Vietnam’s economy – a bright spot in volatile world: Government meeting

Reports from relevant ministries and sectors showed that the Vietnamese economy could expand 2.5-3% in 2020, while many international organisations forecast it could grow 2.5-2.8% in the year, the PM added.

Amidst the complicated developments of the COVID-19 pandemic, Vietnam remains a bright spot in the global economy thanks to positive economic signs during January-November, including a stable macro economy and low inflation.

In the 11-month period, the trade surplus swelled to a record of US $20.1 billion, he said, adding 31 groups of commodities to the over- US$ 1-billion club, accounting for 92% of total export revenue.

Disbursement of public capital pushed ahead, reaching 79.3% of the yearly plan and up 34% as compared to the same time last year, he said.

PM Phuc stressed the importance of robust industrial production, which grew 9.2% year-on-year, and the upwards trend of trade and service activities in November, with the total retail sales of goods and services for the month rising by 8.5%.

At the meeting, PM Phuc also recalled the success of the 37th ASEAN Summit and related meetings, including the adoption of record 84 documents and signing of the Regional Comprehensive Economic Partnership (RCEP) creating a market covering nearly half of the world’s population, or about 2.2 billion people.

Regarding the consequences of natural disasters and floods, the Government madetimely responses to emergency cases, granting nearly 16,000 tonnes of rice and some VND 1.3 trillion to support flood-hit regions.

Regarding the recent COVID-19 community infection case, he underlined the need to quarantine, emphasising the the cause and strict punishment for violations of COVID-19 prevention rules committed by individuals. He also asked localities nationwide to stay vigilant to prevent the pandemic.

In addition, he asked relevant authorities to ensure the safety and success of the upcoming important events in December, such as the second National Congress of Vietnamese Ethnic Minorities, and the 10th National Patriotic Emulation Congress.