also said that although GDP growth is meaningful for the country, it does not fully reflect the face of the economy such as the contribution of the government and local authorities. Therefore, it is necessary to develop new standards for growth such as jobs and income.

2021 is forecast to be a tough year and the premier reminded that economic recovery and developing production and pandemic prevention should remain the leading mission.

“For now, economic recovery and seizing opportunities for economic development should be given priority. It is necessary to map out a specific itinerary to adapt to the new normal,” said Phan Ngoc Tho, Chairman of Thua Thien-Hue People’s Committee.

Source: VIR