 PM Nguyen Xuan Phuc at the 10th session of the 14th National Assembly (Photo: VNA) |
The outbreak of the COVID-19 pandemic in 2020 delivered a serious blow to Vietnam’s socio-economic development, but Vietnam was one of two Asian economies that still managed to grow while protecting people’s lives.
Addressing the 10th session of Vietnam’s 14th National Assembly, Prime Minister Nguyen Xuan Phuc attributed this achievement to the government’s great determination to build a constructive and incorruptible government to serve the people.
The government has been flexible and highly responsive to, and promulgated appropriate policies to deal with, newly emerging issues at home and abroad, said Mr. Phuc.
He took the most recent unexpected developments of the pandemic as an example. The government has insisted on pursuing a dual goal - containing the epidemic and promoting economic development.
“We have stabilized the macro-economy, kept inflation at a low level, improved growth, and ensured economic balance. In 2020, despite the pandemic, Vietnam still has one of the highest growth rates in the world thanks to its ability to grasp opportunities, diversify, and adapt to change. Vietnam’s GDP growth is 1.4 times what it was in 2015. According to the IMF, this year Vietnam’s economy will rank 4th in ASEAN with a GDP in 2020 estimated to be 2,750 USD,” said Mr. Phuc.
Vietnam’s trade surplus has reached a record high. Its total trade value was an estimated 527 billion USD, up 1.8%, of which export revenues totaled 267 billion USD, up 1%.
 Vu Ba Phu, Director of the Trade Promotion Department of the Ministry of Industry and Trade (Photo: tapchicongthuong.vn) |
Vu Ba Phu, Director of the Trade Promotion Department of the Ministry of Industry and Trade, said, “Almost every country in the world posted negative growth this year, so Vietnam’s export growth of 1% is remarkable and applauded by the international economic community. This result has shown the effectiveness of Vietnam’s political system and government, and the cooperation of its business community and people.”
In 2020, Vietnam, the nine other ASEAN members, and six other Asia-Pacific countries signed the Regional Comprehensive Partnership Agreement (RCEP) to fortify regional supply chains and the economies of ASEAN members and partners.
Vietnam began this year to realize its commitments under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), proving its long-term commitment to integration and reforms.
Economist Vo Tri Thanh said all this has elevated Vietnam’s international status and made Vietnam more attractive to investors.
“First, RCEP will benefit the tourism, education, entertainment, healthcare, and retail sectors because RCEP is a large market with the huge purchasing power of the middle class. Second, the area is very attractive to investors, which has been proven during the COVID-19 pandemic. Third, investment in value chain networks and logistics systems will create an opportunity for the support and service industries,” said Thanh.
The National Assembly approved the Government’s socio-economic development goals for 2021, including attaining a GDP growth rate of 6% and raising Vietnam’s annual per capita income to 3,700 USD.