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Vietnam aims at GDP growth of over 5% in 2020

May 06, 2020 | 13:02

Vietnam’s GDP growth in 2020 must reach 5 per cent, higher than the 2.7 per cent the International Monetary Fund (IMF) has forecast, Prime Minister Nguyen Xuan Phuc has said.

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prime minister vietnam aims at gdp growth of over 5 in 2020
Prime Minister Nguyen Xuan Phuc (centre) speaks at the cabinet meeting on Tuesday in Ha Noi (Photo: VNS)

Vietnam’s GDP growth in 2020 must reach 5 per cent, higher than the 2.7 per cent the International Monetary Fund (IMF) has forecast, Prime Minister Nguyen Xuan Phuc has said.

The rate is already the highest the IMF has predicted for any Southeast Asian country this year, with the COVID-19 pandemic wreaking economic havoc around the world and threatening to drive the global economy into recession.

“It’s very hard to reach the growth rate of the country’s initial plan (6.8 per cent) but we cannot allow the growth rate to fall too low,” PM Phuc emphasized in the conclusion speech of the Government's regular meeting on 5/5.

The opinions at the meeting were that the socio-economic situation in April clearly showed the severe impact of the COVID-19 pandemic on almost all sectors of the economy, especially the industry, manufacturing, construction, transportation services, aviation, and tourism. Many sectors have decreased in operation, such as aviation by 98%, international tourism by 94.2%. According to the Prime Minister, businesses face a lot of difficulties and many workers quit their jobs, "we must be aware of this difficult situation so that we can take measures to deal in May and next months", according to Financial Times.

prime minister vietnam aims at gdp growth of over 5 in 2020
Prime Minister Nguyen Xuan Phuc delivered a conclusion speech. (Photo: Financial Times)

However, according to some comments at the meeting, Vietnam still maintained a good development,.In the first quarter, the economy growth reached 3.82%. Although this rate is much lower than the same period last year but is also at the highest level in ASEAN and Asia.

The Government, the Prime Minister have issued a number of decrees, directives and resolutions that are correct, timely and applicable.

“At this meeting, all members of the Government and delegates agreed on continuing to realize the dual goals in the new situation, especially the socio-economic recovery and development, to ease business development, especially in key industrial areas, big cities, famous sightseeing spots to strengthen domestic tourism development ”, said the Prime Minister.

As the world and Vietnam face many difficulties, it is necessary to work together, agree and take drastic actions on the production and business. It is essential to keep a spirit of determination to overcome difficulties and challenges, urgently prepare necessary conditions to boost the economy to rebound and thrive after the epidemic.

The Prime Minister stated that it is necessary to focus more on restarting the economy, striving for GDP in 2020 to achieve a growth rate of over 5%, rather than the IMF's prediction that Vietnam can only grow 2.7%, according to Financial Times.

prime minister vietnam aims at gdp growth of over 5 in 2020
Vietnam should aim at achieving a growth rate of over 5% in 2020 (Photo: Bao dau thau)

He ordered all relevant agencies to take prompt measures to quickly resume economic activities.

The five pillars of actions that would be critical to achieve the goal and overcome the current hardship are attracting foreign direct investment (FDI), boosting exports, stepping up public investment, attracting investment from the private sector, and promoting domestic consumption, PM Phuc said.

The Government leader also said it would be important to keep the inflation rate below 4 per cent because if inflation was too high, GDP growth would be meaningless.

At the meeting, he added the country needed to disburse VND700 trillion (US$29.9 billion) from the State budget for public investment projects this year and ordered all localities to work hard to implement the plan, reported by Vietnam News.

prime minister vietnam aims at gdp growth of over 5 in 2020
The worst impacts of COVID-19 can be felt in such sectors as garment-textiles, footwear and leather, electronics, computer, optics, motor vehicle manufacturing and metal production that heavily rely on materials imported from China. Pic: PAN

In the field of information and communication, the Prime Minister asked the press agencies to step up propaganda and create a new spirit in business production and socio-economic development.

For education and training, the Prime Minister highly appreciated the Ministry of Education and Training for guiding departments and schools on ensuring safety for returning students. At the same time, the authorities should pay attention to spacing students in accordance with actual conditions, avoid extreme and rigid approaches.

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