Vietnam prepares for gradual opening of the economy
Vietnam prepares for gradual opening of the economy
The Vietnamese government will develop scenarios for economic recovery and gradually open the economy in keeping with the Covid-19 prevention and control and progress of mass vaccinations.
Relatively high growth
Deputy Prime Minister Pham Binh Minh presented to the National Assembly the results of the socioeconomic development plan for the first half of 2021, noting that economic growth of 5.64 percent during the reviewed period was relatively high compared to other countries. He added that the macro-economy was stable and inflation was kept low. In the first half of the year, the consumer price index (CPI) increased by 1.47 percent compared to the same period last year, the lowest increase since 2016.
Deputy Prime Minister Pham Binh Minh presents to the National Assembly the results of the socioeconomic development plan for the first half of 2021
|
The major balances of the economy, the monetary market, credit, exchange rates and interest rates were also stable. State budget revenue achieved positive results, reaching 58.2 percent of the annual estimate, an increase of 16.3 percent compared to the same period last year. State budget expenditure was managed strictly, ensuring the need for spending on pandemic prevention, security, defense and other urgent tasks. Total realized social investment increased by 7.2 percent compared to a year ago, while implemented foreign direct investment (FDI) reached more than US$9.2 billion, a year-on-year increase of 6.8 percent.
In the first half of the year, total export-import turnover also increased by 32.2 percent compared to the same period last year. E-commerce thrived, becoming an important distribution channel to support consumption of agricultural products during the pandemic.
Hoang Van Cuong from the Hanoi delegation said Vietnam achieved positive growth in the first half of the year, adding that if Covid-19 prevention and control measures are implemented well, the growth momentum will be maintained.
Le Thanh Van from the Ca Mau delegation said positive results in the first half of the year reflected the capacity of the government. Many major international organizations also had positive assessments of the Vietnamese economy.
Pursuing the dual task
Don Tuan Phong from the An Giang delegation said pursuing the government’s dual task of fighting the Covid-19 pandemic and promoting socioeconomic development is the right choice in the current context. However, the economy still faces numerous challenges in the last months of the year.
The first session of the 15th-tenure National Assembly, July 2021
|
According to Deputy Prime Minister Pham Binh Minh, the main goal is to implement the government’s dual task consistently. The Vietnamese government will develop scenarios for economic recovery and gradually open the economy based on the situation of Covid-19 prevention and control and mass vaccinations, Deputy PM Minh said, adding that public investment disbursement will continue to be accelerated.
Vietnam needs to make full use of global trade recovery, investment shifts and new-generation free trade agreements, while strengthening trade promotion activities, expanding export markets in association with building Vietnamese brands, developing distribution channels through e-commerce platforms, and boosting domestic consumption.
The government will restructure the economy drastically and effectively in association with growth model innovation and international economic integration; promote the restructuring of state-owned enterprises and credit institutions and develop the private economy; focus on agricultural economic development in association with agricultural restructuring and new-style rural area building; and develop the manufacturing and processing sector, support industries and information technology.
