PM believes the national economy to fully recover by the end of the year

Prime Minister Nguyen Xuan Phuc on October 2 highlighted many bright spots in the country’s socio-economic picture in September and in the first nine months of 2020, stating that the “dual goal” of epidemic prevention and economic recovery has been realized in a serious and effective manner and brought about initial encouraging results.
October 03, 2020 | 08:10
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Chairing a regular monthly Cabinet meeting for September, Prime Minister Nguyen Xuan Phuc expects Vietnam will achieve GDP growth of 2-3% this year.

Speaking at the Cabinet meeting on October 2, PM Phuc praised ministries, sectors and localities for the successful organization of many important events in the past month, including the 75th anniversary of National Day and the 41st General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA-41).

He highlighted the effective control of the COVID-19 pandemic, which has helped Viet Nam go 30 straight days without new community infections, while appreciating the education and training sector’s successful organization of the national high school graduation exam (phase 2) and praising the impressive results attained by Viet Nam’s Olympiad teams, VGP reported.

Addressing a regular monthly Cabinet meeting for September, PM Phuc noted that “the situation is getting better and better”, with the national economy showing signs of a gradual recovery, posting an estimated growth of 2.62% during the third quarter of the year.

“This proves our efforts have paid off given the fact that many economies in Southeast Asia have attained negative growth due to the impact of the novel coronavirus pandemic,” said PM Phuc. Indeed, the figures for the year’s third quarter are set to pave the way for the country to achieve positive growth throughout the entirety of the year.

Alongside recording considerable economic growth, the PM also touched upon the major positive economic indicators that have been seen over the previous nine months. They include a record trade surplus of US$17 billion and foreign direct investment of US$21 billion, while inflation has been kept at a relatively low rate.

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From left to right: Permanent Deputy Prime Minister Truong Hoa Binh, Prime Minister Nguyen Xuan Phuc, and Deputy Prime Minister, Foreign Minister Pham Binh Minh at the Cabinet meeting, Ha Noi, October 2, 2020. Photo: VGP

Furthermore, the Government leader also pointed out that September’s industrial production has enjoyed a gradual recovery, raising hopes of a major leap forward ahead in the year’s fourth quarter. In addition, trade, services, and sales have also picked up, largely as a result of a high consumer purchasing demand.

Whilst the COVID-19 pandemic has taken its toll on all economies globally, including Vietnam, the prolonged nature of the pandemic, coupled with the resurgence of the virus in late July, has forced the Government to come up with a new strategy of epidemic prevention and economic recovery, dubbed a dual goal.

Thanks to the Government’s efforts, the country has successfully brought the disease under control, with no new locally transmitted infections detected over the past 30 days. All economic, business, and tourism services have gradually returned to normal. At present, Vietnam is starting to reopen international commercial flights to destinations that have brought the virus under control.

Despite these positive signs, PM Phuc stated that growth remains low in comparison to the country’s potential, as well as below expectations that were set earlier this year. He therefore asked Cabinet members to examine the current situation and put forward solutions aimed at stimulating the local economy in the last quarter of the year and supporting the realisation of tasks for next year and beyond, according to the VOV.

The PM also reminded localities of the possibility of a resurgence of the virus over the winter months and asked them to remain vigilant in all circumstances.

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