PM Nguyen Xuan Phuc addresses the NA meeting.

The Prime Minister said Vietnam has contained the COVID-19 pandemic and is recovering its economy. Its strong results have been recognized and hailed internationally. Vietnam’s macro-economy has been stable. Positive economic growth has been recorded. Social security and people’s living conditions have been ensured. People’s trust in the Party and State has been reinforced. Party General Secretary and President Nguyen Phu Trong said Vietnam has never before enjoyed such status, prestige, and potential.  

GDP growth 1.4 times that of 2015

Though the COVID-19 pandemic continues to spread worldwide, Vietnam has controlled it and is supporting other countries in their epidemic containment efforts.

Prime Minister Phuc said the World Health Organization and the international community have acknowledged that Vietnam is one of very few countries that have managed to contain the pandemic through prompt, effective, low-cost measures.

The IMF said Vietnam’s success in COVID-19 prevention and control makes it a role model for other countries.

Vietnam has been able to stabilize its macro-economy, control inflation, boost growth, and ensure economic balance. The average growth rate from 2016 to 2019 was 6.8%.

“Despite severe pandemic impacts, Vietnam’s growth over 9 months has been 2.12%. The growth for 2020 is expected to be 2 to 3%. This would give Vietnam one of the highest growth rates in the world, thanks to its ability to grasp opportunities, diversify, and adapt to change. Vietnam ranks 42 out of 131 countries on the Global Innovation Index this year and tops the list of 29 economies with the same income level,” Phuc said. 

The 10th session of the 14th National Assembly

General goals in 2021-2025

Prime Minister Phuc pointed to development targets, tasks, and solutions for next year and the next 5 years: “Vietnam intends to achieve rapid and sustainable development through macro-economic stability, strategic breakthroughs, restructuring of the economy, upgrading of new technology, and greater productivity, quality, efficiency, and competitiveness. Vietnam hopes to become a developed country with advanced industry and surpass the benchmark of a low-middle income country. Vietnam hopes to become a modern, industrialized country by 2025. For now Vietnam will focus on containing the COVID-19 pandemic, protecting people’s health, taking advantage of opportunities, and growing the economy in the ‘new normal’ period.”

Prime Minister Phuc mentioned 12 socio-economic development targets for 2021, including GDP growth of 6%, a Consumer Price Index of 4%, productivity growth of 4.8%, 66% of workers trained, healthcare coverage at 91%, and 1.5% fewer poor households.

During the next 5 years, Vietnam plans to have a GDP growth of 6.5 to 7% and GDP per capita between 4,700 and 5,000 USD.

The Prime Minister outlined 10 groups of tasks and solutions, including strict implementation of pandemic preventive measures, improving the quality of and effectively using human resources, and promoting science and technology as a foundation for socio-economic development. He also mentioned tasks to promote Vietnam’s culture, human resources, and national strength, guarantee social advancement and equality, and improve people’s living conditions.