Government expects 6.5% GDP growth for Vietnam next year

To this end, the Government assigned the Ministry of Planning and Investment (MPI) to continue reviewing and outlining the growth scenario for the remainder of the year, while simultaneously devising plans for next year.

According to a MPI report delivered at the Government meeting for August, MPI Minister Nguyen Chi Dung projected that the Vietnamese economy will continue to face hurdles moving into next year due to the novel coronavirus (COVID-19) pandemic expected to remain an unpredictable factor globally.

Dung added that although it typically takes between two to four years for economies to bounce back following a global economic downturn, especially for countries that are the nation’s major partners, the growth rate of Vietnamese GDP is likely to reach 6.7% next year.

The Government has also assigned the MPI and the Ministry of Finance to conduct a review and adjust the year’s budget plans before submitting them to the Prime Minister for approval before September 25, while also speeding up the disbursement of public investment capital this year.

Priority will be given to actions that serve to fulfill the dual goal of economic recovery and preventive prevention .

The State Bank of Vietnam has been requested to continue regulating its monetary policy in a flexible manner, while also working in close conjunction with fiscal and other policies in an effort to accelerate economic growth, control inflation, and sustain macro-economic development.

The MPI has been committed to enhancing the efficiency of foreign investment by screening quality FDI projects, with a particular focus placed on the shift of supply chains from large corporations.

The Ministry of Industry and Trade plans to promote trade, boost exports to potential markets, stimulate local consumption demand, and prevent trade fraud in all forms, while also protecting domestic production and consumption.