PM Phuc sets out greater efforts to avoid lagging economy

According to the Government chief, despite facing a number of unprecedented challenges in recent years, such as salinity drought in the Mekong Delta, the Formosa incident involving a marine pollution crisis, and natural disasters, the country has generated more than US$1,200 billion of GDP over five years. This has been achieved through a stable macroeconomic basis leading the country to be considered as one of the world’s 12 most successful emerging economies. Indeed, this year the nation is also one of the fastest growing global economies and still enjoys a positive growth rate.

PM Phuc reiterated lessons regarding the power of solidarity, especially this year when the country has been coping with the impact of the novel coronavirus (COVID-19) pandemic, for which it has received plaudits from the international community. The nation has also performed successfully as part of its responsibilities as ASEAN Chair 2020 and as a non-permanent member of the United Nations Security Council.

“Over the past six years, we have created 28 million new jobs. The economy has been significantly improved, with the average income of the people increasing by nearly 145%, equivalent to US$9,000 in purchasing power. The percentage of poor households fell from 9.8% to less than 3%, and efforts should be made to reduce poverty sustainably, especially in rural and mountainous areas inhabited by ethnic minorities,” the PM said.

During the fight against the COVID-19 pandemic, the Government set out a dual goal of ensuring socio-economic development whilst combating the pandemic. As a result of this policy, the nation is one of the few economies to enjoy positive growth. However, amid the complicated nature of developments relating to COVID-19, PM Phuc underlined the need to remain vigilant and raise public awareness, whilst also improving capacity, treatment methods, the production of biological products, vaccines, and restoring social and economic activities.

Strong administrative reform efforts over the past five years have served to establish 350,000 new businesses, accounting for more than half of the total number in operation. Through this, millions of jobs are created nationwide each year, he said.

Growth ahead in 2021 is set to be modest as the epidemic situation remains complicated and international political developments could threaten global economic recovery efforts. The PM therefore stated that, “In any situation, we must retain the strategic initiative. The biggest danger is not the economy lagging, but a lack of determination to take actions. It is necessary to continue maintaining a stable macro-economy, coupled with rapid and sustainable development.”

Also during the meeting, speaking on behalf of the Government, PM Phuc made a statement explaining and clarifying some issues regarding the Government's common responsibility.