The Ministry of Planning and Investment has proposed adding some indexes not yet stated in the statutory economic criteria, such as per capita gross domestic product (GDP), contribution of TFP to growth and labor productivity.
There remains plenty of room to accelerate economic growth moving into the fourth quarter of the year, with domestic consumption and investment set to be the key drivers for Vietnam’s growth during the remainder of the year, according to insiders.
Vietnam’s GDP grew by 2.12 percent in the first nine months of the year compared with the same period last year, the lowest growth rate since 2011, according to the General Statistics Offic.
Contrary to all predictions, modern convenience stores and supermarkets, with powerful financial capability, have not led to the closure of traditional household-run groceries.
The enterprises of US dollar billionaires have been thriving despite the pandemic. They are doing well in Vietnam, and making their mark in the world market as well.
The rate of foreign investment attraction in Ho Chi Minh City since the beginning of the year has continued to rise.
Truong Van Phuoc, a respected economist, is optimistic about Vietnam’s growth, though some analysts warned about a negative growth rate after the new Covid-19 outbreak was discovered in Da Nang.
Capital has become very cheap with the Vietnam dong interest rates in the interbank market having fallen to a four-year record low, according to the Vietnam Interbank Market Research Association.
Vietnam needs to reform its trade mechanisms while local businesses are advised to be more proactive to take advantage of the European Union - Vietnam Free Trade Agreement (EVFTA).
Experts believe that Vietnam should follow a gradual opening roadmap instead of an immediate opening to protect its great achievements in fighting against Covid-19.
The ratio of public debt to GDP is not too high, but the pressure of debt repayment in both VND and foreign currencies will increase in 2020-2021.
Focusing on the home market is one of the important solutions that will help enterprises restore production and business after Covid-19 ends, experts say.
Restaurants and eateries have been crowded recently, following the social distancing period. Analysts believe this indicates a rapid recovery of the economy after the epidemic.
It won’t be a V-shaped recovery, but a swoosh-shaped recovery like Nike’s logo: the economy will go down and then bounce back beginning in 2021, according to BIDV’s chief economist Can Van Luc.
Vietnam needs to keep inflation and interest rates at low levels, stabilize the exchange rate, accelerate public investments, and improve the investment environment, economists say.