Vietnamese economic growth in 2020 among world’s highest
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Prime Minister Nguyen Xuan Phuc speaks at the conference (Photo: VGP)

Five years on from the Government embarking on the implementation of the socio-economic development plan despite facing numerous difficulties both at home and abroad, the country has maintained high growth, with all people enjoying achievements relating to development, coupled with strong public trust. The nation has also taken on many important roles in the international and regional arena, whilst also successfully organising a broad array of major international events.

“Despite many countries having fallen into recession this year due to the various impacts of the novel coronavirus (COVID-19) pandemic, Vietnam remains a rare country that maintains positive growth while the epidemic is brought under control as a means of ensuring social security. We have achieved our dual goal of combating COVID-19 and sustaining economic growth, while Party building and anti-corruption work have also been promoted,” the cabinet leader stated.

In line with this, 2020 can be considered to be the most successful year over the past five years in terms of spirit and high determination shown which has allowed the nation to surmount all difficulties and challenges. Indeed, the confidence of citizens in the Party and the future of the country has consistently been strengthened and improved, according to the VOV.

Through the determination of the entire political system, the consensus of people, and efforts of businesses, more than US$1,200 billion of GDP has been created during the past five years based on a stable macroeconomic foundation, PM Phuc emphasised.

Furthermore, national economic growth received significant contributions from the impressive growth recorded by many emerging localities, another inspiring factor that can allow other provinces to surpass themselves due to growth not being dependent on any specific economic sector.

Businesses are reopening their doors with over 5,000 businesses resuming operations in October, a sharp rise of nearly 20 per cent compared to September. In addition, more than 12,200 new businesses were registered in October. Duong Manh Hung, a senior analyst from the General Statistic Office of Vietnam, said the economy has seen strong bounce-back (2.62 per cent growth) since the third quarter of 2020, after a record-low second quarter (0.39 per cent growth). He said his office was confident the country's GDP growth will hit 2 per cent this year and 6 per cent or greater in 2021, reported the VNA.

Workers at a car assembly line in northern Việt Nam. Economists and experts say the country's forecast 6 per cent in GDP growth for 2021 is feasible.Photo: VNA

The country has not only been economically successful, but it has also made rapid social progress over the past five year as over eight million jobs have been created, serving to contribute to raising people’s incomes and living standards.

Regardless of the circumstances, the Government has identified limitations and difficulties moving forward, with economic growth not yet matching its potential, whilst the lives of many citizens are blighted by low incomes. In addition, the business sector still faces several difficulties, coupled with low competitiveness, bottlenecks in infrastructure and human resources, alongside shortcomings in terms of the quality of education and health care.

PM Phuc also mentioned issues relating to people’s daily lives, such as traffic accidents, gambling, drugs, and environmental pollution.

Referring to current global changes, the Vietnamese Government leader said that the nation may not be in the top group globally in terms of income, but could be the leader in some fields. The PM outlined his belief that what the nation has achieved during the recent past will provide added impetus to ever greater attainments in the future due to the tireless efforts to carry out the 35-year Doi Moi (Renewal) process.

The August edition of the Economist magazine ranked the country among the top 16 most successful emerging economies globally. According to figures released by the World Bank (WB), with an average economic growth of 6.8% annually throughout the 2016 to 2019 period, the nation makes the top 10 countries in terms of highest growth.

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