Better economic signs amidst COVID-19 pandemic: PM

Prime Minister Nguyen Xuan Phuc speaks at the monthly government meeting (Photo: VNA)

Hanoi – Prime Minister Nguyen Xuan Phuc has highlighted bright spots in the country’s socio-economic development in September and the third quarter at the monthly government meeting in Hanoi on October 2.

The PM said strong recovery was seen in agriculture, industry, finance, banking, and social welfare, saying it will create a good premise for economic growth in Q4 and the whole year.

As Vietnam’s economy expanded 2.62 percent in Q3, the nation will definitely enjoy positive economic growth, at least from 2 percent, for 2020, he stressed.

PM Phuc pointed out the country’s outstanding achievements in the January-September period with a record trade surplus of 17 billion USD, and foreign investment standing at 21 billion USD.

The economy has recovered quickly after disruptions caused by the coronavirus outbreak, with stable macro-economy, strong securities market, and stable exchange rates, he said.

The PM applauded export activities in the period, with exports surging 4.2 percent year on year, and disbursement of public capital increasing to the highest rate.

He went on by underlining the role of the State, private and FDI companies, saying they have become the important driver for growth and job generation in the country.

Agriculture was still a major pillar for the economy during this tough time thanks to bumper crops, high farming product prices and good export revenue. This year, taking advantage of the EU-Vietnam Free Trade Agreement (EVFTA), together with the appearance of many processing plants, the sector is striving to export some 41 billion USD worth of farm produce.

He also expressed his delight that the Vietnam Manufacturing Purchasing Managers’ Index (PMI) posted 52.2 points in September, as compared to 45.7 points in August, which signals a stronger improvement in the country’s business condition.

However, he said difficulties and challenges remained for tourism, aviation and transportation sector while the current growth still lags behind expectation.

In that context, PM Phuc asked his cabinet members to outline measures pushing economic growth as well as promoting digital transformation in the context of the COVID-19 outbreak.

He ordered increasing resilience in national development, particularly in 2021.