Ways to realize socio-economic development targets amid COVID-19 outbreak

The Cabinet will review socio-economic performance in February and the first two months of 2020 and assess negative impacts of the epidemic on short-term and mid-term economic growth.

The epidemic has seriously affected all sectors of the national economy, especially investment and trade, disrupting production value chain and putting brake on consumption and growth, said pundits.

According to the report of the Ministry of Planning and Investment, Viet Nam’s Jan-Feb export value was estimated at US$36.9 billion, a year-on-year increase of 2.4%, in which the export value of foreign-funded and State sectors rose by 0.9% and 6%, respectively.

The consumer price index (CPI) in February decreased 0.17% against the previous month but it increased to seven-year high of 5.91% in the first two months.

The index of industrial production (IIP) in February, 2020 increased by 8.4% compared to the previous month and up 23.7% in comparison with the same period last year. The IIP in the first two months of 2020 was estimated to pick up 6.2%, of which the processing and manufacturing sector and electricity production and distribution rose 7.4% and 8.4%, respectively.

As many as 17,400 firms were established during the months, with total registered capital of VND364,000 billion, up 9.1% and up 47.1% in terms of the number of firms and registered capital volume against the same period last year.

However, due to impacts of the COVID-19 epidemic, the FDI realized capital reduced by 5% and the newly-registered FDI capital and share purchases and contributions of foreign investors was down 23.6% against the same period last year.

The total retail sales and service revenues saw a year-on-year increase of 9.3% while the number of foreign arrivals only increased by 4.8%, the lowest growth rate over the first two months of the 2016-2020 period.

Despite the epidemic, the Government has sticked to the dual mission of fighting the epidemic and ensuring growth.