Vietnam economy expects to stay resolved to prevent negative economic growth
	PM urges resolving for economic recovery amid Covid-19 pandemic hitting areas
	Vietnam's economic growth may reach about 7% in 2021

Prime Minister Nguyen Xuan Phuc speaks at the meeting. (Photo: VGP)

At this meeting, PM Phuc said that after 90 days of no Covid-19 community infection, a new outbreak appeared in late July. The outbreak has affected Da Nang, Quang Nam and Dak Lak, with several deaths, according to Nhan Dan.

He pointed out the determination of the Government to contain the pandemic, and hailed the efforts of medical staffs to extinguish the pandemic. The PM also said that several measures have been rolled out to remove difficulties, while public investment disbursements have been sped up, resulting in a record rise in the disbursed amount for July.

He said that despite the global economic crisis due to the COVID-19 pandemic, as well as strategic competition among world powers, major international organisations and financial institutions still make optimistic assessments about the Vietnamese economy.

In July, the macro-economy continued to be stable (Photo: Online Custom)

PM Phuc also highlighted the stable macro-economic situation and growing agriculture, industry and service sectors, as well as positive signs in foreign direct investment with 14.4% growth in July and the disbursement of over US$10.1 billion.

The Ministry of Planning and Investment revealed that in July, the macro-economy continued to be stable. CPI in July increased 0.4% and CPI in the first 7 months increased 4.07%.

Trade and service in July continued their uptrend thanks to policies to stimulate consumption and domestic tourism. Total retail sales in July increased 3.3% over the previous month and by 4.3% over the same period, reported by Worker.

Import and export continue to be affected by Covid-19. Total import-export turnover in 7 months reached US $ 285.12 billion, down 1.3% over the same period. Exports reached US $ 145.79 billion, up slightly by 0.2%; import reached 139.33 billion USD, down 2.9%. The trade balance of goods in 7 months had a trade surplus of USD 6.5 billion.

The World Bank forecast in July that Vietnam will come fifth in the world in 2020 in terms of economic growth (Photo: Economy and Forecast)

The World Bank forecast in July that Vietnam will come fifth in the world in 2020 in terms of economic growth with 2.8%. Meanwhile, the Economist magazine called Vietnam as a hub for investors and an important part of the world technology supply chain. These observations show the confidence of investors and financial institutions in the Vietnamese economy.

July also witnessed a strong recovery in the number of newly-formed businesses. The PM asked the Government members to maintain the operation of newly-established businesses, especially in the major hubs of Ho Chi Minh City and Hanoi.

In the second quarter and the first half of 2020, 30.8 million people were affected by the COVID-19 pandemic, including 2.4 million workers who became unemployed. The ratio of unemployment rose 2.73% across the whole country and specifically 4.46% in urban areas. About 17 million people suffered from income reduction due to the pandemic.

Amidst the effects of the second wave of COVID-19, the PM has instructed the Government to outline policies for the remaining five months of 2020, especially those in relation to social welfare and labourers.

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