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Ministry forecasts Vietnam’s GDP growth this year at 3%-3.5%

The Ministry of Planning and Investment has projected the country’s gross domestic product (GDP) growth in 2021 at 3%-3.5%, down 0.5 percentage points from the rate forecast in September.

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A production line at Vitto Group in Vinh Phuc Province. The Ministry of Planning and Investment has projected the country's GDP growth at 3%-3.5% this year. - Photo: VNA

At a press briefing on October 2, Deputy Minister of Planning and Investment Tran Quoc Phuong said the forecast was made based on the country’s socioeconomic performance in the January-September period and the prospects in the rest of the year, the local media reported.

To reach a growth rate of 3% or 3.5% this year, the country’s GDP growth this quarter would have to hit 7.06% or 8.84%, respectively, Phuong said.

Vietnam used to achieve a GDP growth of over 7% in the past. However, the economic growth in the last quarter will depend much on the deployment of a plan to adapt safely and flexibly to the Covid-19 pandemic and control it effectively.

To reach the growth target, enterprises must be allowed to resume their operations, Phuong noted, adding that laborers should be facilitated to return to work so that enterprises can operate in the new normal.

In addition, the smooth circulation of goods should be ensured. In the recovery period, it will be a great success if enterprises can recover 80% of their capacity, the deputy minister said.

At a regular Cabinet meeting on October 2, Prime Minister Pham Minh Chinh stressed that the economic growth this year would largely depend on the production and business recovery this quarter and the ability to adapt to the pandemic in the coming periods.

Therefore, the Government leader asked the Ministry of Planning and Investment to quickly complete a plan to help the economy recover and develop in the new normal.

The ministry must submit the plan to the competent agencies for issuance this month.

The Asian Development Bank (ADB) late last month forecast Vietnam’s GDP growth for this year at 3.8%, while the World Bank predicted the country’s growth rate at 4.8%.

However, international organizations remain optimistic about Vietnam’s economic growth outlook. ADB believed that Vietnam’s economy would recover and expand 6.5% in 2022 if the pandemic is brought under control late this year and 70% of its population is vaccinated against Covid-19 by the second quarter of next year.

Source: SGT

Standard Chartered revises down Vietnam’s 2021 GDP growth forecast to 4.7%

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