Despite lower-than-expected economic growth for the first half of the year, the government has yet to propose a plan to the National Assembly to adjust the growth target for the whole year, while pinning high hopes on global economic recovery backed by big stimulus packages expected to have a positive impact on the Vietnamese economy.
The country’s economic growth in the first half of the year is expected to remain lower than expected due to the pandemic affecting production and business. However, whether the economy can ensure its growth target for the whole year remains in question, with some international forecasts still proving upbeat.
To spur on local production and achieve its desired economic growth goal, Vietnam is to enact new financial solutions aimed to assist the business community. However, will the schemes affect the state budget picture, which earned a surplus in the first quarter of this year?
As part of its tasks this month as president of the United Nations Security Council, Vietnam is boosting the partnership between the organ and regional organisations, including ASEAN, in a bid to contribute to preventing conflicts and maintaining peace and security far and wide.
With water scarcity increasingly affecting people’s livelihood in recent years, Vietnam is being challenged to uncover solutions to ensure water security in the context of climate change and the country’s growing economic growth.
In defiance of the health crisis hurting the domestic economy, Vietnam has earned international optimitism for its growth outlook on the back of the country’s good control of COVID-19 leading to impressively positive growth last year and a friendly business climate
In a bid to ensure sustainable development and economic growth, the government has enacted a fresh action programme on continuing response to climate change, with new mechanisms in favour of private investment.
As Vietnam is formulating its Socioeconomic Development Strategy for 2021-2030, continued renewal of the economy’s growth model will be fostered, with one of the key focuses to be laid on improving the quality of growth through digital solutions and improved technology transfer in line with Industry 4.0.
Vietnam’s development outlook is set to be formulated over the next few weeks when the 13th National Party Congress takes place in Hanoi, with the role of the private sector in the economy to be further enhanced, creating a fairer playing field for enterprises across all economic sectors.
Frequently hit by natural disasters, many households in the northern province of Nam Dinh have been able to have better livelihoods thanks to rearing groupers – a type of fishery product with high economic effectiveness – and planting mangroves to protect locals from natural disasters.
ASEAN member states under the chair of Vietnam are beefing up efforts to fight the lingering coronavirus pandemic and prepare a recovery plan that will facilitate investment and trade inflows across the region.
Despite heavy aftermaths caused by the global health crisis, the Vietnamese economy remains in positive growth in the first nine months of the year on the back of the government’s sound responses to curb the pandemic return, which has received major plaudits from the international community.
The heavy blow of the health crisis on the economy has forced the government to revise down the growth rate – a figure which is nevertheless expected to remain positive when compared to regional nations also suffering from the coronavirus pandemic.
Amid the Vietnamese government’s efforts in deploying economic diplomatic efforts, the prolonged blow of the health crisis sabotaging import and export activities has prompted enterprises to seek new means of expanding the markets for their products and services.
Vietnam is celebrating 25 years of being a member of the ASEAN. Nguyen Quoc Dung, Deputy Minister of Foreign Affairs, talked with VIR’s Khoi Nguyen about the contributions of the country to the bloc since it joined.