Prime Minister Nguyen Xuan Phuc has called for more efforts to achieve GDP growth rate of 2.5-3% this year as V-shaped recovery is becoming clearer over the past months. 

The Government considers accelerating disbursement of public investment
capital as a key solution to economic recovery amid COVID-19 pandemic

The economy expanded 3.68% in Jan-March period before hitting the bottom in the following quarter and bounced back to 2.62% in July-September period despite the emergence of the second wave of COVID-19 in late July.

With the GDP growth rate of 2.12% in the first nine months, Viet Nam is the only ASEAN country to attain positive growth thanks to recovery of key sectors like manufacturing, agriculture, finance-banking, and securities.

Exports still maintained growth momemtum, increasing by 15% against the same period last year, in which domestic economic sector’s exports rose by 20.2%.

Viet Nam’s Manufacturing Purchasing Managers’ Index (PMI) increased to 52.2 in September, the highest in ASEAN and much higher than 45.7 in August, demonstrating a clear recovery trend of Viet Nam’s economy.

In addition, 81% of recently surveyed businesses in manufacturing and processing sector said their business performance will be “stable and better” in the remaining quarter this year.

Based on these postive outcomes, the economy may expand 2.51% in the fourth quarter with domestic consumption and investment as the key driving forces, said Minister of Planning and Investment Nguyen Chi Dung.

As export value of farm produce is likely to reach US$41 billion this year and the Government is focusing on accelerating disbursement of public investment capital for key transport projects, the country’s economic outlook will be more brighter than the previous quarter./.