The Vietnamese government is targeting economic growth of 6.5 percent in 2021, which means growth is expected to return to pre-Covid levels next year, the media reported.
Due to the coronavirus pandemic, Vietnam’s impressive track record of economic growth was hampered this year. The country recorded gross domestic product (GDP) growth of 1.8 percent during the first half of 2020.
However, Vietnam expects to rebound next year from the economic slowdown the country is witnessing this year.
For that reason, the Vietnamese government is prioritising economic growth and pandemic prevention.
According to media reports, the government has asked its central bank to continue implementing a flexible monetary policy, control inflation and macroeconomic stability.
The Ministry of Planning and Investment is also working to promote FDI in Vietnam and are drafting new policies to attract more foreign investment.
Simultaneously, Vietnam’s Ministry of Industry and Trade is also working to boost its exports, stimulate domestic consumption, and strengthen prevention of smuggling and trade fraud.
As the number of positive Covid-19 cases keep soaring everyday all over the globe, Vietnam has done an impressive job in lowering the number of cases to 1068 as of today.
This has helped the country secure its economic activities despite entering a state of lockdown in April.
Vietnam has recorded an impressive economic growth since 2012, posting a 6 percent growth or higher every year. The growth is mainly attributed to the strength of its manufacturing sector along with the increasing spending power of its population.
Vietnam’s GDP is forecast to grow between 2 and 2.5 percent in 2020.